New York, July 21, 2020 (GLOBE NEWSWIRE) -- The global is forecast to reach USD 6.84 Billion by 2027, according to a new report by Reports and Data. Rising developments in both the residential and manufacturing sectors are projected to affect demand for cool roof coatings positively. Cool roof coatings minimize heat accumulation, increasing building’s energy efficiency and reduce the total maintenance expense. In the near future, the growing need for energy efficiency, along with the adoption of green building codes, by numerous governments would spur the growth of cool roof coatings market. Also, evident environmental degradation as a result of greenhouse gases in the stratosphere and the need to improve energy efficiency of all buildings have caused consumers increase the scope for the cool roof coatings market.
Cool roof coatings have various benefits, such as cost-effective and high solar reflectivity, which effectively minimize heat accumulation in industrial and residential spaces and decrease reliance on air conditioning, thus saving electricity and reducing harmful emissions. Increasing consumer preference towards carbon efficiency and attractive tax incentive policy programs promoting the use of green construction materials are expected to fuel cool roof coatings market demand in the years ahead.
Recent trends show that many companies are focusing on creating innovative technologies to improve UV surface resistance, and incorporating microcells and nanotechnology to mitigate heat flux, along with increasing energy efficiency, initiative that will create lucrative potential for global cool roof coatings market growth. The high cost of coating techniques, however, may hinder the demand and restrain business growth over the forecast period.
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The COVID-19 impact:
The spread of Covid-19 has influenced manufacturing and building operations around the world. Logistic constraints and reconsiderations of the raw material specifications are becoming a concern for producers. The current pandemic situation has led to reduced demand in the automobile, manufacturing, telecommunications, and white goods for paints and coatings. For the sector, the road to recovery of production is highly dependent on the length of the constraints imposed and their impact on global economic activity. Contrary to the industry trend however, certain consumer products, such as antimicrobial coatings, are witnessing an increase in demand in the healthcare and food sectors.
Further key findings from the report suggest
- The commercial segment is expected to grow over the forecast period at a CAGR of 7.7%, in terms of sales. Increasing investment in convenience stores, shopping centres, supermarkets, schools, hospitals, and other related ventures are projected to fuel demand.
- IR reflective coatings have emerged as the fastest-growing product category, and a CAGR of 7.2% is projected to be recorded over the estimated period in terms of sales. The growing increase in energy costs in residential and commercial buildings is anticipated to augment the segment growth. Such types of coatings possess remarkable heat-reflective abilities reflecting dangerous ultraviolet radiation and UV radiation out into the atmosphere and thereby minimizing heat generation inside the structure.
- Due to rising demand from residential and non-residential building projects, such as hospitals, schools, and universities, North America dominated the global cool roof coatings industry in 2019. The growing population is projected to improve further the development of office spaces, manufacturing plants, hospitals, and universities, thus expanding the construction industry and in turn augmenting the growth of cool roof coatings market in the region.
- Asia Pacific driven by China, India, and Japan's urbanization drive is anticipated record improvements in revenue with a CAGR of 7.5% by 2027. Rapid industrialization, combined with rising urbanization and increasing customer purchasing potential in the region, are projected to fuel demand for consumer products, which in turn would raise the cool roof coatings market prospects over the forecast period.
- Key participants in the cool roof coatings market include Sika AG, Nutech Paint, The Valspar Corporation, Dow Inc., Excel Coatings, GAF, KST Coatings, Indian Insulation & Engineering, PPG Industries, Inc., and Huntsman International LLC, among others.
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For the purpose of this report, Reports and Data have segmented into the global cool roof coatings market on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Elastomeric
- IR Reflective
Application Outlook (Revenue, USD Billion; 2017-2027)
- Steep-sloped
- Low-sloped roofs
End-use Outlook (Revenue, USD Billion; 2017-2027)
- Residential
- Commercial
- Industrial
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/cool-roof-coatings-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- U.K
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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