Global Cool Roof Coatings Market

Global Cool Roof Coatings Market Size, Share, Growth Analysis, By Product(Elastomeric/White and IR Reflective/Colored), By End Use(Residential, Commercial) - Industry Forecast 2023-2030


Report ID: SQMIG15F2038 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 61 | Figures: 77

Global Cool Roof Coatings Market Insights

Global Cool Roof Coatings Market size was valued at USD 4.43 Billion in 2022 and is expected to grow from USD 4.75 Billion in 2023 to reach USD 8.28 Billion by 2031, at a CAGR of 7.20% during the forecast period (2024-2031).

The closure of construction projects has negatively impacted the world's construction market. For instance, according to the World Bank, the annual growth rate of the building sector decreased by 2.48%. The domestic market's cool roof covering operations—including those for low-sloped rooftops, sidewalls and roof blocks—have decreased as a result of the downturn in demand from the building industry. Cool roof coatings offer a number of benefits, including affordability and high solar reflectivity, which eventually reduce heat accumulation in business and residential spaces and lessen reliance on air conditioning, saving energy and reducing air pollution. The use of green building materials is encouraged by the expanding consumer preference for energy efficiency and the favourable tax benefits offered by the government, which is expected to drive demand in the years to come. Numerous advantages of cool roof coatings, such as their low cost and high solar reflectivity, help to reduce heat build-up in commercial and residential buildings and the need for air conditioning, which saves energy and lessens air pollution. The growing consumer desire for energy efficiency and the positive tax benefits provided by the government encourage the use of green building materials, which is projected to fuel demand in the upcoming years.

The Global Cool Roof Coating Market constitutes a key segment of the general construction sector which has been primarily triggered by the rising awareness of the necessity of sustainable building practices and the urgent need to address the issues of urban heat islands. The most important cooling purpose is to save energy and extend the roofing materials’ life span. This can be done with cool roof coatings, which reflect the sun light and heat away from buildings. The main focus of this market is to see that it gives options that are friendly to the environment, enhances energy efficiency, thus contributes to the resilience of the whole climate. One of the main catalysts that is making the market to move is the mounting demand for energy efficiency and sustainability in regulatory codes and building standards globally. Additionally, increasing worries about climate change and a growing thirst for sustainable construction materials help the spread of cool roof coatings. On the other hand, the most intense constraints that the market is facing include high initial setup cost and insufficient professional human resource that can be applied. More importantly the problem of substantial difference in local climate patterns and the demand for constant innovation to keep the quality of product high results in big issues. However, among these challenges, there are vast markets for players to make new products and enterprises by incorporating nanotechnology and environment safe features in their products. Also, with the fast adoption of cool roof coatings in developing countries and the growing retrofit market, there are other possible avenues for the expansion of the market. In general, the global market for cool roof coatings is set to herald paradigm shifts in the construction industry, while acting as a catalyst for green building initiatives across the globe. 

Market snapshot - 2024-2031

Global Market Size

USD 4.43 Billion

Largest Segment

Low-Sloped

Fastest Growth

Low-Sloped

Growth Rate

7.20% CAGR

Global Cool Roof Coatings Market ($ Bn)
Country Share for North America Region (%)
Global Cool Roof Coatings Market Size By Application ($ Bn)
Global Cool Roof Coatings Market Size By Application (%)

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Global Cool Roof Coatings Market Segmental Analysis

Global Cool Roof Coatings Market is segmented on the basis of product, end use, application and region. By product, the market is segmented into elastomeric/white and ir reflective/colored. By end use, market is segmented into residential, commercial, industrial. By application, the market is segmented into low sloped and steep sloped. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Cool Roof Coatings Market Analysis by Product

By accounting for more than 64% of the market's revenue in 2022, elastomeric coatings became the market's largest product category for cool roof coatings. In industrial and commercial construction, these coatings are widely used. The factors likely to fuel demand during the projected period are the enhanced product performance and growing demand for roofing systems that are energy efficient.

Because they can keep things cooler than traditional pigments, IR reflective coatings are expected to develop at the quickest rate during the projected period. The dark-colored IR reflective coatings' appealing aesthetic appeal gives this market segment an advantage over its rivals. For a building owner, aesthetic attractiveness is crucial, which in turn stimulates consumer demand for the product.

Cool Roof Coatings Market Analysis by Application

The low-sloped roof application segment currently has a dominant position in the cool roof coating market and is projected to grow at a high CAGR throughout the forecast period. Because of its benefits, such as using less build-up material than the steep-sloped procedure and having a lower initial installation cost. In many industrial and commercial structures, low-sloped roofs are used. Low-sloped roofing systems are now more prevalent as a result of growing recognition of the value of green building design and strict laws governing roofing materials for industrial and commercial structures.

steep-sloped roof applications are predicted to develop at the quickest rate over the projection period. Due to their increasing use in the residential sector, particularly in areas with heavy snowfall and rainfall. Because steep-sloped roofs have a structural benefit that allows water to drain quickly and reduces the chance of mold or mildew growth on the roof, these roof types require less care and require less penetration of coating solutions. However, because there are more quick-drying coatings available and more sophisticated methods being used, the demand for cool coatings is anticipated to increase in the steep-sloped roof application market in the upcoming years.

