Cool Roof Coatings Market - Forecast(2023 - 2028)

Report Code: CMR 99515 Report Format: PDF + Excel

Cool Roof Coatings Market Overview

The cool roof coatings market size is estimated to reach US$5.7 billion by 2027, and will grow at a CAGR of around 6.2% from 2022 to 2027. The cool roof coatings are the reflective thick paints or pigments that help in reflecting the sunlight and protect the roof surface from the UV light, heat, and chemical damage. Various cool roof coating types such as spray polyurethane coating, modified bitumen, silicone, and others are used in the market. The elastomeric coating, and IR reflective coatings are used in various residential buildings, commercial sector, industrial buildings, and others. The growing construction activities and building projects is driving the cool roof coatings market. Furthermore, a rise in the development of green buildings owing to growing emission concerns will boost the growth of the cool roof coating market during the forecast period.

COVID-19 Impact

The cool roof coatings market was majorly impacted by the economic slowdown in the covid-19 pandemic. The pandemic led to halt in manufacturing activities, logistics disturbances, supply and demand gap, and other lockdown restrictions. The cool roof coatings have major application in the residential construction sector. The demand for construction projects and activities saw a major decline during the outbreak. The labor shortages, disrupted supply chain, and closure of construction sites led to fall in the growth for the market. Moreover, rise in construction costs, unavailability of raw materials, and poor transportation system disrupted the demand for various residential as well as commercial building projects. According to the World Bank, the annual growth of the construction industry saw a decline of 2.48% in 2020. The decline in demand for the construction industry led to fall in the applications of the cool roof coatings in residential sector such as low-sloped roofs, walls, roof slabs, and others also declined. Thus, the global cool roof coatings market saw a major fall in the growth during the pandemic.

Report Coverage

The reports: "Cool Roof Coatings Market Report – Forecast (2022-2027)” by IndustryARC covers an in-depth analysis of the following segments of the cool roof coatings industry outlook.

By Type: PUD Hybrid, Acrylic-Based, Single-Ply, Spray Polyurethane, Silicone, Modified Bitumen, and Others.
By Technology: Solvent-Based and Water-Based.
By Product: Elastomeric, IR Reflective, and Others.
By Application: Low-sloped Roofs, Steep-sloped Roofs, PVC Water Tanks, RCC Roofs, External Wall and Balconies, Oil Storage Tanks, and Others.
By End-Use Industry: Residential (Residential Houses & Complex, Apartments, and Others), Commercial (Hospital, Offices, Educational Institution, and Others), Industrial (Mill, Manufacturing Plants, Warehouses, and Other), and Water Storage.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

Key Takeaways

  • The cool roof coatings market size is growing owing to increasing adoption towards cooler and green building codes, along with growing demand in the construction sector.
  • The Asia Pacific held a dominant share in the cool roof coatings market due to rise in the demand for the cool roofing coating systems in industrial, residential, and commercial sector with sustainable and environment friendly cooling approach in APAC.
  • The demand for elastomeric coating product type is high owing to its efficiency, weatherproofing, UV resistance, and extended life span for applications in building and construction.

Figure: Asia Pacific Cool Roof Coatings Market Revenue, 2021-2027 (US$ Billion)

Cool Roof Coatings Market

For more details on this report - Request for Sample

Cool Roof Coatings Market Segment Analysis – By Product

By product, the elastomeric segment held the largest cool roof coatings market share and will grow at 5.7% during the forecast period. The high demand of the elastomeric coatings is influenced by its growing applications in the housing roofs, buildings, and other construction sector. The elastomeric coatings offer superior properties such as UV resistance, high transparency, and durability. Moreover, the demand of the elastomeric acrylic coatings in buildings and commercial spaces is growing owing to rise in energy-efficient cool roofing systems. According to the Office for National Statistics, the monthly output of construction in January 2022 increased by 1.1% in terms of volume, contributing highest level since September 2019 level. The growth in construction projects and buildings is offering growth for the elastomeric coatings in the cool roof coating industry. Thus, the global cool roof coatings market will grow due to high demand in construction sector during the forecast period.

