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The global cool roof market is growing rapidly. The growth of the market attributes to the thriving construction industry. Making better use of roofs is one of the solutions to reduce indoor temperatures, which benefits the environment. Thus, cool roofs play a causal role in the modern architect, demonstrating the potential for incorporating active roofs into buildings.
Furthermore, the growing demand for cool roof systems featuring different technologies that reflect solar radiation to prevent the roof from overheating intensifies the market growth. The Cool Roof Market has a great growth to be reached into $38.20 Billion with a CAGR of 7.8%. So it can be expected that the CAGR by 2028 is estimated at 5.7%.
The growing demand for cool roof systems from the commercial and residential sectors accelerates the growth of the market. There is higher volume traction for cool roof and antimicrobial steel clad products that will help grow the market immensely. The product finds application in segments such as warehouses, household appliances, cold rooms and hospitals.
Also, global warming issues with scorching summers confirm market demand, increasing temperatures inside the building. Cool roofs are energy efficient and less reliant on mechanical cooling, powered by an already tensioned electrical grid. Cold cover technology provides significant energy savings, supporting the creation of a greener economy, which increases the size of the cold cover market.
Furthermore, the rise of renewable energy and energy efficient practices require cool roof technology that can offer an achievable, low cost and sustainable passive energy solution. On the other hand, high cost of production is a key factor estimated to hinder the growth of the market. However, the unique properties of cool roofs that ensure a cool and pleasant indoor environment would support the growth of the market.
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Global Cold Roof Market: Segmentation
The relationship is segmented into four dynamics;
By roof type: steep slope roof, low slope roof and others.
By product type: coated roofs, foam roofs, single layer membrane, modified cutter, metal roofs, asphalt shingles, tiles, slates and others.
By application: residential, commercial and industrial.
By regions: Americas, Europe, Asia Pacific, and Rest of the World.
Global Cold Roof Market: Regional Analysis
North America dominates the global cool roof market. The largest market share is attributed to the booming construction sector, reflecting the increase in home renovation activities and already well established infrastructure in the region. In addition, increasing R&D investment for product innovation and the development of energy efficient buildings is driving the growth of the market.
Additionally, stringent government regulations to control energy savings in buildings are driving up the demand for cool roofing products and reflective roofs. Furthermore, the high growth potential, increasing production capacities and well-developed economy drive the growth of the regional market. The United States and Canada hold the largest share in the regional market.
The Asia Pacific region is the second largest in the global cool roof market. The market growth is driven by the thriving building and construction sector in the region. The ever-increasing population fuels the growth of the market, driving the demand for excellent infrastructure and quality housing, driving the construction sector in the region. Furthermore, the rapid urbanization and industrialization attribute to the growth of the regional market.
Europe ranks second in the global cool roof market. Factors such as large-scale investment in residential and commercial building construction contribute to the growth of the regional market. In addition, the growing purchasing power of consumers due to the recovery of the economy in the region and the increased spending on innovations and implementations stimulate market growth. European countries such as Germany, Italy, Spain, UK and France mainly lead the regional market.
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Global Cool Roof Market — Competitive Analysis
Fiercely competitive, the cool roof market appears fragmented due to the presence of many established players. To gain a larger competitive share, players take strategic initiatives such as mergers and acquisitions, collaboration, expansion, and product/technology launches. They invest substantially in product development and geographic expansion.
The market is expected to witness ceaseless innovations and new product launches, which would result in further intensification of market competition. Strong financial backing becomes the suppliers’ only priority to support in the market. To minimize the overall cost of their products, manufacturers adopt cost-effective manufacturing techniques.
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The key players in the global cool roof market are GAF Materials Corporation (United States), Owens Corning (United States), Certain Teed Corporation (United States), Tamko Building Products, Inc. (United States), IKO Industries Ltd. (Canada) , Henry Company (USA). ), PABCO Building Products, LLC (USA), ATAS International Inc (USA), Polyglass SpA (Italy), and Malarkey Roofing (USA), among others.
August 28, 2020 — — JSW Steel Ltd. (India), a leading global steel manufacturing company, has started to roll out JSW Radiance Color Coated Steel product range with bright features with multiple variants. The new product offers the possibility to choose between antimicrobial, anti-graffiti, anti-dust, antistatic and cool roof systems. The company anticipates a larger game in the specialty coil coatings industry. JSW radiance is suitable for different applications ranging from warehouses, home appliances, cold storage, hospitals, etc.
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