Cool Roofs Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022 - 2027

Report Code: CMR 44278 Report Format: PDF + Excel

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.

By Type: Low-Sloped Roofs (Coated Roofs, Foam Roofs, Built-Up Roofing Systems (BUR Systems), Modified Bitumen, and Single-Ply Membranes) and Steep-Sloped Roofs (Asphalt Shingles, Metal Roofs, Tiles, and Others)

By Reflective Coatings: White Roof Coatings, Pigmented Coatings, Aluminum Roof Coatings, Roofing Membranes, Single-Ply Thermoplastic Membranes, and Others
By Application: Residential Buildings (Private Dwellings, Apartments, Row Houses), Commercial Buildings (Offices, Hospitals, Hotels and Restaurants, Educational Institutes, Sports Arena, Concert Halls and Museums, and Others), Industrial Buildings (Manufacturing Plants, Industrial Plants, Warehouses, and Others), Infrastructure, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

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.

Figure: Cool Roofs Market Revenue, 2021-2027 (US$ Billion)

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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.

One of the most significant advantages of cool roofs is the cost savings. Cool roofing is proven to be particularly cost-effective in the long run, with energy savings ranging from 7% to 15% of total cooling costs. Costs vary depending on several criteria, including the size of the project, its location, the temperature, and the ease with which the roof can be accessed. Some projects have cheap installation costs and need little to no maintenance, while the associated energy savings offer consumers a strong incentive. Many varieties of cool roofing require little to no maintenance. In addition, cool roofs have a longer lifespan than traditional roofing systems, cutting overall maintenance costs and increasing the life of the roof. Also, the internal building temperatures are substantially lower during warmer months than in structures that use standard cooling methods. Cool roofs even help in improving the air quality. Overall air quality improves as fewer contaminants are released into the atmosphere. Since cool roofs reduce the use of air conditioning equipment, it results in lower emissions (including NOx) and greenhouse gas emissions (such as CO2). Thus, such advantages associated with cool roofs will surge the market growth in the upcoming years.

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:

  1. Owens Corning
  2. GAF Materials Corporation
  3. Nouryon
  4. Tamko Building Products, Inc.
  5. Certain Teed Corporation
  6. IKO Industries Ltd.
  7. Henry Company
  8. PABCO Building Products, LLC.
  9. ATAS International Inc.
  10. Malarkey Roofing
  11. 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:

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Commercial Roofing Materials Market - Forecast(2022 - 2027)