Cool Roof Coatings Market Segment Analysis- By End Use Industry 

By end use industry, the industrial segment held the largest cool roof coatings market share and will grow at a CAGR of around 6.6% during the forecast period. The demand of the cool roof coatings in the industrial sector is growing due to rise in application in the industrial building such as mills, malls, powerplants, manufacturing plants, warehouses, and others. The cool roof coatings such as silicone, acrylic, polyurethane coating, and others are used in the industrial buildings to offer cool roofs, reduced energy bills, and low carbon emissions. Furthermore, the increasing demand of cool roof coating products in the industrial workplaces and buildings is boosting the growth of cool roof coatings industry. According to the World Bank, the value added by global construction sector accounted for 26% of the gross domestic product in 2020. Thus, with high demand of cool roof coatings in industrial construction sector such as mills, warehouses, factories, and others, the global cool roof coatings market will grow during the forecast period. 

Cool Roof Coatings Market Segment Analysis – By Geography

The Asia pacific held the largest market share and is expected to grow at a CAGR of 6.9% in the cool roof coatings market during the forecast period. The increasing demand of the cool roof coatings in residential, commercial, as well as industrial construction sector in this region is boosting the growth in the cool roof coatings industry. Furthermore, the rising building and construction activities in the APAC region is propelling the demand of cool roof coatings in the market. The increasing adoption of the green building codes in major countries such as China, India, Indonesia, and others is driving the market of cool roof coatings. Moreover, the rise in residential housing and building activities is boosting the demand of IR coatings. According to the India Brand Equity Foundation (IBEF), the residential sector will grow with government aiming to build 20 million houses under the Pradhan Mantri Awas Yojna (PMAY) by 2022 in India. Thus, with increasing demand of the cool roof coatings in APAC region in residential, industrial, and commercial sectors, the cool roof coatings market will grow during the forecast period.

Cool Roof Coatings Market Drivers

Increasing adoption of the green building codes

The cool roof coatings are energy efficient, environment friendly and economic options that keep the building cool. The increasing adoption of the green building codes by various countries is driving the cool roof coatings market. The rise in concerns towards the carbon emission and high energy consumption has encouraged the government to adopt the green building initiation. This is boosting the demand for the cool roof coatings market. For instance, the Irish Green Building Council (IGBC), along with LDA and EPA announced to launch online tool in order to assess and reduce the carbon emission in construction sector. The green building establishments eliminates the harmful impacts on environment, reduces carbon emissions, and saves energy as the cool roof coatings keep the buildings cooler and thereby lowers energy consumption. Thus, the increasing adoption of green building across the world is driving the global cool roof coatings industry.

Growing application in the buildings & construction sector

The demand of cool roof coatings in the building & construction sector is growing due to its increasing applications in roof slabs, walls, and other residential applications. The growing usage of silicone or acrylic coatings in buildings due to protection in extreme hot temperature, flexibility, and energy efficient features. The use of the cool roof coatings in green buildings for residential sector such as homes, apartments, and others, industrial sector such as mills, manufacturing plants, and others, and other construction establishments is driving the cool roof coating market. Furthermore, increased building projects and construction activities is influencing the demand of cool roof coatings in the market. According to the Central Sanctioning and Monitoring Committee (CSMC), construction of around 1,68,606 homes were approved in urban areas under the Pradhan Mantri Awas Yojna in India in 2021. Thus, the high building and construction activities are offering major growth prospects for the cool roof coatings industry.

Cool Roof Coatings Market Challenges

Volatility in the prices of raw materials

The cool roof coatings have growing applications across various construction sectors. However, the volatility in the prices of raw materials such as acrylic, polyurethane, and others, which are derived from the crude oil is creating a major challenge in the market. According to the Energy Information Association (EIA), the WTI crude oil prices was US$ 50.38 per barrel in quarter 4th in 2019, reduced to US$ 40.34 per barrel in 1st quarter 2020, and rose to US$ 63.91 per barrel in 4th quarter 2021. The fluctuations in the crude oil prices hamper the manufacturing of elastomeric coatings and other product types. Thus, the high volatility in the raw material prices used to make coatings materials, the cool roof coatings will face major challenge in the market.

