Wilmington, Delaware, United States, March 14, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The forecasted advancement of the global cool roof coating market with a moderate CAGR of 6.8% shall take the market to a US$ 780.9 million valuation. The last recorded market valuation for the subject market was about US$ 402.8 million in 2021. This market growth is influenced by various governing forces that help the market to grow.
To develop green buildings, governments of different countries have implemented various laws. These laws aim to reduce energy costs by 40%. Such efforts fuel the growth of the subject market. The main reason behind this is the scope for cool roofing in the modern world. Governments have been encouraging cool roofs, which propels the market advancement.
Global warming has been increasing worldwide. Due to this, energy-saving buildings have come into demand. It is one of the lucrative market segments that creates substantial opportunities for the subject market to grow by reducing energy consumption. This makes another market driver for the market under consideration.
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The construction industry has been growing significantly in the last few years. This growth agitates other sectors that are related to the construction industry. This collaborative growth of industries proves to be a fueling factor for the market under consideration.
Key Findings from the Market Report
- The global cool roof coating market can be segmented into various market segments, out of which low-sloped roofs are one of the key segments. The lower installation cost of these roofs shall help the market segment to get propelled.
- From the perspective of the coating on roofs, the elastomeric coating has gained substantial demand. The main reason is the longevity of coatings. Also, they can withstand adverse environmental conditions.
- The reflective roof market segment is gaining popularity, as it reflects infrared radiations to reduce roof heating.
- Based on the application of roofs, the commercial segment is one of the key market segments that help the market grow, as more cool roofs are used in the said segment.
Regional Profile
- The total number of retrofitting projects in North America has been increasing recently. Due to this, the continent has become the market leader by securing about 66.4% of the full market share of the global cool roof coatings market.
- Europe is another reason that has been contributing to the subject market. This region holds about 21.3% of the global market share. Due to the advancement of technological infrastructure in the area, it contributes significantly to the growth of the market.
- Asia Pacific is also one of the important regions, securing 10.8% of the global market share. It helps the market to grow within the global landscape.
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Key Developments in the Cool Roof Coatings Market
- In September 2021, BASF SE purchased Vattenfall’s offshore wind farm, Hollandse Kust Zuid. This helped the organization to initiate construction projects in the Northern Sea.
- In January 2022, Berkeley Lab introduced roofs that can auto-adjust based on the weather and the outside temperature. This innovation shall help the subject market to expand into new horizons.
- In April 2022, Akzo Nobel N.V. acquired Grupo Orbis. This strategic move allowed the organization to create its presence in Latin America. Also, it has helped the business to diversify its existing product portfolio.
Competitive Landscape
In the case of competition within the industry, the global cool roof coatings market provides a highly cluttered competitive landscape. Various key players have been contributing to the industry via their differentiated products.
- Akzo Nobel N.V. is a competitor known for its different abrasion resistance coatings, epoxy primers, composite coatings, etc.
- PPG Industries Inc. operates in various markets. It produces multiple protective coatings. Apart from this, it has added SEM products to its product portfolio.
- BASF SE operates in diversified markets, including automotive, agriculture, energy, construction, etc. It also offers different resins and textiles.
Key Players
- BASF SE
- DowDuPont
- Akzo Nobel N.V.
- PPG Industries, Inc.
- Huntsman International LLC
- Sika AG
- GAF Materials Corporation
- NIPPON PAINT (M) SDN. BHD
- The Valspar Corporation
- Nutech Paint
Market Segmentation
Type
- IR Reflective
- Elastomeric
Roof Slope
- Low-sloped
- Steep-sloped
Application
- Residential
- Commercial
- Industrial
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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