Cool Roof Coatings Market Subjected to Expand to Showcase Rampant Growth by 2025
Market Overview
The global Cool Roof Coatings Market
has been segmented on the basis of product type, roof slope, application, and
region.
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By product type, the global Cool
Roof Coatings Market
has been classified into elastomeric and
IR reflective. Among these, the elastomeric segment accounted for the largest
market share and was the fastest growing segment in 2018. The segment is
expected to maintain its dominance during the review period, owing to the
relatively low cost of production as compared to the other materials.
Additionally, the application of the elastomeric cool roof coating is easy and
less labor intensive, which is also expected to contribute to the growth of the
elastomeric segment during the forecast period.
On the basis of roof type, the global
cool roof coatings market has been classified into low-sloped roof,
steep-sloped roof, and others. The low-sloped roof is the most commonly used type
of roofing in the industrial buildings as it prevents water collection on the
roof during the rainy seasons and is also proved to be ideal for industrial
buildings. Hence, the use of high-performance cool coatings on a low-sloped
roof appears to be highly beneficial in buildings. The segment is expected to
grow at a significant rate during the forecast period.
Based on application, the global cool
roof coatings market has been divided into residential,
commercial, and industrial. The industrial segment held the largest share and
was the fastest growing segment in 2018, due to the increasing use of cool roof
coatings in industrial buildings. The adoption of cool roof coatings in
industrial buildings is high in North America. The adoption of new technologies
to execute thermal management in buildings was witnessed largely in the US
& Canada in 2018. The emerging economies of Asia-Pacific are also
responsible for the growth of the industrial segment due to growing
urbanization and environmental awareness in this region. Countries such as
India and China are adopting cool roof coating, particularly in industries to
save energy and enable thermal management in the buildings. The segment is
projected to continue its growth during the review period.
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Market
Players:
Some of the key players
operating in the global cool roof coatings market are BASF SE (Germany), Akzo
Nobel NV (Netherlands), RPM International Inc. (US), The Sherwin-Williams
Company (US), Hempel A/S (Denmark), The Dow Chemical Company (US), Wacker
Chemie AG (Germany), Sika AG (Switzerland), Nippon Paint Holdings Co., Ltd
(Japan), Valspar (US), Nutech Paints (US), GAF (US), Monarch Industries Ltd
(Canada), and Excel Coatings (India).
Regional Analysis:
The global cool roof
coatings market has been spanned across five key regions, namely Asia-Pacific,
North America, Europe, Latin America, and the Middle East & Africa. North
America held the largest share of the global cool roof coatings market in 2018
and is projected to continue the trend during the forecast period. Asia-Pacific
held the second-largest share and was the fastest growing regional market in
2018, owing to the growing use of cool roof coatings in the industrial
buildings. The European market is expected to witness considerable growth, and
the Latin American market is expected to record moderate growth during the
forecast period. The Middle East & African market is projected to witness
sluggish growth during the review period.
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