Cool Roof Coatings Industry Outlook

The cool roof coatings top 10 companies include:

  1. Sherwin Williams
  2. Nippon Paints
  3. GAF Materials
  4. Valspar Corporation
  5. Akzo Nobel
  6. PPG Industries Inc.
  7. Monarch Industries
  8. BASF SE
  9. Excel Coatings
  10. Sika AG

Recent Developments

  • In January 2021, the Innovative Chemical Products (ICP) Group acquired the Gardner-Gibson and Sun Coating, a leading manufacturer of liquid-applied roof coatings and specialty paints. This acquisition will enhance the coatings product portfolio.
  • In December 2020, the Cool Roof, a leading player in reflective coatings and Arkema signed a contract that granted exclusive license to the Cool Roof to use the Kynar Aquatec PVDF resin of the Arkema with the aim to boost the cool roofing business portfolio in the market.
  • In June 2020, the Sika purchased Modern Waterproofing Company, a leading market player in roofing and waterproofing product. This purchase offered a boost in the product line and growth prospects in the construction sector.

Relevant Reports

Report Code: CMR 0222

Report Code: CMR 0699

Report Code: CMR 0105 

For more Chemicals and Materials related reports, please click here

1. Cool Roof Coatings Market- Market Overview
    1.1 Definitions and Scope
2. Cool Roof Coatings Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Technology
    2.3 Key Trends by Product
    2.4 Key Trends by Application
    2.5 Key Trends by End-Use Industry
    2.6 Key Trends by Geography
3. Cool Roof Coatings Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Cool Roof Coatings Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Cool Roof Coatings Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Cool Roof Coatings Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Cool Roof Coatings Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Cool Roof Coatings Market – By Type (Market Size -$Million/Billion)
    8.1 PUD Hybrid
    8.2 Acrylic-Based
    8.3 Single-Ply
    8.4 Spray Polyurethane
    8.5 Silicone
    8.6 Modified Bitumen
    8.7 Others
9. Cool Roof Coatings Market – By Technology (Market Size -$Million/Billion)
    9.1 Solvent-Based
    9.2 Water-Based
10. Cool Roof Coatings Market – By Product (Market Size -$Million/Billion)
    10.1 Elastomeric
    10.2 IR Reflective
    10.3 Others
11. Cool Roof Coatings Market – By Application (Market Size -$Million/Billion)
    11.1 Low-sloped Roofs
    11.2 Steep-sloped Roofs
    11.3 PVC Water Tanks
    11.4 RCC Roofs
    11.5 External Wall and Balconies
    11.6 Oil Storage Tanks
    11.7 Others
12. Cool Roof Coatings Market - By End-Use Industry (Market Size -$Million/Billion)
    12.1 Residential
        12.1.1 Residential Houses & Complex
        12.1.2 Apartments
        12.1.3 Others
    12.2 Commercial
        12.2.1 Hospitals
        12.2.2 Offices
        12.2.3 Educational Institution
        12.2.4 Others
    12.3 Industrial
        12.3.1 Mills
        12.3.2 Manufacturing Plants
        12.3.3 Warehouses
        12.3.4 Other
    12.4 Water Storage
13. Cool Roof Coatings Market - By Geography (Market Size -$Million/Billion)
    13.1 North America
        13.1.1 USA
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Netherlands
        13.2.6 Spain
        13.2.7 Russia
        13.2.8 Belgium
        13.2.9 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zeeland
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle East
            13.5.1.1 Saudi Arabia
            13.5.1.2UAE
            13.5.1.3Israel
            13.5.1.4 Rest of the Middle East
        13.5.2 Africa
            13.5.2.1South Africa
            13.5.2.2 Nigeria
            13.5.2.3 Rest of Africa
14. Cool Roof Coatings Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Cool Roof Coatings Market – Industry/Competition Segment Analysis Premium
    15.1Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Region - Major companies
    15.4 Market Share by Key Country - Major companies
    15.5 Market Share by Key Application - Major companies
    15.6 Market Share by Key Product Type/Product category - Major companies
16. Cool Roof Coatings Market – Key Company List by Country Premium Premium
17. Cool Roof Coatings Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
"*Financials would be provided on a best effort basis for private companies"

