Reflective Roof Coating Market - growth, trends, covid-19 impact, and forecasts (2021 - 2027)
Market Overview
The global cool roof coatings market has been
segmented on the basis of product type, roof slope, application, and region.
By product type, the global cool roof coatings
market has been classified into elastomeric and IR reflective. Among these, the
elastomeric segment accounted for the largest market share and was the fastest
growing segment in 2018. The segment is expected to maintain its dominance
during the review period, owing to the relatively low cost of production as
compared to the other materials. Additionally, the application of the
elastomeric cool roof coating is easy and less labor intensive, which is also
expected to contribute to the growth of the elastomeric segment during the
forecast period.
On the basis of roof type, the global reflective roof coating Market has been
classified into low-sloped roof, steep-sloped roof, and others. The low-sloped
roof is the most commonly used type of roofing in the industrial buildings as
it prevents water collection on the roof during the rainy seasons and is also
proved to be ideal for industrial buildings. Hence, the use of high-performance
cool coatings on a low-sloped roof appears to be highly beneficial in buildings.
The segment is expected to grow at a significant rate during the forecast
period.
Based on application, the global reflective roof
coating market has been divided into residential, commercial, and industrial.
The industrial segment held the largest share and was the fastest growing
segment in 2018, due to the increasing use of cool roof coatings in industrial
buildings. The adoption of cool roof coatings in industrial buildings is high
in North America. The adoption of new technologies to execute thermal
management in buildings was witnessed largely in the US & Canada in 2018.
The emerging economies of Asia-Pacific are also responsible for the growth of
the industrial segment due to growing urbanization and environmental awareness
in this region. Countries such as India and China are adopting cool roof
coating, particularly in industries to save energy and enable thermal
management in the buildings. The segment is projected to continue its growth
during the review period.
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Market Players:
Some of the key players operating in the global cool
roof coatings market are BASF SE (Germany), Akzo Nobel NV (Netherlands), RPM
International Inc. (US), The Sherwin-Williams Company (US), Hempel A/S
(Denmark), The Dow Chemical Company (US), Wacker Chemie AG (Germany), Sika AG
(Switzerland), Nippon Paint Holdings Co., Ltd (Japan), Valspar (US), Nutech
Paints (US), GAF (US), Monarch Industries Ltd (Canada), and Excel Coatings
(India).
Regional Analysis:
The global reflective roof coating market has been
spanned across five key regions, namely Asia-Pacific, North America, Europe, Latin
America, and the Middle East & Africa. North America held the largest share
of the global cool roof coatings market in 2018 and is projected to continue
the trend during the forecast period. Asia-Pacific held the second-largest
share and was the fastest growing regional market in 2018, owing to the growing
use of cool roof coatings in the industrial buildings. The European market is
expected to witness considerable growth, and the Latin American market is
expected to record moderate growth during the forecast period. The Middle East
& African market is projected to witness sluggish growth during the review
period.
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