LOS ANGELES, May 08, 2019 (GLOBE NEWSWIRE) -- The global Cool Roof Coatings Market is estimated to grow at CAGR above 7.9 % over the forecast time frame 2019-2026 and reach the market value around USD 600 million by 2026.
Demand can be attributed to the energy savings that this product offers and the adoption by most governments of the green building codes. Concerns about increased carbon emissions and energy consumption pushed public authorities to implement green building codes for energy efficiency regulation. These regulations propose different practices that contribute to energy consumption reduction in commercial and residential buildings. In regions with hot weather conditions, cool coat technologies are recognized as an efficient way for decreasing energy consumption.
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Market Snapshots
The world's cool roofing market has been turned into a sloping and steep-hanging global roofing market. The cool roof coatings market is dominated by low-sloped segments. Due to its advantages such as low initial installation costs and less construction material than the steep-ground process, it is expected to grow at a fast speed during the forecast period.
The global cool roofing market is divided into residential, commercial and industrial applications. In 2018, the industry segment was the leader in the global cool roofing market. During the forecast period, the segment is expected to expand quickly due to increasing use of centres, warehouses, and IT parks.
The global market for cool roof coatings is divided into elastomeric and IR reflectives, depending on the type. Elastomeric is the dominant market segment because it offers benefits compared to IR reflective lacquers. It helps, for example, to extend the life of its existing roof, to maintain flexibility of the roof during hot and low temperatures, and to protect the roof surface from the sun's deteriorating heat effects.
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Regional Stance
According to the region, North America, Europe, Asia Pacifist, the Middle East & Africa and Latin America are the cool roof coating market. North America was the world's leading cool roof coating market in 2017 in terms of its value and volume. The Cool Roof Rating Council was established in the United States in 1998. In the region, it has implemented its rules. In 2011, the EU set up the European Cool Roof Council to help reduce carbon footprints. The European market is projected to be driven in the near future by an increase of awareness about energy consumption and the realization of the Leadership in Energy and Environmental Design Initiative.
In the Asia Pacific region, the acceptance of green building codes in the region will prove to be a fast-growing region of the international market. The cool roof coating market is expected to boost during the forecast period to increase construction expenditure and implement green building code in developing countries in the region. As the use of these layers for residential applications, such as housings and villas, is expected to increase demand for cool roof coatings in Asia Pacific. In the Near East and Africa and Latin America, demand for cool roofing is expected to increase significantly.
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Key Players & Strategies
The global market is oligopolistic in nature and the market is dominated by few industry participants. Cool coating companies have also integrated their operations via supply and distribution channels. This makes it easy for manufacturers to reach individual consumers, who are the main target groups.
The key role in achieving global market share is expected from fusions and acquisitions. In order to expand its footprint in these areas, Italy and Madison Chemical Industries, Inc., Valspar Corporation acquired ISVA Vernici Srl,. The Dow Chemical Company, KST Coatings, Sherwin-Williams, Sika Sarnafil, Valspar, GAF Materials, Excel Coatings, Monarch Industries are major companies operating on the world market.
Marketing and advertising campaigns were key strategies adopted by different players to increase consumers' brand awareness. Market participants stress the development of products that are suitable for different environmental conditions. For example, Dow Chemicals has launched an environmentally friendly special color in the Middle East. Similarly, for concrete surfaces, KST Coatings (Sherwin-Williams) launches special IR reflective enamels.
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