Cool Roofs Market Overview
Cool roofs market
size is forecast to reach US$2.3 billion by 2027, after growing at a CAGR of 4.1%
during 2022-2027. Globally, the increasing need for cool roofs to absorb less
heat and reflect more sunlight than standard roofs in the residential,
commercial, and industrial buildings, is estimated to fuel the market over the
forecast period. One of the major factors driving the demand for cool roofs is
the growth of environmentally friendly, renewable, and sustainable roofing systems.
The increasing use of asphalt shingles and coated roofs in steep slope roofs
and low-slope roofs to provide durability, flexibility, corrosion resistance,
and other benefits have driven the demand for cool roofs. Furthermore, the
growing investments in public infrastructure projects will further create
opportunities for the growth of the cool roofs market.
COVID – 19 Impact:
The Covid-19
pandemic situation negatively impacted the growth of the cool roofs industry in
the year 2020. The import and export of construction materials were hampered
due to the pandemic in various regions. Halt in several ongoing construction
activities declined the demand for cool roof products which dipped the
development of the market. For instance, according to the Journal published by
the Institute of Physics Organization, the COVID-19 outbreak caused a US$ 5
billion loss in the Australian construction sector. Also, due to the influence
of the COVID-19 epidemic, the growth for the Italian construction industry was
lowered, and the industry decreased by 0.7% in 2020, compared to the 1.5%
original forecast. Almost 44% of the construction firms said that the coronavirus
has harmed their work.
Report Coverage
The report " Cool Roofs Market Report – Forecast (2022-2027)" by IndustryARC
covers an in-depth analysis of the following segments of the cool roofs industry.
Key Takeaways
- The Asia-Pacific region dominates the cool roofs market due to the rising growth and investments in infrastructure activities. For instance, according to the India Brand Equity Foundation, between 2019 and 2023, India estimates to invest US$1.4 trillion in infrastructure projects.
- The rising importance of energy
conservation and the global implementation of environmental rules related to
building design and architecture are expected to be the primary driving forces
behind the growth of the cool roof market.
- In the foreseeable future, the cool
roofs product demand is estimated to rise with the increasing global construction
activities. For instance, as per the estimates provided by the Oxford Economics
and Global Construction Perspectives, the global construction market is
projected to grow by US$ 8 trillion by 2030, at an annual rate of 3.9%.
- Furthermore, limitations
associated with cool roofs products will hinder the growth of the market in the
forecast period.
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Cool Roofs Market Segment Analysis – By Type
Steep-sloped roofs
held the largest share with 27% in the cool roofs market in 2021 and is expected to continue their dominance over the period 2022-2027. Steep slope roofs
are commonly found in residential settings and have an inclined roofline.
Asphalt shingles, metal roofing, and tiles are the materials used for steep slope
cool roofs. Owing to its different structures and materials, steep-sloped roofs
require different cool roofing techniques. Coating existing shingles with a
protective coating can prevent them from drying. Furthermore, because steep
slope roofs typically account for 40% of a home's or building's exterior visual
appearance, more aesthetically pleasing cooling techniques (such as asphalt
shingles for shingling and tiles) are used to cool them. Demand for
high-performance laminated asphalt shingles has risen dramatically in recent
years, fueled by increased interest in roofing materials that can withstand
high winds, impacts, and deterioration from exposure to the elements. As a
result of the aforementioned factors, cool roof products are expected to
increase at the fastest rate throughout the projection period.
Cool Roofs Market Segment Analysis – By Application
The residential sector
dominated the cool roofs market in 2021 and is projected to grow at a CAGR of 4.6%
during 2022-2027. The roof is an important building structure because it
protects the building and adds to its aesthetic appeal. Increased government
and institutional funding for the construction of housing infrastructure in
emerging economies is driving the demand for cool roofs for residential use.
For instance, By 2022, the Pradhan Mantri Awas Yojana (PMAY) is estimated to
have built 11.22 million urban homes. 11.3 million houses have been approved
since the policy began on March 31, 2021. To date, 4.8 million of these have
been completed. Rising population and growing preference for single-family
housing structures are the two other major factors driving the demand for
residential buildings. Additionally, the increasing investments in green
construction buildings are estimated to have a positive impact on the future
demand for cool roofing products.
