Cool Roof Coating Market

Cool Roof Coating Market Outlook

The cool roof coatings market is estimated at USD 4.5 Billion in 2022 and is projected to reach USD 8.3 Billion by 2032, growing at a CAGR of 6.8% from 2022-2032.

Attribute	Details
Market size value in 2021A	USD 4.2 Billion
Market value estimated in 2022E	USD 4.5 Billion
Market forecast value in 2032F	USD 8.3 Billion
Global Growth Rate	CAGR 7.4%
North America Market Size in 2022	USD 1.4 Billion
Key Companies Profiled	Sherwin Williams Valspar Corporation Nippon Paints Monarch Industries GAF Materials DowDupont Nutech Paints Excel Coatings PPG Industries Inc. Akzo Nobel Sika AG BASF SE National Coatings Corporation Kansai Paints Co. Ltd.

Of the overall paints & coatings industry, cool roof coatings captured around ~3% share as of 2021, says Fact.MR- a market research and competitive intelligence provider.

Upsurge in the adoption of green building codes by developed and developing countries across the globe is anticipated to propel the cool roof coatings demand. Growing concern towards energy consumption and carbon emission encourages governments to support green buildings establishments. The affirmation factor is anticipated to open up the market for cool roof coatings over the forecast period.

Demand Analysis of Cool roof coatings from 2017 to 2032

According to the latest research on cool roof coatings by Fact.MR, the market value of the cool roof coatings increased at around 6.8% CAGR historically, from 2017 to 2021, wherein, countries such as the U.S., China, Japan, France and Italy held a significant share in the global market.

The cool roof coating offers reduced cooling energy costs and increases comfort level by keeping temperature fluctuations inside the building in check. The Cool Roof Rating Council (CRCC) estimates average energy savings from cool roof coatings to be in the range of 7% to 15%, albeit energy savings vary based on geography and climate. 

With growing concerns about energy savings and reducing air pollution, the market for cool roof coatings is forecast to expand at a steady CAGR of close to 7.4% over the coming 10 years.

Below points summarize the cool roof coatings market over the long-run forecast period

• The cool roof coatings market saw a substantial decrease in growth during 2021 with worldwide revenues down by 1.2% year-over-year. Fact.MR estimates that cool roof coatings revenue will grow 1.6X from 2022 to 2032, reaching nearly USD 8.3 Billion in 2032, with a ten-year compound annual growth rate (CAGR) of 7.4%.
• Demand for cool roof coatings in residential applications will accelerate at the highest pace and is anticipated to grow at a CAGR of 8.0% over the forecast period.
• Top 5 providers of cool roof coatings held approx. 38% market share during 2021.
• Silicon based cool roof coating type anticipated to gain significant share across the global market owing to its exceptional property to resist sunlight.
• Liquid applied roof coatings is gaining traction over the past half-decade which in term influencing the overall cool roof coatings demand.   

What are the Prominent Driving Factors of the Cool roof Coatings Business?

As the housing and commercial construction activities continue to soar, the effect of “urban heat island” is getting worse against the backdrop of dark colored structured and streets, and lack of air-conditioned and green space.

This has further supplemented energy demand and relevant costs in structures of commercial and residential sectors alike.

However, several cool roof coating programs are being carried out worldwide, which focus on mitigating the heat trapped by working with community partners.

NYC Cool Roofs, Toronto’s Eco-Roof Incentive Program, Repeal and Replace of Green Roof Law in Denver, and Initiative of India’s national government on sustainable cooling through National Cooling Action Plan, are some of the key examples of cool roof programs being carried out worldwide currently.

Such initiatives for cool roof coating allude to a transformative trend to battle climate change and global warming.

Renovation of existing infrastructure across developed and developing countries globally increases the demand for waterproofing membranes. With the growing adoption of waterproofing membrane, the requirement for roof coatings thereby cool roof coatings increasing at a steady pace.

Country-wise Analysis

What Makes US a Prominent Market for Cool Roof Coatings?

Over the period 2017-2021, the United States cool roof coatings market grew at a CAGR of 7.3% and reached over USD 1.1 Billion in 2021 and anticipated to be valued over ~USD 2.2 Billion by 2032 end. 

