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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.
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.
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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.
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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:
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.
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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.
A. Roof Coating Market
B. Commercial Roofing Materials Market
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