Cool Roofs Market Segment Analysis – By Geography
Asia-Pacific region dominated the cool roofs market with a share of 41.3% in 2021. The market in the region is witnessing expansions with new construction and infrastructure investments in emerging economies such as China, India, and Japan. According to the India Brand Equity Foundation, the government allocated INR 54,581 crore (US$ 7.64 billion) to the Ministry of Housing and Urban Affairs in the Union Budget 2021. Also, The US International Development Finance Corporation (DFC) announced in December 2020 that it would invest US$ 54 million in equity in India's National Investment and Infrastructure Fund (NIIF) to help the country develop critical infrastructure projects. Additionally, companies here are offered lucrative opportunities to increase their production capacity and, in turn, to stimulate market growth. Thus, the rising growth of construction activities is expected to boost the demand for cool roofs in the region over the forecast period.
Cool Roofs Market Drivers
Advantages Associated with Cool Roofs will Drive the Growth of the Market.
Surging Commercial Construction Activities
The market demand for cool roofing materials is expected to be
driven by rising commercial construction activities across various regions. The
global commercial roofing materials market is anticipated to grow due to the rising
demand for roofing goods and the increasing need to refurbish and rebuild old
buildings and monuments. Over the forecast period, an increase in new
construction activities is also expected to boost the growth of the commercial
roofing materials market. The
W&W Group, for instance, has announced that it will invest in the
Kornwestheim site in Germany, with plans to construct seven office buildings
with courtyards by 2023. Also, commercial
construction in India is rapidly expanding, at more than 9% per year, according
to the Bureau of Energy Efficiency, owing largely to strong service sector
expansion. Furthermore, according to the Australian Bureau of Statistics, the
value of non-residential buildings (US$4,110.8) increased by 27.5% in March
2021, reaching its highest level in four months. As a result of the rapid
expansion of several commercial construction activities, the market is estimated
to grow over the forecast period.
Cool Roofs Market Challenges
Limitations in the Use of Cool Roof Products
While cool roofs are a great roofing alternative, they do have
certain limitations. Cool roofs are only suitable for locations that receive a
lot of sunlight, and not in places where the winters are lengthy and cold are
not ideal. This is because the cool roofs may wind up chilling down too much
during the cooler months, making the stay quite uncomfortable. Cool roofs are
an excellent choice for locations that experience extreme heat. However, cool
roofs are more likely to develop mould if the area has a high humidity level regularly.
When compared to typical types of roofing, cool roofs are more vulnerable. Thus,
these issues are impeding the overall market expansion.
Cool Roofs Market Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the cool roofs market. Global cool roofs top 10 companies include:
- Owens Corning
- GAF Materials Corporation
- Nouryon
- Tamko Building Products, Inc.
- Certain Teed Corporation
- IKO Industries Ltd.
- Henry Company
- PABCO Building Products, LLC.
- ATAS International Inc.
- Malarkey Roofing
- Polyglass S.p.A, and others.
Recent Developments
- In November 2021, Nippon Paints launched COOL-TEC cool coatings for exterior walls, roofs, and roads in Singapore.
- In May 2020, Nouryon introduced a new solution for the architecture and construction industry that improves the ability of energy-saving "cool roof" coatings to reflect light while also boosting their self-cleaning qualities.
- In February 2019,
Owens Corning's OC Roofing division introduced TruDefinition Duration FLEX
shingles, an innovative blend of SBS polymer modified asphalt.
