Cool Roof Coatings Market Overview | Demanding Report, Business Opportunities, Demand, Insights Research And Outlook 2020-2027
Market Overview
The
global cool roof coatings market overview 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 Overview 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.
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 overview 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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