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1. Cool Roofs Market- Market Overview
    1.1 Definitions and Scope
2. Cool Roofs Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Reflective Coatings
    2.3 Key Trends by Application
    2.4 Key Trends by Geography
3. Cool Roofs Market– Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Cool Roofs Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Cool Roofs Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Cool Roofs Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Cool Roofs Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Cool Roofs Market – By Type (Market Size -US$ Million/Billion)
    8.1 Low-Sloped Roofs
        8.1.1 Coated Roofs
        8.1.2 Foam Roofs
        8.1.3 Built-Up Roofing Systems (BUR Systems)
        8.1.4 Modified Bitumen
        8.1.5 Single-Ply Membranes
    8.2 Steep-Sloped Roofs
        8.2.1 Asphalt Shingles
        8.2.2 Metal Roofs
        8.2.3 Tiles
9. Cool Roofs Market – By Reflective Coatings (Market Size -US$ Million/Billion)
    9.1 White Roof Coatings
    9.2 Pigmented Coatings
    9.3 Aluminum Roof Coatings
    9.4 Roofing Membranes
    9.5 Single-Ply Thermoplastic Membranes
    9.6 Others
10. Cool Roofs Market – By Application (Market Size -US$ Million/Billion)
    10.1 Residential Buildings
        10.1.1 Private Dwellings
        10.1.2 Apartments
        10.1.3 Row Houses
    10.2 Commercial Buildings
        10.2.1 Offices
        10.2.2 Hospitals
        10.2.3 Hotels and Restaurants
        10.2.4 Educational Institutes
        10.2.5 Sports Arena
        10.2.6 Concert Halls and Museums
        10.2.7 Others
    10.3 Industrial Buildings
        10.3.1 Manufacturing Plants
        10.3.2 Industrial Plants
        10.3.3 Warehouses
        10.3.4 Others
    10.4 Infrastructure
    10.5 Others
11. Cool Roofs Market -By Geography (Market Size -US$ Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Cool Roofs Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Cool Roofs Market – Industry Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level – Major companies
    13.3 Market Share by Key Region – Major companies
    13.4 Market Share by Key Country – Major companies
    13.5 Market Share by Key Application – Major companies
    13.6 Market Share by Key Product Type/Product category – Major companies
14. Cool Roofs Market – Key Company List by Country Premium Premium
15. Cool Roofs Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Competition Landscape Market 2019-2024 ($M)
1.1 Owens Corning Market 2019-2024 ($M) - Global Industry Research
1.2 CertainTeed Corporation Market 2019-2024 ($M) - Global Industry Research
1.3 GAF Materials Corporation Market 2019-2024 ($M) - Global Industry Research
1.4 Tamko Building Products, Inc. Market 2019-2024 ($M) - Global Industry Research
1.5 IKO Industries Ltd. Market 2019-2024 ($M) - Global Industry Research
1.6 ATAS International Inc. Market 2019-2024 ($M) - Global Industry Research
1.7 Henry Market 2019-2024 ($M) - Global Industry Research
1.8 PABCO Building Products, LLC Market 2019-2024 ($M) - Global Industry Research
1.9 Malarkey Roofing Market 2019-2024 ($M) - Global Industry Research
1.10 POLYGLASS S.p.A. Market 2019-2024 ($M) - Global Industry Research
2.Global Competition Landscape Market 2019-2024 (Volume/Units)
2.1 Owens Corning Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 CertainTeed Corporation Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 GAF Materials Corporation Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Tamko Building Products, Inc. Market 2019-2024 (Volume/Units) - Global Industry Research
2.5 IKO Industries Ltd. Market 2019-2024 (Volume/Units) - Global Industry Research
2.6 ATAS International Inc. Market 2019-2024 (Volume/Units) - Global Industry Research
2.7 Henry Market 2019-2024 (Volume/Units) - Global Industry Research
2.8 PABCO Building Products, LLC Market 2019-2024 (Volume/Units) - Global Industry Research
2.9 Malarkey Roofing Market 2019-2024 (Volume/Units) - Global Industry Research
2.10 POLYGLASS S.p.A. Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Competition Landscape Market 2019-2024 ($M)
3.1 Owens Corning Market 2019-2024 ($M) - Regional Industry Research
3.2 CertainTeed Corporation Market 2019-2024 ($M) - Regional Industry Research
3.3 GAF Materials Corporation Market 2019-2024 ($M) - Regional Industry Research
3.4 Tamko Building Products, Inc. Market 2019-2024 ($M) - Regional Industry Research
3.5 IKO Industries Ltd. Market 2019-2024 ($M) - Regional Industry Research
3.6 ATAS International Inc. Market 2019-2024 ($M) - Regional Industry Research
