Market Dynamics
The global cool roof market 2020 was valued at USD 18.6 Billion in the year 2021, as per the estimations of Market Research Future (MRFR). MRFR also anticipates the market to achieve a decent CAGR of 5.9% between 2021 and 2027 (forecast period).
Market Boosters and Key Restraints
The rapid boom in the global construction industry along with the rising emphasis on green building projects are believed to be boosting the demand for cool roofs. Fast paced surge in industrial and commercial construction activities have resulted in intense urban heat in the backdrop of dark-colored panels as well as dark structure. This increase in urban heat is viewed as a growth opportunity for the cool roofs market worldwide.
The reasons behind the massive boom in the construction industry are the rapid urbanization, withdrawn trade barriers for foreign investments, and rising spending by international construction companies in potential markets. Over the years, the infrastructure sector has expanded considerably in countries like India, Australia, Norway, Germany, Canada and Sweden, which is bound to elevate the demand for cool roof products in the following years.
With the rise in global refugee crisis as well as the infrastructure expansion in developing economies, the demand for the cool roof is anticipated to multiply extensively in the next few years. mounting importance of energy conservation along with strict environmental regulations can also lead to expansion of the cool roof market soon in the future.
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Market Segmentation
The global market for cool roof has been categorized into material type, packaging type, and end-use industry.
The types of cool roof discussed in the report are low-slope roofs and steep-slope roofs. The low-sloped roof is also called roof cooling solution and was the leading segment in the global cool roof market in the year 2018. The segment also shows signs of attaining the highest growth rate in the next few years.
The product types considered to analyze the market are foam roofs, coated roofs, single-ply membrane, modified BUR, metal roofs, tiles, slates and asphalt shingles or cool roof shingles. The single-ply membrane, in 2018, accumulated the largest share in the global cool roof market and can record the highest growth rate in the years to come.
The application-based market segmentation includes commercial, industrial and residential. The residential cool roof segment dominates the global cool roof market.
Regional Insight
The Cool Roof Market can be regionally categorized into North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America.
In 2018, North America was identified as the leading market for cool roof, followed by Europe. The region is most likely to retain its dominant position till 2027. North America managed to clinch the top position in the global market backed by massive R&D investments to facilitate product innovation as well as development of energy efficient buildings or green buildings. Also, strict government regulations in bid to conserve energy in the United States (US) as well as Canada has boosted the demand for cool roof coating products across various end use industries. The product penetration in the U.S. is quite high, which is the result of the rising number of large-scale infrastructure investment projects such as hospitals and hotels in Missouri, Los Angeles and New York.
In APAC, increasing foreign domestic investments (FDI), mainly in emerging countries like Indian and China has pushed the urbanization rate as well as commercialization. These factor can be lucrative for the sale of cool roofs in the coming years. Surging consumer disposable income thanks to the rising urbanization coupled with infrastructure renewal projects as well as the rising efforts to build megacities can fuel the demand for advanced systems like cool roofing products. The rising trend of reflective surfaces in the region can also work in favor of the cool roof market in the near future.
Renowned Players
PABCO Building Products, LLC. (US), Certain Teed Corporation (US), IKO Industries Ltd. (Canada), Polyglass S.p.A (Italy), Owens Corning (US), ATAS International Inc. (US), Malarkey Roofing (US), GAF Materials Corporation (US), Henry Company (US), Tamko Building Products, Inc. (US), are the some of the renowned players in the worldwide market for cool roof.
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