Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Market Insight:
Market reports associated with Chemicals and Materials has been presented by Market Research Future, which states that the Global Rood Coatings Market has recorded a CAGR of 7.2% for its growth in the forecast period that is by 2024. The market held a valuation of USD 3.3 million in 2018 and is now projected to increase in the coming years.
Cool Roof Coating is widely used and applied to the roof membrane, which extensively helps to regulate temperature resulting in energy saving. Various types of materials are used in Cool Roof Coatings; the main is elastomeric and infrared (IR) reflective. Due to these properties, the demand for Cool Roof Coatings is high since the past years, which has prompted the Global Cool Roof Coatings Market to expand remarkably over the assessment period.
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Key Players:
Here are some of the prominent names of Crucial Market Player who are known for continual contribution to the growth of the Global Cool Roof Coatings Market. They 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).
Market Drivers & Trends:
The Global Cool Roof Coatings Market is on the verge of expansion due to factors such as increasing electricity prices, which has driven the industries to shift onto alternative shifts such as Cool Roof Coatings. This factor has contributed immensely to the use of building energy-saving codes and has propelled the market to surge exponentially over time. Rising as well as awareness among industries about its benefits have encouraged them to increase the production of such efficient cooling solutions, which has made the players to bring more opportunities for the future and take the market ahead with capturing high valuation than before.
Catering to the rising demand in various end-use industries, the key manufacturers of Cool Roof Coatings are focusing on producing advanced technological Cool Roof Coatings. Therefore the increasing need for thermal management in buildings is directly influencing the Global Cool Rood Coatings Market. Apart from this, the rising awareness towards environment concerns has about climate-friendly roofing materials, and temperature regulations have become more comfortable, which in turn has increased the demand for such coatings and is now anticipated to bolster the growth of the market, mainly in the construction industry. In regions of Asia Pacific, the construction industry is high due to rapid urbanization and population, which has enabled the use of Cool Roof Coatings. Such an extensive usage of these coatings has undoubtedly spotted for tremendous market growth during the assessment period.
Browse the market data and information spread across 140 pages with 47 data tables and 12 figures of the report “Cool Roof Coatings Market Report - Forecast 2018-2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/cool-roof-coatings-market-7832
Furthermore, product innovations due to environmental pressure in the line of Cool Roof Coatings have also encouraged market growth over time. Along with this, the emergence of technologies has anticipated to bring in growth opportunities for the market players contributing to the market growth. Besides, the fruitful factor for market growth is the economic status, which is recorded to be at stable condition, which is also contributing to the Global Cool Roof Coatings Market Growth remarkably.
On the flip side, factors such as cost of setup and the limited applications of Cool Roof Coatings are hereby, expected to be a hindrance to the growth of the Global Cool Roof Coatings Market over the forecast period.
Market Segmentation:
The Global Cool Roof Coatings Market is segmented based on Product Type, Roof Slope, Application, and Region.
By Product Type: elastomeric and infrared (IR) reflective are the segments.
By Roof Slope: steep-sloped rood and low-sloped roof are the segments.
By Application: residential, commercial, and industrial are the segments.
Regional-Detailed Outlook:
Regionally, the Global Cool Roof Coatings Market has covered the regions into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North Americas led the Global Cool Roof Coatings Market in 2018 due to the increasing use of rood coatings in commercial and industrial segments. This regional market is anticipated to grasp a more substantial portion of the market over the assessment period.
The European market is anticipated to portray remarkable growth of the market in the forecast period due to the growing healthcare industry, and the increasing demand for Rood Coatings in the same industry to control the temperature of hospital structures and save energy.
The growing demand for Cool Roof Coatings in the residential sectors of Latin America is also projected to observe moderate growth over the forecast period. Whereas, the Middle East & Africa region is expected to witness sluggish growth during the review period with the increasing use of rood coatings in residential as well as commercial buildings.
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