Cool Roof Coatings Market, Business Opportunities, Demand, Share, Insights Research And Outlook 2020-2027
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 Cool Roof Coatings
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 cool roof coatings 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 cool roof coatings 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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