Pune, May 04, 2021 (GLOBE NEWSWIRE) — Global Cool Roof Market Overview
The global cool roof market size is bound to display a stupendous CAGR of 7.9% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Cool roofs are designed to absorb minimum heat and reflect sunlight to provide comfort to house owners. They are compatible with all types of buildings. Huge demand for cool roof coatings and cool roofs on major buildings can propel market demand.
The market is driven by energy conservation laws and sustainable development in developed and developing nations. Rise in industrial and commercial infrastructure projects with development in dark-colored roof panels can bode well for the market. Government initiatives with a wide focus on rural communities can expedite the development of cool roofing solutions. This is exemplified by the rollout of National Cooling Plan, NYC Cool Roofs, and Eco-Roof Incentive Program.
Government programs focusing on uplifting impoverished neighborhoods can augur favorably for the cool roof market. Benefits of energy conservation and need for heat alleviating technology can lead to high adoption of cool roofing. Demonstrations to create public awareness coupled with upskilling workers in local communities to lower painting costs can boost market growth.
But complications with maintenance of cool roofs and high initial costs can hamper market growth.
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The COVID-19 pandemic has hit the construction industry hard causing a dip in project rollouts amid huge spike in COVID cases. Suspension of construction projects and movement restrictions by governments had hit the market negatively. But economic stimulus packages and demand for sustainable solutions can drive the market demand. Environmental building codes and focus on sustainable living can boost the demand for cool roofing solutions during the pandemic.
Cool roofing solutions are expected to rise amid growing temperatures globally. The need for extra insulation cover for homes and maintenance of ambient temperatures in homes, shops, and workshops can drive its demand. Focus on external aesthetics is estimated to lead to offering of light colored roof shingles. This is expected to improve interest levels among home owners. Moreover, products with high environmental credit ratings and adherence to latest building codes can gain interest. Roofing solution distributors are looking for solutions that complement energy conservation techniques such as solar panels.
Based on roof type, the global market is divided into steep-slope roofs and low-slope roofs. The low-sloped roof segment also best known for high roof cooling solutions held the largest market share in 2018 and is expected to witness the highest CAGR during the forecast period. This is due to its capability of deflecting maximum sunlight. Use of bitumen, single-ply membrane, and foams for developing low-slope roofs can lead to huge sales in the cool roof market.
Based on product type, the global market has been segmented into asphalt shingles or cool roof shingles, coated roofs, foam roofs, metal roofs, modified BUR, single-ply membrane, tiles, and slates. The single-ply membrane is expected to witness the highest CAGR during the forecast period. Its high demand in commercial and residential applications due to their durability, flexibility, and waterproof nature can bode well for the market. On the other hand, metal roofs can capture a huge market share owing to customization, fire-resistance, low weight, and low lifecycle cost.
Based on application, the global cool roof market has been segmented into residential, commercial, and industrial. The residential cool roof segment held the largest market share of the global cool roof market. Increase in urban populace and concerns for energy conservation can spur the demand for cool roofing solutions. On the flip side, commercial applications can gain a significant demand due to exorbitant costs of electricity. Awareness of green buildings and risk of power outages can fuel the cool roof demand in shops and commercial complexes.
Browse In-depth Market Research Report (107 pages) on Cool Roof Industry.
The cool roof market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is estimated to dominate the market till the end of the forecast period. This is owing to investments in sustainable solutions and development of energy-efficient buildings. Stringent environmental regulations in the U.S. and Canada can drive global market demand. Investments in hospital and hotel projects in Missouri, Los Angeles, and New York as well as new renovation projects can bode well for the market. Adoption of products for maintaining internal ambient temperatures can drive the regional demand for cool roofs.
APAC possesses the potential to capture a large market share in the coming years owing to rising urbanization and peaking demand for energy. Increasing foreign direct investment in China and India coupled with commercial investments can drive the demand for cool roofs. The demand for cool roofing solutions in rural communities for battling climate change and sustainable cooling can drive the market demand significantly. Awareness of change in global temperatures and transition from coolers and air conditioners can provide a huge ambit of growth for the cool roof market.
The cool roof market is very competitive and marked with alliances and joint ventures. New product developments are expected annually owing to government initiatives and schemes. Product innovation is supported by various roofing solution developers. The competition is intense with small and large developers investing in durability to gain customers.
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Key players involved in the market are ATAS International Inc., Certain Teed Corporation, Malarkey Roofing, Owens Corning, Tamko Building Products, Inc., Henry Company, GAF Materials Corporation, IKO Industries Ltd., Polyglass S.p.A, and PABCO Building Products, LLC.
South African Energy Development Institute (SANEDI) has rolled out cool roofs for communities in the country for ensuring energy-efficiency. It has partnered with Thermal Insulation Products and Systems Association to carry out surveys on effectiveness on cool roofing technology.
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