Growing Awareness Regarding Role of Cool Roofs in Lowering Energy Consumption of Buildings to Drive Cool Roof Coatings Market at CAGR of 7.10% during Forecast Period, Says TMR
ALBANY, NY, Aug 3, 2021 /PRNewswire/ — Cool roof coatings are widely used in roof systems in various buildings to make cool roofs. A number of IR-reflective coatings, and more recently, elastomeric coatings, have gained traction in cool roof products. Cooling roof systems essentially counteract urban heat islands, in particular to reduce energy consumption and energy costs in buildings. More importantly, the growing role of cool roof products in reducing greenhouse gas emissions by a significant percentage in urban settlements. Manufacturers have used a wide variety of chemicals to improve the performance of cool roofs. This has increased growth opportunities for chemical companies to expand their product portfolio and increase prospects, according to a market research on cool roof coatings. Low pitch roof coatings have gained popularity and the segment is expected to attract huge opportunities for players in the cool roof coating market in the near future. Low installation costs are one of the factors driving the adoption of low slope cooling roof systems in developing countries.
The cool roof coatings market is expected to reach US$554.21 Mn by 2026, notes a study by TMR.
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Key Findings: Cool Roof Coatings Market:
- Regulatory pressure for buildings with a low carbon footprint amplifies demand: Globally, economies are becoming aware of the disruptive impact of climate change on ecology. Building emissions are receiving increasing attention in this regard, which is driving the popularity of cooled roof systems. Major economies of the world have established rules that demonstrate the energy savings such technologies can deliver. A good example of this is the US Environmental Protection Agency demonstrating the role of cool roof systems in reducing the carbon footprint of commercial roof spaces. This, in turn, has fueled the sale of cool roof coatings.
- Commercial units attest to high acceptance: Among the various end-users, industrial units have seen extensive adoption of cool roofs, a market research on cool roof coatings finds. Demand for roof cooling products has skyrocketed in commercial buildings, especially in some emerging economies. The main focus on reducing the cost of air conditioning is a key factor in the commercialization of such roof systems. For example, chemical companies have introduced cost-effective formulations to meet demand. In addition, facility managers are keen to apply cool roof coatings that preserve roof surfaces and protect them from premature deterioration.
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Cool Roof Coatings Market: Drivers
- Raising awareness about architectural technology that can lower building energy bills and provide comfort to residents is a key driver. Over the years, the widespread use of air conditioning in commercial buildings has led to urban heat islands. This has led to environmental concerns.
- Recoating conventional roofing materials to extend the life of roofs is another factor driving product demand
- Rapid pace of industrialization is a major trend expanding the cool roof coating market
Cool Roof Coatings Market: Regional Growth Dynamics
- From the different regions Asia-Pacific being viewed through potentially lucrative avenues. The focus on improving the energy efficiency of existing buildings has resulted in many buildings being fitted with cool roof coatings.
- Asia-Pacific The cool roof coatings market is also likely to grow due to the implementation of green energy codes, especially in residential buildings
- North America good for a large market share in 2017. The opportunities for market players have continuously increased due to the increasing focus on reducing the carbon footprint by developing buildings with roofs coated with reflective coatings. The US is a prominent market in the region.
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Cool Roof Coatings Market: Key Competitive Dynamics:
- Huntsman International LLC.
- BASF SE
- The Valspar Corporation
- Nutech Paint
- Akzo Nobel NV
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