Relevant Reports:
Roof Coating Market -
Forecast(2022 - 2027)
Report Code: CMR 0222
Commercial
Roofing Materials Market - Forecast(2022 - 2027)
Report Code: CMR
1250
APAC Flat Roofs Market -
Forecast(2022 - 2027)
LIST OF TABLES
1.Global Competition Landscape Market 2023-2030 ($M)1.1 Owens Corning Market 2023-2030 ($M) - Global Industry Research
1.2 CertainTeed Corporation Market 2023-2030 ($M) - Global Industry Research
1.3 GAF Materials Corporation Market 2023-2030 ($M) - Global Industry Research
1.4 Tamko Building Products, Inc. Market 2023-2030 ($M) - Global Industry Research
1.5 IKO Industries Ltd. Market 2023-2030 ($M) - Global Industry Research
1.6 ATAS International Inc. Market 2023-2030 ($M) - Global Industry Research
1.7 Henry Market 2023-2030 ($M) - Global Industry Research
1.8 PABCO Building Products, LLC Market 2023-2030 ($M) - Global Industry Research
1.9 Malarkey Roofing Market 2023-2030 ($M) - Global Industry Research
1.10 POLYGLASS S.p.A. Market 2023-2030 ($M) - Global Industry Research
2.Global Competition Landscape Market 2023-2030 (Volume/Units)
2.1 Owens Corning Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 CertainTeed Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
2.3 GAF Materials Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
2.4 Tamko Building Products, Inc. Market 2023-2030 (Volume/Units) - Global Industry Research
2.5 IKO Industries Ltd. Market 2023-2030 (Volume/Units) - Global Industry Research
2.6 ATAS International Inc. Market 2023-2030 (Volume/Units) - Global Industry Research
2.7 Henry Market 2023-2030 (Volume/Units) - Global Industry Research
2.8 PABCO Building Products, LLC Market 2023-2030 (Volume/Units) - Global Industry Research
2.9 Malarkey Roofing Market 2023-2030 (Volume/Units) - Global Industry Research
2.10 POLYGLASS S.p.A. Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Competition Landscape Market 2023-2030 ($M)
3.1 Owens Corning Market 2023-2030 ($M) - Regional Industry Research
3.2 CertainTeed Corporation Market 2023-2030 ($M) - Regional Industry Research
3.3 GAF Materials Corporation Market 2023-2030 ($M) - Regional Industry Research
3.4 Tamko Building Products, Inc. Market 2023-2030 ($M) - Regional Industry Research
3.5 IKO Industries Ltd. Market 2023-2030 ($M) - Regional Industry Research
3.6 ATAS International Inc. Market 2023-2030 ($M) - Regional Industry Research
3.7 Henry Market 2023-2030 ($M) - Regional Industry Research
3.8 PABCO Building Products, LLC Market 2023-2030 ($M) - Regional Industry Research
3.9 Malarkey Roofing Market 2023-2030 ($M) - Regional Industry Research
3.10 POLYGLASS S.p.A. Market 2023-2030 ($M) - Regional Industry Research
4.South America Competition Landscape Market 2023-2030 ($M)
4.1 Owens Corning Market 2023-2030 ($M) - Regional Industry Research
4.2 CertainTeed Corporation Market 2023-2030 ($M) - Regional Industry Research
4.3 GAF Materials Corporation Market 2023-2030 ($M) - Regional Industry Research
4.4 Tamko Building Products, Inc. Market 2023-2030 ($M) - Regional Industry Research
4.5 IKO Industries Ltd. Market 2023-2030 ($M) - Regional Industry Research
4.6 ATAS International Inc. Market 2023-2030 ($M) - Regional Industry Research
4.7 Henry Market 2023-2030 ($M) - Regional Industry Research
4.8 PABCO Building Products, LLC Market 2023-2030 ($M) - Regional Industry Research
4.9 Malarkey Roofing Market 2023-2030 ($M) - Regional Industry Research
4.10 POLYGLASS S.p.A. Market 2023-2030 ($M) - Regional Industry Research
5.Europe Competition Landscape Market 2023-2030 ($M)
5.1 Owens Corning Market 2023-2030 ($M) - Regional Industry Research