The US cool roof coating market holds over 26% of the global market share in terms of value. In the United States lot of energy is used in homes and buildings. Additionally, buildings account for over 40% of the overall US energy consumption and a similar proportion of greenhouse gas emissions as well.

Growing awareness towards building energy consumption along with the execution of the Leadership in Energy and Environmental Design (LEED) green building certification initiative, is anticipated to drive the US cool roof coatings demand.

Why China is one of the fastest Growing Nation Globally in terms of Cool Roof Coatings Consumption?

China is the fastest-growing country in terms of cool roof coating consumption, owing to the increasing acceptance of green building codes. 

Additionally, the rapidly growing population across the country leads to increase construction activities primarily residential. Increased spending on infrastructure is one of the most prominent reasons behind the rapid construction industry growth in China.  

However, the country is truly focused on building cool roof infrastructure over the past half-decade. The primary aim behind the shift is to promote the climate-appropriate use of and carbon saving cool surfaces including roofs throughout the country. 

To mitigate the urban heat islands, cool roofs requirement has been growing at a fast pace in China. Chinese scientists are truly focused on analysing the exact reason for the urban and rural temperature variation over the past half-decade.

Based on the affirmation factor, China cool roof coatings market is anticipated to grow at a CAGR 8.2% over the forecast period and valued at over USD 1.3 Billion by 2032 end.

Category-wise Analysis

How Silicone Cool Roof Coating Gaining Immense Significance?

As per the U.S. Environmental Protection Agency (EPA), nearly 80% of energy conservation in a single-story building can be obtained through its roof.

It further states that for urban areas, the roofing constitutes approximately 70% of surface area in urban settlements. Therefore cool roof coatings can play a major role in energy conservation through initiatives by local authorities to carry out cool roof coating programs in the cities.

As silicone cool roof coatings reflect over 90% of sunlight, and work as isolation between the roof substrate and the incident sunlight, these are fast gaining prominence in the market.

Additionally, relatively higher moisture resistance of silicone cool roof coating compared to asphalt and acrylic products will further underpin their demand in the cool roof coating market.

Why Low-Slope Roof Type is the Most Prominent for Revenue Generation?

Demand for cool roof coatings for low-sloped roof application continued its positive momentum over the past half-decade and is anticipated to dominate the global market with a significant growth rate of 7.8% over the forecast period.

Owing to the extensive use of low-sloped roofs in commercial and industrial buildings globally, the demand for cool roof coatings tends to increase at a steady pace. Increasing penetration of low-sloped roofing systems is primarily driven by the growing concern regarding the importance of green building construction in both industrial and commercial areas.

Of total consumption of cool roof coating across the globe, low-slope type roofs consume over 59% and are anticipated to keep on dominating the market over the forecast period.

Competitive landscape

Cool roof coatings market competitive landscape shows top manufacturers including Sherwin Williams, Valspar Corporation, Nippon Paints, Monarch Industries, GAF Materials, DowDupont, Nutech Paints, Excel Coatings, PPG Industries Inc., Akzo Nobel, Sika AG, BASF SE, Asian Paints Ltd., National, Coating Corporation and  Kansai Paints Co. Ltd.

Revenues of the cool roof coating market will remain clustered among Tier 2 players, who currently account for over 50% of overall cool roof coating sales worldwide.

These cool roof coating manufacturers including Nutech Coatings, and Kansai Paints Co. Ltd, have consolidated their position in Asia-Pacific and Europe. Advertisements and marketing campaigns are key expansion strategies of the Tier 2 players, for creating brand awareness among end-users.

Tier 1 manufacturers of cool roof coating will hold nearly 38% market share in 2021, owing to their robust distribution channel and economic vigor.

Cool roof coatings Market Key Segments

• By Roof Type

  • Low-slope type
  • Steep-slope type

• By Material Type

  • Elastomeric Plastic
  • Silicon
  • Tiles
  • Metals

• By Technology

  • Water-based
  • Solvent-based

• By Application

  • Residential
  • Commercial
  • Hospitality
  • Healthcare