Cool Roof Coatings Market to Witness 7.20% CAGR by 2031 | SkyQuest Technology
SkyQuest Technology Consulting Pvt. Ltd.
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SkyQuest Technology Consulting Pvt. Ltd.
Cool Roof Coatings Market size was valued at USD 4.75 Billion in 2023 to reach USD 8.28 Billion by 2031, at a CAGR of 7.20% during the forecast period (2024-2031).
Westford, USA, Dec. 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that cool roof coatings market size will attain the value of USD 8.28 Billion by 2031, with a CAGR of 7.20% during the forecast period (2024-2031). The cool roof coatings industry has witnessed tremendous growth in recent years and is expected to expand further in the coming years. This growth can be attributed to several factors such as increasing demand for energy efficient solutions, growing environmental concerns and supportive government regulations. One of the major drivers of the market is the increasing emphasis on sustainability and energy efficiency in the construction industry. Cold roof coatings provide an efficient way to reduce energy consumption and reduce carbon emissions by exposing a significant portion of the solar radiation that would otherwise be absorbed by roofs.
Browse in-depth TOC on "Cool Roof Coatings Market"
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Substrate, Roof type, Solution technology, End-user and Region
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Integration of Cool Roof Coatings in Building Design
Key Market Opportunities
Advancement in Research and Development Activities
Key Market Drivers
Rising Awareness About Urban Heat Island Mitigation
Elastomeric Segment to Dominate Due to Rising Demand for Energy-Efficient Roofing Systems
As per the cool roof coatings market outlook, the elastomeric segment accounted for the largest revenue share of 68.1% in 2023. These coatings are extensively used in commercial and industrial constructions. The product performance and rising demand for energy-efficient roofing systems are the factors expected to drive the demand over the forecast period.
Steep-sloped Roof Segment is Growing Due to Rising Popularity in Residential Settings
As per the cool roof coatings market outlook, the steep-sloped roof segment is expected to increase rapidly over the forecast period, driven by increasing prevalence in residential areas, especially in areas prone to heavy snowfall and rainfall. The structural advantage of steep-sloped roofs, allowing for efficient water drainage and reducing the risk of Mold or mildew formation, contributes to their lower maintenance requirements and decreased need for coating penetrations.
North America is Dominating Due to Increasing Demand from Construction Industry
As per cool roof coatings market analysis, North America held the largest market share at 34.20%, dominating the roof covering for cool roofs. The region would maintain this pattern over the forecast period. The expansion can be attributed to the rapid adoption of building codes and increased consumer awareness of the energy consumption levels of buildings. The construction sector in North America is likely to experience considerable growth over the coming years due to the increased demand for residential, non-residential, and commercial construction projects.
Cool Roof Coatings Market Insight
Drivers
Increasing Demand for Energy-Efficient Building Solutions
Rising Awareness About Urban Heat Island Mitigation
Growth in Construction Activities Across Emerging Economies
Restraints
High Initial Costs of Application and Materials
Limited Adoption in Cold Climate Regions
Challenges in Retrofitting Existing Roofs with Coatings
Analysis of key drivers (increasing demand for energy-efficient building solutions), restraints (high initial costs of application and materials, limited adoption in cold climate regions), opportunities (advancement in research and development activities) influencing the growth of Cool Roof Coatings Market.
Market Dynamics: Comprehensive information about the various products offered by the dominant players in the cool roof coatings market.
Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the cool roof coatings market.
Market Growth: Detailed information on profitable growing industries.
Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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