3.7 Henry Market 2019-2024 ($M) - Regional Industry Research
3.8 PABCO Building Products, LLC Market 2019-2024 ($M) - Regional Industry Research
3.9 Malarkey Roofing Market 2019-2024 ($M) - Regional Industry Research
3.10 POLYGLASS S.p.A. Market 2019-2024 ($M) - Regional Industry Research
4.South America Competition Landscape Market 2019-2024 ($M)
4.1 Owens Corning Market 2019-2024 ($M) - Regional Industry Research
4.2 CertainTeed Corporation Market 2019-2024 ($M) - Regional Industry Research
4.3 GAF Materials Corporation Market 2019-2024 ($M) - Regional Industry Research
4.4 Tamko Building Products, Inc. Market 2019-2024 ($M) - Regional Industry Research
4.5 IKO Industries Ltd. Market 2019-2024 ($M) - Regional Industry Research
4.6 ATAS International Inc. Market 2019-2024 ($M) - Regional Industry Research
4.7 Henry Market 2019-2024 ($M) - Regional Industry Research
4.8 PABCO Building Products, LLC Market 2019-2024 ($M) - Regional Industry Research
4.9 Malarkey Roofing Market 2019-2024 ($M) - Regional Industry Research
4.10 POLYGLASS S.p.A. Market 2019-2024 ($M) - Regional Industry Research
5.Europe Competition Landscape Market 2019-2024 ($M)
5.1 Owens Corning Market 2019-2024 ($M) - Regional Industry Research
5.2 CertainTeed Corporation Market 2019-2024 ($M) - Regional Industry Research
5.3 GAF Materials Corporation Market 2019-2024 ($M) - Regional Industry Research
5.4 Tamko Building Products, Inc. Market 2019-2024 ($M) - Regional Industry Research
5.5 IKO Industries Ltd. Market 2019-2024 ($M) - Regional Industry Research
5.6 ATAS International Inc. Market 2019-2024 ($M) - Regional Industry Research
5.7 Henry Market 2019-2024 ($M) - Regional Industry Research
5.8 PABCO Building Products, LLC Market 2019-2024 ($M) - Regional Industry Research
5.9 Malarkey Roofing Market 2019-2024 ($M) - Regional Industry Research
5.10 POLYGLASS S.p.A. Market 2019-2024 ($M) - Regional Industry Research
6.APAC Competition Landscape Market 2019-2024 ($M)
6.1 Owens Corning Market 2019-2024 ($M) - Regional Industry Research
6.2 CertainTeed Corporation Market 2019-2024 ($M) - Regional Industry Research
6.3 GAF Materials Corporation Market 2019-2024 ($M) - Regional Industry Research
6.4 Tamko Building Products, Inc. Market 2019-2024 ($M) - Regional Industry Research
6.5 IKO Industries Ltd. Market 2019-2024 ($M) - Regional Industry Research
6.6 ATAS International Inc. Market 2019-2024 ($M) - Regional Industry Research
6.7 Henry Market 2019-2024 ($M) - Regional Industry Research
6.8 PABCO Building Products, LLC Market 2019-2024 ($M) - Regional Industry Research
6.9 Malarkey Roofing Market 2019-2024 ($M) - Regional Industry Research
6.10 POLYGLASS S.p.A. Market 2019-2024 ($M) - Regional Industry Research
7.MENA Competition Landscape Market 2019-2024 ($M)
7.1 Owens Corning Market 2019-2024 ($M) - Regional Industry Research
7.2 CertainTeed Corporation Market 2019-2024 ($M) - Regional Industry Research
7.3 GAF Materials Corporation Market 2019-2024 ($M) - Regional Industry Research
7.4 Tamko Building Products, Inc. Market 2019-2024 ($M) - Regional Industry Research
7.5 IKO Industries Ltd. Market 2019-2024 ($M) - Regional Industry Research
7.6 ATAS International Inc. Market 2019-2024 ($M) - Regional Industry Research
7.7 Henry Market 2019-2024 ($M) - Regional Industry Research
7.8 PABCO Building Products, LLC Market 2019-2024 ($M) - Regional Industry Research
7.9 Malarkey Roofing Market 2019-2024 ($M) - Regional Industry Research
7.10 POLYGLASS S.p.A. Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Cool Roofs Market Revenue, 2019-2024 ($M)
2.Canada Cool Roofs Market Revenue, 2019-2024 ($M)
3.Mexico Cool Roofs Market Revenue, 2019-2024 ($M)
4.Brazil Cool Roofs Market Revenue, 2019-2024 ($M)
5.Argentina Cool Roofs Market Revenue, 2019-2024 ($M)
6.Peru Cool Roofs Market Revenue, 2019-2024 ($M)
7.Colombia Cool Roofs Market Revenue, 2019-2024 ($M)
8.Chile Cool Roofs Market Revenue, 2019-2024 ($M)
9.Rest of South America Cool Roofs Market Revenue, 2019-2024 ($M)
10.UK Cool Roofs Market Revenue, 2019-2024 ($M)
11.Germany Cool Roofs Market Revenue, 2019-2024 ($M)
12.France Cool Roofs Market Revenue, 2019-2024 ($M)
13.Italy Cool Roofs Market Revenue, 2019-2024 ($M)
14.Spain Cool Roofs Market Revenue, 2019-2024 ($M)
15.Rest of Europe Cool Roofs Market Revenue, 2019-2024 ($M)
16.China Cool Roofs Market Revenue, 2019-2024 ($M)
17.India Cool Roofs Market Revenue, 2019-2024 ($M)
18.Japan Cool Roofs Market Revenue, 2019-2024 ($M)
19.South Korea Cool Roofs Market Revenue, 2019-2024 ($M)
20.South Africa Cool Roofs Market Revenue, 2019-2024 ($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