Cool Roof Coatings Market Size, Share & Trends Analysis Report By End Use, By Product (Elastomeric, IR Reflective), By Application (Slow-sloped, Steep-sloped), And Segment Forecasts, 2018 - 2025

Industry Insights

The global cool roof coatings market size was valued at USD 3.18 billion in 2017. Demand can be attributed to energy savings offered by this product, coupled with adoption of green building codes by most governments. Concerns regarding increasing carbon emissions and energy consumption have pushed government authorities to implement green building codes to regulate energy efficiency. Such regulations propose various practices that contribute to reduction of energy consumption in commercial and residential buildings. Cool coat technologies are being recognized as an efficient way of lowering energy consumption in regions with hot climatic conditions.

The Cool Roof Rating Council (CRRC) develops credible and accurate methods for evaluating thermal emittance and solar reflectance of these products. It highly contributes to dissemination of such methodologies and information to interested parties. It also standardizes and regulates various roofing products, including coatings.

A prominent trend observed in the market is shifting consumer preference for cost-effective and long-lasting coatings as opposed to short-term, quick-fix solutions. Property managers and industrialists have begun studying the life-cycle assessment of cool roof coatings. Although cheaper variants help in saving a few dollars, the inevitable need to re-coat after three to five years turns out to be exponentially costlier in terms of material, labor, and time.

Cool roof coatings have gained popularity among consumers as they have been witnessing significant reduction in cost of air conditioning. Rising inclination of consumers toward energy savings, backed by monetary support from the government in the form of rebates and discounts, is expected to significantly benefit the market. However, high cost of these techniques is projected to remain a challenge in the market. Product quality is mostly reliant on raw material, which is likely to impact the pricing of the final product.

Product Insights

Elastomeric coats have been in use for a long time now, owing to which, it finds greater penetration in the market. These coatings are extensively used in commercial and industrial constructions. Superior performance of the product and rising demand for energy-efficient roofing systems are expected to be major factors driving product demand.

IR reflective coats are expected to emerge as the fastest growing segment owing to their ability to keep objects cooler as compared to conventional pigments. These coatings reflect IR radiations, which account for around 45.0% of all solar radiations. These enamels also help increase product life cycle.

Application Insights

Low-sloped roofs are generally used for commercial and industrial buildings. Early implementation of green building codes and regulations pertaining to roofing materials for commercial and industrial constructions have resulted in higher penetration of cool coatings in low-sloped roofing systems.

Majority of individual homes possess steep-sloped roofs, especially in regions with high rainfall and snowfall. These need lower maintenance owing to their structural advantage; debris/water directly rolls down from such surfaces. This has resulted in lower penetration of coating products in steeply sloped roofs compared to low-sloped ones. However, with rising availability of quick-drying colored coatings and advanced techniques, steep-sloped roofs have started using cool coatings and is expected to register prominent growth in the cool roof coatings market.

End-use Insights

The residential sector has observed recovery from the recent economic depression and is expected to witness promising growth over the forecast period. Availability of colored IR reflective coatings has been responsible for the penetration of cool coatings in the residential segment. Implementation of building codes for residential constructions and individual homes in most developed countries is expected to trigger market growth over the forecast period.

Cool roof councils have been regulating commercial structures for exterior insulations. Fueled by increasing awareness regarding global warming and energy consumption, the commercial sector has also been adopting cool roofing techniques to reduce carbon footprints of buildings and help the society.

Regional Insights

In 2017, North America held the largest market share, followed by Europe. The Cool Roof Rating Council was formed in 1998 in U.S. and has implemented its regulations in the region. Following suit, the European Union established the European Cool Roof Council in 2011 to help reduce carbon footprints. Increasing awareness regarding building energy consumption, coupled with implementation of Leadership in Energy and Environmental Design (LEED) initiative, is likely to drive the market in the region.

Asia Pacific is projected to be the fastest growing region on account of increasing acceptance of green building codes. Increasing construction spending, along with implementation of green building codes in India, China, Australia, and other developing countries in the region, is expected to trigger market growth over the forecast period.

Cool Roof Coatings Market Share Insights

The global market is oligopolistic in nature, with top few industry participants dominating the market. Cool coatings manufacturers have integrated their operations through supply and distribution channels as well. This helps manufacturers easily reach individual consumers, who form the main target audience.

Marketing campaigns and advertisements have been key strategies adopted by various players to create brand awareness among consumers. Market participants emphasize on developing products suitable for various environmental conditions. For instance, Dow Chemicals launched a special cool color appropriate for the environment in the Middle East. Similarly, KST Coatings (Sherwin-Williams) launched special IR reflective enamels for concrete surfaces.

Mergers and acquisitions are expected to play a key role in achieving global market share. Valspar Corporation acquired ISVA Vernici Srl, Italy and Madison Chemical Industries, Inc., Canada to expand its footprint in these regions. Major companies operating in the global market include The Dow Chemical Company, KST Coatings (Sherwin-Williams), Nippon Paints, Sika Sarnafil, Valspar, Nutech Paints, GAF Materials, Monarch Industries, and Excel Coatings.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global cool roof coatings market report on the basis of product, application, end use, and region:

• Product Outlook (Volume, Kilo Liters; Revenue, USD Million, 2014 - 2025)

  • Elastomeric/White

  • IR Reflective/Colored

• Application Outlook (Volume, Kilo Liters; Revenue, USD Million, 2014 - 2025)

  • Slow-sloped

  • Steep-sloped

• End-use Outlook (Volume, Kilo Liters; Revenue, USD Million, 2014 - 2025)

  • Residential

  • Commercial

  • Industrial

• Regional Outlook (Volume, Kilo Liters; Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Middle East & Africa

  • Central & South America

    • Brazil