Rockville, MD , Nov. 04, 2024 (GLOBE NEWSWIRE) -- With energy prices rising, the need reduce usage has never been greater before. Worldwide Demand for Cool Roof Coatings Market is poised to reach a market value of US$ 4.92 billion in 2024, as mentioned in the revised market research analysis published by Fact.MR, a market research and competitive intelligence provider. The market for cool roof coatings is projected to expand at 6.8% CAGR from 2024 to 2034.
In recent years, there has been an increase in the demand for energy-saving building materials. They are used for new homes and the renovation of commercial and residential buildings. Cool roof coatings offer improved and secure structures, which are estimated to promote economic and environmental stability. Further, cool roof coatings also assist in minimizing energy costs as they transfer comparatively less heat to buildings and therefore remain cooler. This ultimately leads to the use of less energy in air conditioning systems.
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Key Takeaway from Market Study:
- Sales of cool roof coatings are estimated to reach US$ 4.92 billion in 2024.
- The global cool roof coating market is projected to reach a value of US$ 9.51 billion by the end of 2034.
- The market has been projected to expand at a CAGR of 6.8% from 2024 to 2034.
- Demand for cool roof coatings in South Korea is projected to rise at 8.1% CAGR through 2034.
- The healthcare sector is set to account for 52% share of the global market by 2034-end.
- East Asia is approximated to contribute 24.6% share of global market revenue by the end of 2034.
“Increasing consumer inclination toward energy saving solutions, implementation of green building codes, and rising global warming are contributing to growing use of cool roof coatings,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Cool Roof Coating Market:
Leading manufacturers of cool roof coatings are Sherwin Williams, Kansai Paints Co. Ltd., Valspar Corporation, National Coatings Corporation, BASF SE, Nippon Paints, Monarch Industries, Sika AG, GAF Materials, Akzo Nobel, PPG Industries Inc., DowDupont, Excel Coatings, and Nutech Paints.
Expansion of Construction Sector Means High Cool Roof Coating Use in China:
Demand for cool roof coatings in China is projected to increase at a CAGR of 6.4% and reach a market valuation of US$ 1.34 billion by 2034-end. The rising demand for cool roof coatings in the country is attributed to the growing count of infrastructure activities. In addition, the increasing population is generating demand for living space, which contributes to the expansion of the construction sector, subsequently, an increase in the demand for cool roof coatings is experienced.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the cool roof coating market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on roof type (low-slope, steep-slope), material (elastomeric plastic, silicon, tiles, metal), technology (water-based, solvent-based), and application (residential, commercial, hospitality, healthcare), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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Country-wise Insights:
The demand outlook for cool roof coatings in the United States is strong, with the market value expected to reach US$ 759.3 million in 2024, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2034. By 2034, the market is projected to be worth US$ 1.22 billion.
The U.S. is anticipated to hold 73.5% of the North American market by the end of 2034. With buildings and homes accounting for a significant share of total energy use, increasing consumer awareness about energy consumption, alongside the implementation of LEED (Leadership in Energy and Environmental Design) initiatives for green building certification, is set to positively influence the market trends for cool roof coatings in the United States.
Segmentation of Cool Roof Coating Market Research:
- By Roof Type :
- Low-slope
- Steep-slope
- By Material Type :
- Elastomeric Plastic
- Silicon
- Tiles
- Metal
- By Technology :
- Water-based
- Solvent-based
- By Region :
- Residential
- Commercial
- Hospitality
- Healthcare
Checkout More Related Studies Published by Fact.MR Research:
Roofing Market: Global demand for roofing materials is expected to increase at a CAGR of 5.5% from 2023 to 2033. The global roofing market is valued at US$ 82.2 billion in 2023 and is this expected to reach US$ 140.4 billion by the end of 2033.
Waterproofing Membranes Market: The waterproofing membrane market is estimated to be valued at US$ 31.5 billion in 2023. Waterproofing material is a thin impermeable membrane that functions along with asphalt to provide protection to the underlying structure of the buildings.
Roofing Adhesives Market: The global roofing adhesives market has reached a valuation of US$ 6.6 billion in 2023 and is projected to climb to US$ 16 billion by 2033-end, expanding at a noteworthy CAGR of 9.2% over the next 10 years (2023 to 2033, according to a detailed industry analysis by Fact. MR.
Steep Slope Roofing Material Market: The global steep slope roofing material market size is set to reach a valuation of US$ 15.12 billion in 2024. As per this latest industry analysis by Fact.MR, the market has been projected to expand at a CAGR of 3.3% to end up at US$ 20.92 billion by 2034.
Waterproofing Chemical Market: The global waterproofing chemical market size is expected to reach a valuation of US$ 4.43 billion in 2024 and climb to a size of US$ 6.49 billion by the end of 2034. The market is forecasted to expand at 3.9% CAGR from 2024 to 2034.
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