Global Cool Roof Coatings Market Size By Application (%), 2022 (%)

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Global Cool Roof Coatings Market Regional Insights

In 2022, North America held the greatest market share 34.20% dominating the cool roof coatings industry. During the projected period, it is expected that the region would maintain this pattern. The expansion can be ascribed to early adoption of construction codes and rising consumer awareness of how much energy buildings use. Due to the increased demand for residential, non-residential, and commercial construction projects, which is driving the expansion of the cool roof coatings market throughout the region during the forecast period, the construction sector in North America is likely to experience considerable growth over the coming years.

Cool roof coatings have seen an increase in demand on the European market in recent years across green building designs. Due to their exceptional environmental benefits, which include increased building life, maximized energy efficiency, and improved interior quality, Over the forecast period, favorable government support to promote green building development in various nations is anticipated to drive product demand. The demand for applications of cool roof coatings is substantially influenced in Germany by the construction industry. Due to the increased demand for real estate, low financing rates, and growing population, the nation has seen an increase in new residential building permits, and this development trend is anticipated to continue over the projection period.

Global Cool Roof Coatings Market Size By Geography, 2024-2031
  • Largest
  • Fastest

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Global Cool Roof Coatings Market Dynamics

Cool Roof Coatings Market Drivers

Incentive Programs and Rebates

  • Governments, utility companies, and other organizations offer financial incentives, rebates, and tax credits to promote the adoption of cool roof coatings. These programs encourage building owners to invest in energy-efficient solutions, further driving the demand for cool roofs.

Urbanization and Construction Activities

  • There has been an increase in construction activities as a result of rapid urbanisation, particularly in emerging economies. As a result, there is a growing demand for sustainable building materials and energy-efficient solutions, including cool roof coatings.

Cool Roof Coatings Market Restraints

Durability and Performance Challenges

  • Cool roof coatings need to withstand harsh weather conditions, UV radiation, and other environmental factors. If not properly formulated or applied, these coatings may experience premature degradation, compromising their performance and durability. Addressing these challenges and ensuring the long-term effectiveness of cool roof coatings is crucial for market growth.

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Global Cool Roof Coatings Market Competitive Landscape

A small number of significant businesses control an oligopolistic portion of the whole market. To gain a competitive edge through product differentiation and low-cost products, manufacturers are substantially spending in R&D operations and depending on technical advancements. Additionally, in order to increase their ability to target specific customers, firms are concentrating on integrating their supply and distribution systems.

Cool Roof Coatings Market Top Player’s Company Profiles

  • Sherwin-Williams Company (United States)
  • PPG Industries, Inc. (United States)
  • Akzo Nobel N.V. (Netherlands)
  • BASF SE (Germany)
  • RPM International Inc. (United States)
  • Nippon Paint Holdings Co., Ltd. (Japan)
  • Dow Chemical Company (United States)
  • Sika AG (Switzerland)
  • Asian Paints Ltd. (India)
  • Kansai Paint Co., Ltd. (Japan)
  • GAF Materials Corporation (United States)
  • Arkema Group (France)
  • Hempel A/S (Denmark)
  • Axalta Coating Systems Ltd. (United States)
  • The Valspar Corporation (United States)
  • Jotun Group (Norway)
  • DuluxGroup Limited (Australia)
  • Gaco Western, LLC (United States)
  • Berger Paints India Limited (India)
  • Monarch Industries Limited (Canada)
  • Excel Coatings (United Arab Emirates)
  • National Coatings Corporation (United States)

Cool Roof Coatings Market Recent Developments

  • In April 2023, PPG Industries Inc. announced the launch of its new cool roof coating, Cool Roof Reflective Coating. The coating is designed to reflect heat and sunlight, helping to reduce energy costs and improve the energy efficiency of buildings.
  • In March 2023, Sherwin-Williams Company announced the acquisition of Solahart USA, a leading provider of solar water heaters. The acquisition is expected to help Sherwin-Williams expand its product offerings in the cool roof coatings market.
  • In February 2023, BASF SE announced the launch of its new cool roof coating, Cool Roof Reflector. The coating is designed to reflect heat and sunlight, helping to reduce energy costs and improve the energy efficiency of buildings.

Global Cool Roof Coatings Key Market Trends

Integration of Cool Roof Coatings in Building Design 

  • Architects and building designers are increasingly incorporating cool roof coatings into their designs. Cool roofs are being integrated into new construction projects as well as retrofitted onto existing buildings. The integration of cool roof coatings at the design stage ensures optimal performance and energy efficiency.

