Global Cool Roof Market Size Witness Rising Demand from Warehousing and Cold Storage Applications
Cool Roof Market Overview
The global cool roof market is growing rapidly. The market growth attributes to the burgeoning construction industry. Making better use of roofs is one of the solutions to reduce interior temperatures while benefitting the environment. Therefore, cool roofs play a causal role in the modern architect, demonstrating the potential to incorporate active roofs into buildings.
Moreover, the rising demand for cool roof systems featuring different technologies that reflect solar radiation to prevent the roof from heating up escalates the market growth. The Cool Roof Market Size has great growth which can be reached in $38.20 billion with a CAGR of 7.8%. Then it can be predictable of the CAGR by 2028 is estimated at 5.7%.
The increasing demand for cool roof systems from commercial and residential sectors accelerates market growth. There is higher volume traction for cool roof and anti-microbial steel-coated products that will help grow the market immensely. The product finds application in segments like warehousing, appliances, cold storage, and hospitals.
Moreover, global warming issues with scorching summers substantiate the market demand, raising temperatures inside the building. Cool roofs are energy efficient and less reliant on mechanical cooling, powered by an already strained power grid. Cool roofing technology provides substantial energy savings, supporting to create a greener economy, which increases the cool roof market size.
Additionally, rising renewable energy and energy-efficient practices demand cool roof technology that can offer an attainable and low-cost and sustainable energy passive solution. On the other hand, high manufacturing costs are a key factor estimated to impede the market growth. Nevertheless, the unique properties of cool roofs that assure a cool and pleasant environment indoors would support market growth.
Global Cool Roof Market — Segmentation
The report is segmented into four dynamics;
By Roof Type : Steep-Sloped Roof, Low-sloped Roof, and others.
By Product Type : Coated Roofs, Foam Roofs, Single-Ply Membrane, Modified Bur, Metal Roofs, Asphalt Shingles, Tiles, Slates, and others.
By Application : Residential, Commercial, and Industrial.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Cool Roof Market — Regional Analysis
North America dominates the global cool roof market. The largest market share attributes to the booming construction sector, witnessing increasing home renovation activities and the already well-defined infrastructure in the region. Besides, the increasing RD investments for product innovation and development of energy-efficient buildings drive market growth.
Moreover, stringent government regulations to control energy conservation in buildings propel the demand for cool roof coating products and reflective roofs. Also, the high growth potential, increasing production capacities, and the well-developed economy drive the growth of the regional market. The US and Canada hold the largest share in the regional market.
The Asia Pacific region stands second in the global cool roof market. The market growth is driven by the burgeoning building and construction sector in the region. The ever-increasing population substantiates the market growth, promoting the demand for the excellent infrastructure and quality housing, driving the construction sector in the region. Additionally, the rapid urbanization and industrialization attribute to the growth of the regional market.
Europe stands second in the global cool roof market. Factors such as large-scale investments in the construction of residential and commercial buildings contribute to the growth of the regional market. Besides, the growing purchasing power of consumers due to the resurging economy in the region, and increasing expenditure in innovations implementations boost the market growth. The European countries like Germany, Italy, Spain, the UK, and France, majorly drive the regional market.
Global Cool Roof Market — Competitive Analysis
Fiercely competitive, the cool roof market appears fragmented due to the presence of many well-established players. To gain a larger competitive share, players adopt strategic initiatives such as mergers acquisitions, collaboration, expansion, and product/ technology launch. They invest substantially in product development and geographical expansion.
The market is projected to witness relentless innovations and new product launches, which would result in intensifying the market competition further. Strong financial support becomes the sole priority of suppliers to sustain in the market. To minimize the overall cost of their products manufacturers adopt cost-effective manufacturing techniques.
Major Players
Players leading the global cool roof market are GAF Materials Corporation (US), Owens Corning (US), Certain Teed Corporation (US), Tamko Building Products, Inc. (US), IKO Industries Ltd. (Canada), Henry Company (US), PABCO Building Products, LLC (US), ATAS International Inc (US), Polyglass SpA (Italy), and Malarkey Roofing (US), among others.
Industry/ Innovation/ Related News:
August 28, 2020 — — JSW Steel Ltd. (India), a leading global steelmaking company, began to roll out of JSW Radiance Colour Coated Steel product range in high-gloss features with multiple variants. The new product gives an option to choose among anti-microbial, anti-graffiti, anti-dust, antistatic cool roof systems. The company expects a more extensive play in the specialty coil coating business. JSW radiance is suitable for diverse applications ranging from warehousing, appliances, cold storage, hospitals, etc.
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