Product ID: SQMIG15F2038
Global Cool Roof Coatings Market Size, Share, Growth Analysis, By Product(Elastomeric/White and IR Reflective/Colored), By End Use(Residential, Commercial) - Industry Forecast 2024-2031
Report ID:
SQMIG15F2038 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
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.
Global Cool Roof Coatings Market Report Snapshots
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