Cool Roof Coating Market
Cool Roof Coating Market Size, Share & Trends Analysis Report by Product (Elastomeric, and IR Reflective), by Application (Low Sloped, and Steep Sloped), and by End-User (Residential, Commercial, and Industrial) Forecast Period (2024-2031)
Cool roof coating market is anticipated to grow at a CAGR of 6.6% during the forecast period (2024-2031). Cool roof coatings are designed to reflect more sunlight and absorb less heat, thereby reducing the overall temperature of a building and lowering cooling costs. These coatings have garnered significant attention and adoption in recent years due to their energy-saving and environmentally friendly attributes. The growing adoption of these coatings among end-users is likely to drive global market growth.
Market Dynamics
Growing Construction Industry
According to Oxford Economics, the global construction industry was valued at $9.7 trillion in 2022. It is estimated to reach $13.9 trillion by 2037, driven by superpower construction markets China, the United States, and India. Furthermore, all construction work done over the next 15 years by the world’s top 10 construction markets is expected to account for 70.0% of the total global construction market. With the growing construction industry, cool roof coatings are in high demand due to their ability to reflect sunlight and heat. By reducing roof temperature, this coating lowers indoor cooling costs, resulting in substantial energy savings for homeowners and businesses. This energy efficiency makes cool roofs an attractive investment for end-users.
Innovations in Product Development
Ongoing innovations in cool roof coating products are contributing significantly to the global market growth. Manufacturers are continually improving formulations to enhance performance and durability. For instance, in March 2023, NanoTech Inc. launched their flagship product, the Nano Shield cool roof coat, a coating designed for application on existing commercial roofs, which cuts HVAC consumption in a building by 30-40%, significantly reducing energy costs while simultaneously curbing scope 1 carbon emissions.
Market segmentation
- Based on product, the market is segmented into elastomeric, and IR reflective
- Based on application, the market is segmented into low-sloped, and steep-sloped.
- Based on end-users, the market is segmented into residential, commercial, and industrial.
Elastomeric Surge in Cool Roof Coating Market
The elastomeric roof coatings are highly durable and protect roofs from leaks and other damage. As these coatings can stretch and move with the roof, they can expand and contract with the users roof system as the temperature changes. The energy-saving attributes of these coatings are further aiding its high market share. Their reflective properties reduce the temperature of buildings, leading to lower cooling costs. The high adoption of these coatings among end-users is a key contributor to the growth of this market segment.
Low-Sloped Applications Dominating the Cool Roof Coating Market
These roofs require less build-up material compared to steep-sloped roofs, which translates to lower initial costs. These coatings contribute to energy savings by reflecting sunlight and reducing heat absorption, leading to lower cooling costs for buildings. The growing adoption of sustainable building concepts globally is a key factor driving the growth of this market segment.
Regional Outlook
The global cool roof coating market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
North America to Exhibit Considerable Growth
The increased government spending in the real estate sector across the region for residential construction and the growing demand for high-class residential homes is driving the regional market demand. In addition, rising real estate costs, particularly the development of single-family homes and multistory apartments in the region, are expected to drive the market for cool roof coatings.
Asia-Pacific Holds Major Market Share
Asia-Pacific region holds the major share of the global market owing to the growing investments in residential and commercial construction in emerging economies such as India, China, the Philippines, and Indonesia. The construction sector in the Asia-Pacific region is increasing rapidly, owing to the rising population and urbanization. The highest growth for housing is expected to be registered in the Asia-Pacific region, owing to the expanding housing construction markets in China and India. According to the National Bureau of Statistics of China, the value of construction output accounted for CNY 31.2 trillion ($4.5 trillion) in 2022, up from CNY 29.3 trillion ($4.2 trillion) in 2021. China is projected to spend nearly $13.0 trillion on buildings by 2030, creating a positive scope for the cool roof coatings market.
