Italy Cool Roof Coatings Market Research on Demand and Production, Top Players with Trends and Forecast till 2031

Cool Roof Coatings Market Outlook 2031

• The global cool roof coatings market was valued at US$ 402.8 Mn in 2021
• It is estimated to grow at a CAGR of 6.8% from 2022 to 2031
• The global cool roof coatings market is expected to reach US$ 780.9 Mn by the end of 2031

Overview of Cool Roof Coatings Market

Cool roof coatings are a combination of organic and inorganic chemistry. They reflect, scatter, or absorb radiation. These coatings offer a simple solution to increase building endurance and save costs for building owners. Cool roof coatings reduce interior temperature by 6°C to 10°C and roof surface temperature by up to 60°C. They help protect roof from degradation through weathering, reduce maintenance requirements, and extend the life of roofing systems. Cool roof coatings are extensively used in various commercial, industrial, and residential structures, as they provide protection against harsh climatic conditions. These coatings play a vital role in warehouses, factories, residential units, and commercial building units.

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Regional Outlook of Global Cool Roof Coatings Market

North America held the largest volume share of 66.4% of the global cool roof coatings market in 2021. Sales of cool roof coatings were high in North America in 2021, primarily due to the increase in number of retrofitting projects and rise in focus on energy-efficient roof installation in the region.

Europe and Asia Pacific are also large consumers of cool roof coatings. These regions held value share of 21.3% and 10.8%, respectively, of the global market in 2021. Asia Pacific is anticipated to be an attractive region in the global market during the forecast period. This can be largely ascribed to the rise in awareness about energy consumption and growth in governmental investments in the energy-efficient building & construction industry in the region.

The market in Middle East & Africa and Latin America is expected to grow significantly during the forecast period. These regions are anticipated to maintain their market share by the end of the forecast period. Governments of countries in these regions are striving to provide affordable housing. This is likely to boost the construction industry. In turn, this is projected to drive the cool roof coatings market Middle East & Africa and Latin America during the forecast period.

Analysis of Key Players in Global Cool Roof Coatings Market

The global cool roof coatings market is fragmented, with a large number of small and large-scale vendors contributing smaller market share. Most of these firms are spending significantly in comprehensive research and development activities, primarily to develop environment-friendly products. Diversification of product portfolios and mergers and acquisitions are the key strategies adopted by market players.

BASF SE, DowDuPont, Akzo Nobel N.V., PPG Industries, Inc., Huntsman International LLC, Sika AG, GAF Materials Corporation, NIPPON PAINT (M) SDN. BHD, The Valspar Corporation, and Nutech Paint are the prominent entities operating in this market.

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Enactment of Favorable Regulations on Advanced Roofing Systems to Drive Global Market

The roofing industry is projected to grow moderately in emerging economies during the forecast period due to governmental support in the form of subsidies and tax benefits for construction activities. Governments of developing and developed countries are encouraging citizens (through incentives) to replace their existing roofs with energy-efficient ones. Homeowners who have invested in energy-efficient roofing systems can take advantage of tax credits. For instance, the U.S. Government provides 10% exemption on federal tax if ENERGY STAR certified metal and asphalt roofs with pigmented coatings or cooling granules are installed. This is expected to drive the cool roof coatings market across the globe.