Advancement in research and development activities

  • The research & development activities for advanced and durable cool roof coating materials in order to enhance the longevity and performance, drive the growth of the market. For instance, in April 2023, Everest Systems LLC, announced the launch of high-performance and field-applied topcoat under the Fluorostar brand name. It protects and restores multiple types of roofing surfaces with long-lasting color. 

Government initiatives and increase in awareness about cool roof coating

  • The Louisville-Jefferson County Metro Government offers an incentive to the property owner of $1 per square foot of cool roof installed. It has a goal of incentivizing at least 100,000 square feet of cool roof. Thus, the incentives offered by the government to encourage the installation of cool roof coating, propel the growth of the market. 

  • In addition, the increase in awareness regarding the advantages of cool roof coatings among builders, architects, and property owners, has driven the market growth.

Global Cool Roof Coatings Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global cool roof coating market has experienced significant growth in recent years and is expected to continue expanding in the coming years. This growth can be attributed to several factors, including the increasing demand for energy-efficient solutions, rising environmental concerns, supportive government regulations, and advancements in cool roof coating technologies. One of the primary drivers of the market is the growing emphasis on sustainability and energy efficiency in the construction industry. Cool roof coatings offer an effective way to reduce energy consumption and lower carbon emissions by reflecting a significant portion of the solar radiation that would otherwise be absorbed by roofs. As energy costs rise and environmental consciousness increases, property owners are increasingly adopting cool roof coatings to improve the energy efficiency of their buildings.

Report Metric Details
Market size value in 2022 USD 4.43 Billion
Market size value in 2031 USD 8.28 Billion
Growth Rate 7.20%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Elastomeric/White and IR Reflective/Colored
  • End Use
    • Residential, Commercial, Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Sherwin-Williams Company (United States)
  • PPG Industries, Inc. (United States)
  • Akzo Nobel N.V. (Netherlands)
  • BASF SE (Germany)
  • RPM International Inc. (United States)
  • Nippon Paint Holdings Co., Ltd. (Japan)
  • Dow Chemical Company (United States)
  • Sika AG (Switzerland)
  • Asian Paints Ltd. (India)
  • Kansai Paint Co., Ltd. (Japan)
  • GAF Materials Corporation (United States)
  • Arkema Group (France)
  • Hempel A/S (Denmark)
  • Axalta Coating Systems Ltd. (United States)
  • The Valspar Corporation (United States)
  • Jotun Group (Norway)
  • DuluxGroup Limited (Australia)
  • Gaco Western, LLC (United States)
  • Berger Paints India Limited (India)
  • Monarch Industries Limited (Canada)
  • Excel Coatings (United Arab Emirates)
  • National Coatings Corporation (United States)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Cool Roof Coatings Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Cool Roof Coatings Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Cool Roof Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cool Roof Coatings Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cool Roof Coatings Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Cool Roof Coatings Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Cool Roof Coatings Market size was valued at USD 4.43 Billion in 2022 and is expected to grow from USD 4.75 Billion in 2023 to reach USD 8.28 Billion by 2031, at a CAGR of 7.20% during the forecast period (2024-2031).

A small number of significant businesses control an oligopolistic portion of the whole market. To gain a competitive edge through product differentiation and low-cost products, manufacturers are substantially spending in R&D operations and depending on technical advancements. Additionally, in order to increase their ability to target specific customers, firms are concentrating on integrating their supply and distribution systems. 'Sherwin-Williams Company (United States)', 'PPG Industries, Inc. (United States)', 'Akzo Nobel N.V. (Netherlands)', 'BASF SE (Germany)', 'RPM International Inc. (United States)', 'Nippon Paint Holdings Co., Ltd. (Japan)', 'Dow Chemical Company (United States)', 'Sika AG (Switzerland)', 'Asian Paints Ltd. (India)', 'Kansai Paint Co., Ltd. (Japan)', 'GAF Materials Corporation (United States)', 'Arkema Group (France)', 'Hempel A/S (Denmark)', 'Axalta Coating Systems Ltd. (United States)', 'The Valspar Corporation (United States)', 'Jotun Group (Norway)', 'DuluxGroup Limited (Australia)', 'Gaco Western, LLC (United States)', 'Berger Paints India Limited (India)', 'Monarch Industries Limited (Canada)', 'Excel Coatings (United Arab Emirates)', 'National Coatings Corporation (United States)'

Governments, utility companies, and other organizations offer financial incentives, rebates, and tax credits to promote the adoption of cool roof coatings. These programs encourage building owners to invest in energy-efficient solutions, further driving the demand for cool roofs.

In 2022, North America held the greatest market share 34.20% dominating the cool roof coatings industry. During the projected period, it is expected that the region would maintain this pattern. The expansion can be ascribed to early adoption of construction codes and rising consumer awareness of how much energy buildings use. Due to the increased demand for residential, non-residential, and commercial construction projects, which is driving the expansion of the cool roof coatings market throughout the region during the forecast period, the construction sector in North America is likely to experience considerable growth over the coming years.

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Global Cool Roof Coatings Market

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