Major Player outlook
*Note: Major Players Sorted in No Particular Order
The major companies serving in the cool roof coating market include Akzo Nobel NV, Sika AG, Huntsman International LLC, The Dow Company, and Nanotech among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global cool roof coating market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Akzo Nobel N.V.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Sika AG
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. The Dow Chemical Company
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Cool Roof Coating Market by Product
4.1.1. Elastomeric
4.1.2. IR Reflective
4.2. Global Cool Roof Coating Market by Function Type
4.2.1. Low Sloped
4.2.2. Steep Sloped
4.3. Global Cool Roof Coating Market by End-User
4.3.1. Residential
4.3.2. Commercial
4.3.3. Industrial
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East & Africa
6. Company Profiles
6.1. Excel Coatings
6.2. GAF
6.3. Huntsman International LLC
6.4. KST Coatings Mfg. Inc.
6.5. LuminX Cool Roof Coatings
6.6. Monarch Industrial Products India Pvt. Ltd.
6.7. Nippon Paint (M) Sdn. Bhd
6.8. Nutech Paints Pty. Ltd.
6.9. PPG Industries, Inc.
6.10. Protexion LLP
6.11. RPM International, Inc.
6.12. Starshield Technologies Pvt. Ltd.
6.13. Surya Cool Roof
6.14. The Sherwin-Williams Company
6.15. The Valaspar Corp.
6.16. WackerChemie AG
6.17. XL Coatings
1. GLOBAL COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031 ($ MILLION)
2. GLOBAL COOL ROOF ELASTOMERIC COATING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL COOL ROOF IR REFLECTIVE COATING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
5. GLOBAL COOL ROOF COATING FOR LOW-SLOPED MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL COOL ROOF COATING FOR STEEP-SLOPED MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
8. GLOBAL COOL ROOF COATING FOR RESIDENTIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL COOL ROOF COATING FOR COMMERCIAL AND FABRICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL COOL ROOF COATING FOR INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. NORTH AMERICAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
12. NORTH AMERICAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031 ($ MILLION)
13. NORTH AMERICAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
14. NORTH AMERICAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
15. EUROPEAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
16. EUROPEAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031 ($ MILLION)
17. EUROPEAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
1. EUROPEAN COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
2. ASIA-PACIFIC COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
3. ASIA-PACIFIC COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031 ($ MILLION)
4. ASIA-PACIFIC COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
5. ASIA-PACIFIC COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
6. REST OF THE WORLD COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
7. REST OF THE WORLD COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2023-2031 ($ MILLION)
8. REST OF THE WORLD COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
9. REST OF THE WORLD COOL ROOF COATING MARKET RESEARCH AND ANALYSIS BY END-USER, 2023-2031 ($ MILLION)
1. GLOBAL COOL ROOF COATING MARKET SHARE BY PRODUCT, 2023 VS 2031 (%)
2. GLOBAL COOL ROOF ELASTOMERIC COATING MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL COOL ROOF IR REFLECTIVE COATING MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL COOL ROOF COATING MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
5. GLOBAL COOL ROOF COATING FOR LOW-SLOPED SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL COOL ROOF COATING FOR STEEP-SLOPED MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL COOL ROOF COATING MARKET SHARE BY END-USER, 2023 VS 2031 (%)
8. GLOBAL COOL ROOF COATING FOR RESIDENTIAL MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL COOL ROOF COATING FOR COMMERCIAL MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL COOL ROOF COATING FOR INDUSTRIAL MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL COOL ROOF COATING MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. US COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
13. CANADA COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
14. UK COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
15. FRANCE COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
16. GERMANY COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
17. ITALY COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
18. SPAIN COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
19. REST OF EUROPE COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
20. INDIA COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
21. CHINA COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
22. JAPAN COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
23. SOUTH KOREA COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
24. REST OF ASIA-PACIFIC COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
25. LATIN AMERICA COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
26. MIDDLE EAST AND AFRICA COOL ROOF COATING MARKET SIZE, 2023-2031 ($ MILLION)
