COOL ROOFS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Cool roofing is one of the most significant green technologies today. Cool roofs are designed to absorb less heat and reflect more sunlight than standard roofs. The cool roofing systems are used to overcome heat issues. Cool roof systems can be employed to replace existing roof materials or to lower temperature using reflective materials.

Market Dynamics:-

Cool roofs find applications in the construction industry owing to a rise in demand for eco-friendly, and energy-efficient roofing systems, as well as government subsidies and tax benefits. Significant increase in usage of eco-friendly cool roofs and growth in construction industry is expected to boost demand for cool roofing systems across the globe during the forecast period. Also, growth in commercial and residential industries in emerging economies is expected to boost the cool roofs market during the forecast period. For instance, in 2015, Global Construction Perspectives (GCP - provides detailed forecasts of construction providing accurate and valuable analysis and evidence on the future) and Oxford Economics (a leader in global forecasting and quantitative analysis) stated that the global construction market is set to grow by US$ 8 trillion, at an average annual rate of 3.9% by 2030.

Less awareness about benefits of cool roofs is expected to affect the market growth. However, government led initiatives and projects to promote usage of cool roofs are expected boost the global cool roofs market growth.

Market Outlook:-

Asia Pacific holds dominant position in the market for cool roofs and also is the fastest growing market. This is owing to rapid urbanization, surge in disposable income of middle-class people, and growing population in the region. Growing real estate sector in Asia Pacific is also expected to boost the market growth during the forecast period. In 2018, the government of India launched ‘Housing for all by 2022’ program. According to India Brand Equity Foundation, in 2017 the India real estate sector was at US$ 120 billion and is expected to reach market size of US$ 1 trillion by 2030. As a result, significant growth in the construction industry is expected to boost the cool roofs market in the Asia Pacific region during the forecast period.

Key Players:-

Major players operating in the global cool roofs market include, Owens Corning, GAF Materials Corporation, Tamko Building Products, Inc., Certain Teed Corporation, IKO Industries Ltd., Henry Company, PABCO Building Products, LLC., ATAS International Inc., Malarkey Roofing, Polyglass S.p.A, and others.

Market Taxonomy:-

On the basis of roof slope, the global cool roofs market is segmented into:

• Steep Slope Roof
• Low Slope Roof

 On the basis of roof type, the global cool roofs market is segmented into:

• Coated Roofs
• Foam Roofs
• Asphalt Shingles
• Metal Roofs
• Single-Ply Membranes
• Modified Bitumen & Built-Up Roofing Systems
• Tiles & Slates
• Others (Including Clay, Wood Shake, and Concrete)

On the basis of application, the global cool roofs market is segmented into:

• Residential
• Industrial
• Commercial

On the basis of region, the global cool roofs market is segmented into:

• North America
  • U.S.
  • Canada
  • Mexico
• Latin America
  • Brazil
  • Argentina
  • Rest of South America
• Europe
  • U.K.
  • Germany
  • Italy
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ASEAN
  • Australia
  • Rest of Asia Pacific
• Middle East and Africa

Cool Roofs Market Key Developments:

• In October 2015, H&R Johnson (India) launched new Johnson Endura Cool Roof SRI (Solar Reflective Index) Tiles. Surface of the tiles reflect back the sun rays and do not let them enter through the roof. This in turn is expected to keep the room temperature cool by which it will help reduce use of external cooling appliances including air-conditioners or coolers
• In January 2018, TAMKO Building Products, Inc. announced that its products received ‘ENERGY STAR’ qualification given by U.S. Environmental Protection Agency. Under this qualification, TAMKO’s Heritage series laminated asphalt shingles, shingle accessories in Glacier White, TAMKO’s Elite Glass-Seal 3-Tab asphalt shingles in White and Glacier White have received ‘Energy Efficient Ratings’. These products can be used as cool roof products in residential and industrial applications
• In November 2018, Nygra Coatings, launched its new ‘Cool Roof Technology’. This includes roof coating products, Type 1 Rigid Black and Rigid White which repels IR radiations. This coating is expected to reduce the room temperature, and reduce energy use by reducing external cooling requirement in the room. Nygra Type 1 Rigid Black meets ENERGY STAR initial requirements for steep-sloped (> 2:12) roofs and Nygra Type 1 Rigid White meets ENERGY STAR initial requirements for low-sloped (≤ 2:12) roofs.