5.2 CertainTeed Corporation Market 2023-2030 ($M) - Regional Industry Research
5.3 GAF Materials Corporation Market 2023-2030 ($M) - Regional Industry Research
5.4 Tamko Building Products, Inc. Market 2023-2030 ($M) - Regional Industry Research
5.5 IKO Industries Ltd. Market 2023-2030 ($M) - Regional Industry Research
5.6 ATAS International Inc. Market 2023-2030 ($M) - Regional Industry Research
5.7 Henry Market 2023-2030 ($M) - Regional Industry Research
5.8 PABCO Building Products, LLC Market 2023-2030 ($M) - Regional Industry Research
5.9 Malarkey Roofing Market 2023-2030 ($M) - Regional Industry Research
5.10 POLYGLASS S.p.A. Market 2023-2030 ($M) - Regional Industry Research
6.APAC Competition Landscape Market 2023-2030 ($M)
6.1 Owens Corning Market 2023-2030 ($M) - Regional Industry Research
6.2 CertainTeed Corporation Market 2023-2030 ($M) - Regional Industry Research
6.3 GAF Materials Corporation Market 2023-2030 ($M) - Regional Industry Research
6.4 Tamko Building Products, Inc. Market 2023-2030 ($M) - Regional Industry Research
6.5 IKO Industries Ltd. Market 2023-2030 ($M) - Regional Industry Research
6.6 ATAS International Inc. Market 2023-2030 ($M) - Regional Industry Research
6.7 Henry Market 2023-2030 ($M) - Regional Industry Research
6.8 PABCO Building Products, LLC Market 2023-2030 ($M) - Regional Industry Research
6.9 Malarkey Roofing Market 2023-2030 ($M) - Regional Industry Research
6.10 POLYGLASS S.p.A. Market 2023-2030 ($M) - Regional Industry Research
7.MENA Competition Landscape Market 2023-2030 ($M)
7.1 Owens Corning Market 2023-2030 ($M) - Regional Industry Research
7.2 CertainTeed Corporation Market 2023-2030 ($M) - Regional Industry Research
7.3 GAF Materials Corporation Market 2023-2030 ($M) - Regional Industry Research
7.4 Tamko Building Products, Inc. Market 2023-2030 ($M) - Regional Industry Research
7.5 IKO Industries Ltd. Market 2023-2030 ($M) - Regional Industry Research
7.6 ATAS International Inc. Market 2023-2030 ($M) - Regional Industry Research
7.7 Henry Market 2023-2030 ($M) - Regional Industry Research
7.8 PABCO Building Products, LLC Market 2023-2030 ($M) - Regional Industry Research
7.9 Malarkey Roofing Market 2023-2030 ($M) - Regional Industry Research
7.10 POLYGLASS S.p.A. Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Cool Roofs Market Revenue, 2023-2030 ($M)2.Canada Cool Roofs Market Revenue, 2023-2030 ($M)
3.Mexico Cool Roofs Market Revenue, 2023-2030 ($M)
4.Brazil Cool Roofs Market Revenue, 2023-2030 ($M)
5.Argentina Cool Roofs Market Revenue, 2023-2030 ($M)
6.Peru Cool Roofs Market Revenue, 2023-2030 ($M)
7.Colombia Cool Roofs Market Revenue, 2023-2030 ($M)
8.Chile Cool Roofs Market Revenue, 2023-2030 ($M)
9.Rest of South America Cool Roofs Market Revenue, 2023-2030 ($M)
10.UK Cool Roofs Market Revenue, 2023-2030 ($M)
11.Germany Cool Roofs Market Revenue, 2023-2030 ($M)
12.France Cool Roofs Market Revenue, 2023-2030 ($M)
13.Italy Cool Roofs Market Revenue, 2023-2030 ($M)
14.Spain Cool Roofs Market Revenue, 2023-2030 ($M)
15.Rest of Europe Cool Roofs Market Revenue, 2023-2030 ($M)
16.China Cool Roofs Market Revenue, 2023-2030 ($M)
17.India Cool Roofs Market Revenue, 2023-2030 ($M)
18.Japan Cool Roofs Market Revenue, 2023-2030 ($M)
19.South Korea Cool Roofs Market Revenue, 2023-2030 ($M)
20.South Africa Cool Roofs Market Revenue, 2023-2030 ($M)
21.North America Cool Roofs By Application
22.South America Cool Roofs By Application
23.Europe Cool Roofs By Application
24.APAC Cool Roofs By Application
25.MENA Cool Roofs By Application