The global cool roof coating market size was USD 2.80 billion in 2015. Market penetration can be attributed to the energy savings offered by the cool roof coatings along with the green building codes adopted by most of the governments.
Increasing concern towards energy consumption and carbon emission has resulted in green building codes which regulate and govern energy efficiency of the buildings. These regulations propose various practices to reduce the energy consumption for residential as well as commercial buildings.
Cool Roof Rating Council (CRRC) is an association comprising of cold ceiling manufacturers, distributors, and their trade associations. The CRRC regulates and standardizes the cool roofing products including the coatings.
Adoption of building codes stating the minimal energy consumption standards in the U.S. and Europe has triggered the cool gable products demand over the past few years, and the trend is expected to continue over the forecast period as well. Cool coat technologies are seen as the most practical and efficient way of reducing energy consumption in hotter regions.
Substantial reduction in air conditioning cost has popularized the product among the consumers. Environmentally cautious consumers have also helped the market growth remarkably. These consumer trends backed by various regulations which require incorporation of cool roofing products have triggered the industry growth to a remarkable extent.
Cool coat techniques being a costlier affair is expected to challenge the market growth. Coatings quality is mainly dependent on the raw materials used, which escalates the final product pricing. Lack of consumer awareness regarding green buildings in addition to the absence of strict regulations and guidelines for reducing energy consumption in most of the developing and underdeveloped countries is expected to restrain the market growth over the forecast period.
U.S. cool roof coating market revenue by product, 2014 - 2025 (USD Million)
Attractive aesthetic appeal offered by the dark shaded colored IR reflective coatings is expected to provide the product segment an edge over the other. Visual appeal plays an important part for an individual house owner, and thus IR reflective enamels have higher demand despite their lower reflectivity index.
Elastomeric coats have been traditionally used and thus find higher market penetration. These coatings are still popular for the flat roof buildings, especially in industrial and commercial constructions.
The majority of the individual homes possess steep-sloped roof, especially in the regions with high rainfall and snowfall. Earlier, only white colored elastomeric coatings were available, and those products were widely used in industrial and commercial applications.
With the availability of colored IR reflective enamels, individual house owners have also started using the cold colors. Lower penetration of these colors in residential applications will probably result in highest growth for steep-sloped roofs over the forecast period.
The residential construction sector has now recovered from a major setback in the recent past and is expected to witness significant growth over the forecast period. With the availability of colored coatings, individual house owners have been attracted to these products. Colored enamels enhance the aesthetic appeal of the building in addition to fulfilling the basic requirement of reduction in energy consumption.
Escalating popularity of colored enamels supported by increasing adoption of green building codes in developing countries is expected to foster the residential applications. These enamels can be applied over practically any roofing material and thus have become a part of household renovations.
Asia Pacific cool roof coating market is expected to witness the highest growth over the forecast period owing to lower penetration in the area. Japan was the only country having the specific guidelines and initiatives supporting the cool roofing technology. Green building codes are now being implemented in Australia, China, India and other developing countries in the region. This is expected to trigger the regional growth over the forecast period.
North America holds the highest market share in 2015 and is expected to retain its dominance over the forecast period as well. Early implementation of building codes and high awareness regarding building energy consumption among consumers has helped the market penetration. Cool roof rating council was formed in the U.S. and has implemented all its regulations in the region. Following the U.S., European Union established European Cool Roof Council in 2011 so as to help carbon footprints reduction.
Major companies operating in the global cool roof coating market include The Dow Chemical Company, Sherwin-Williams, Valspar, Sika Sarnafil, Nippon Paints, Nutech Paints, Monarch Industries, GAF Materials, Excel Coatings, etc.
The global industry is oligopolistic in nature with top few players dominating the market. Market leaders compete with the help of product innovation and marketing strategies. Most of the industry leaders are indulged in developing innovative products suitable for specific environments. Dow Chemicals has launched a special cool colors appropriate for the environment in the Middle East. KST Coatings (Sherwin-Williams) has also launched special IR reflective enamels for concrete surfaces.
Merger & acquisition is another strategy adopted by the industry participants. Valspar Corporation acquired ISVA Vernici Srl, Italy and Madison Chemical Industries, Inc, Canada to expand its footprints in the regions.
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