LIST OF TABLES

1.Global Cool Roof Coatings Market Analysis and Forecast, by Roof Slope Market 2019-2024 ($M)
2.Global Cool Roof Coatings Market Analysis and Forecast, by Type Market 2019-2024 ($M)
3.Global Competition Landscape Market 2019-2024 ($M)
4.Global Cool Roof Coatings Market Analysis and Forecast, by Roof Slope Market 2019-2024 (Volume/Units)
5.Global Cool Roof Coatings Market Analysis and Forecast, by Type Market 2019-2024 (Volume/Units)
6.Global Competition Landscape Market 2019-2024 (Volume/Units)
7.North America Cool Roof Coatings Market Analysis and Forecast, by Roof Slope Market 2019-2024 ($M)
8.North America Cool Roof Coatings Market Analysis and Forecast, by Type Market 2019-2024 ($M)
9.North America Competition Landscape Market 2019-2024 ($M)
10.South America Cool Roof Coatings Market Analysis and Forecast, by Roof Slope Market 2019-2024 ($M)
11.South America Cool Roof Coatings Market Analysis and Forecast, by Type Market 2019-2024 ($M)
12.South America Competition Landscape Market 2019-2024 ($M)
13.Europe Cool Roof Coatings Market Analysis and Forecast, by Roof Slope Market 2019-2024 ($M)
14.Europe Cool Roof Coatings Market Analysis and Forecast, by Type Market 2019-2024 ($M)
15.Europe Competition Landscape Market 2019-2024 ($M)
16.APAC Cool Roof Coatings Market Analysis and Forecast, by Roof Slope Market 2019-2024 ($M)
17.APAC Cool Roof Coatings Market Analysis and Forecast, by Type Market 2019-2024 ($M)
18.APAC Competition Landscape Market 2019-2024 ($M)
19.MENA Cool Roof Coatings Market Analysis and Forecast, by Roof Slope Market 2019-2024 ($M)
20.MENA Cool Roof Coatings Market Analysis and Forecast, by Type Market 2019-2024 ($M)
21.MENA Competition Landscape Market 2019-2024 ($M)

LIST OF FIGURES

1.US Cool Roof Coatings Market Revenue, 2019-2024 ($M)
2.Canada Cool Roof Coatings Market Revenue, 2019-2024 ($M)
3.Mexico Cool Roof Coatings Market Revenue, 2019-2024 ($M)
4.Brazil Cool Roof Coatings Market Revenue, 2019-2024 ($M)
5.Argentina Cool Roof Coatings Market Revenue, 2019-2024 ($M)
6.Peru Cool Roof Coatings Market Revenue, 2019-2024 ($M)
7.Colombia Cool Roof Coatings Market Revenue, 2019-2024 ($M)
8.Chile Cool Roof Coatings Market Revenue, 2019-2024 ($M)
9.Rest of South America Cool Roof Coatings Market Revenue, 2019-2024 ($M)
10.UK Cool Roof Coatings Market Revenue, 2019-2024 ($M)
11.Germany Cool Roof Coatings Market Revenue, 2019-2024 ($M)
12.France Cool Roof Coatings Market Revenue, 2019-2024 ($M)
13.Italy Cool Roof Coatings Market Revenue, 2019-2024 ($M)
14.Spain Cool Roof Coatings Market Revenue, 2019-2024 ($M)
15.Rest of Europe Cool Roof Coatings Market Revenue, 2019-2024 ($M)
16.China Cool Roof Coatings Market Revenue, 2019-2024 ($M)
17.India Cool Roof Coatings Market Revenue, 2019-2024 ($M)
18.Japan Cool Roof Coatings Market Revenue, 2019-2024 ($M)
19.South Korea Cool Roof Coatings Market Revenue, 2019-2024 ($M)
20.South Africa Cool Roof Coatings Market Revenue, 2019-2024 ($M)
21.North America Cool Roof Coatings By Application
22.South America Cool Roof Coatings By Application
23.Europe Cool Roof Coatings By Application
24.APAC Cool Roof Coatings By Application
25.MENA Cool Roof Coatings By Application