Cool Roof Market Research Report - Global Forecast 2027

Cool Roof Market Research Report: Information by Roof Type (Steep-Sloped Roof and Low-sloped Roof), Product Type (Coated Roofs, Foam Roofs, Single-Ply Membrane, Modified Bur, Metal Roofs, Asphalt Shingles, Tiles, and Slates), Application (Residential, Commercial and Industrial) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027

ID: MRFR/CO/7175-HCR | February 2021 | Region: Global | 107 pages

Coof Roof Market Overview

Cool roof market growth has been predictable to reach $38.20 billion with a CAGR of 7.8%. However, the CAGR by 2028 is estimated at 5.7%.

Cool Roofs are typically designed to reflect maximum heat compared to conventional rooftops. It is often referred to as significant green technology as it reduces the high consumption of cooling devices like air conditioners. They are reflective materials that keep the room or building temperature low.

In the last years, cool roof markets have witnessed growth due to the rise in construction activities. It majorly comprises high reflective paints, tiles, and shingles that are compatible with buildings. There has been a rise in the use of eco-friendly roofs within the codes of green building. There is an increasing trend for green building projects globally which will boost sustainable cool roof market growth.

COVID-19 Analysis

 Since, the outbreak of the pandemic, many countries have sealed their national borders. Social distancing rules have impacted the operations of many business units. The governments have announced series of lockdowns thus, halting the operations of non-emergency services like construction.

Constructions Activities have been severally impacted due to supply chain gaps followed by national lockdowns.  This has increased project costs due to delays in order and receiving of raw materials. It is estimated that cool roof market growth will be hampered in short and medium run on regional, national and international contexts.

Competitive Landscape

Cool roof market share is divided amongst several players located globally.

  • Owens Corning (U.S)

  • Henry Company (U.S.)

  • Polyglass S.P.A (Italy)

  • Malarkey Roofing (U.S.)

  • ATAS International Inc. (U.S.)

  • Tamko Building Products (U.S.)

  • GAF Materials Corporation (U.S.)

  • Certain Teed Corporation (U.S.)

  • IKO Industries (Canada)

Recent Development

 The cool roof systems reflect sunlight more while absorbing less.  In recent years, companies are developing cool roofing systems based on greener technologies. Solar Reflectance and Thermal Systems have been operating in the market with the minimum values. These are a great development in energy conservation contexts as it helps in keeping the building cooler while using the heat energy for operating devices.

Besides, in many markets, various types of roofing systems are developed. For instance, bitumen roofs along with reflective granules, thermoplastic membranes, and coatings which is highly reflective. The installation processes are different as per the building size.  IoT and other technical tools in cool roofing systems are in developmental stages which boost energy conservation practices and reduce costs

Market Dynamics-

Drivers- Countries on a global level are engaging to develop strict energy conservation policies. This factor is expected to drive the demand for cool roofs and coatings. Since it consists of reflective materials, the use of air conditioners and other energy-consuming devices are reduced. Besides, the customer has become aware of cost-effective and long-lasting roof coatings.

Thus, energy-saving products have increased consumer inclination which will fuel the demand and market growth. Also, high global warming with increased energy consumption have implied stricter building codes in commercial and residential construction activities. Thus, the construction activities are estimated to grow by 7.1% by the year 2028. Green Building codes are expected to drive cool roof market growth especially in regions with hot climatic conditions

Opportunities- It is estimated that construction is on the rise of growth. Owing to rapid industrialization coupled with a reduction in trade barriers. This has facilitated construction agencies to procure raw materials from global regions at a lower rate. Also, global spending on cool roofing products has significantly increased from the past years.

Cool Roofing systems are being considered under emerging technologies that are being used for controlling the building temperature. The installation of the cool roof within the building helps in preventing heat absorption by the reflection of sun rays. This also helps in emitting the UV rays back into the atmosphere thereby maintaining indoor ambience.

Restraints- There is a major drawback of cool roof installation is that it attracts unwanted glares. This can result in nuisances to the surrounding building. Also, they are mostly available in a variety of shades which highlights dirt easily. Due to these features, cool roof market growth is restricted in many markets on the global front. In addition to this, the installation of cool roof systems depends on geography, occupancy, and insulation thickness. All the considerations might not be applicable in many construction growth areas.

Challenges- There have been global regulations on energy conservation especially in construction activities. Thus, cool roof manufacturers might face challenges in abiding by the regulatory framework. In addition to this, cool roofs are costly per square feet which restricts cool roof market growth. Also, many construction sites avoid using cool roofs due to the high cost of maintenance, and repairing is required in the long run. The high cost of raw materials and their maintenance has posed challenges for the manufacturers to expand in emerging economies.

Cumulative Growth Analysis- Cool roof market size is expected to grow due to high growth in infrastructure in countries like Australia, India, Sweden, Norway, Germany, and Canada. Besides, the crisis in global refugee contexts has fuelled the expansion in infrastructure which increases cool roof market value Manufacturers can reap the opportunities within US market growth. As there has been growing interest for all business units and home ownerships. This has coupled the demand for roofing materials that are durable and are highly resistant to hailstorms & other damages. The demand has also been propelled due to its capability of averting future damages within the heat island.

Value Chain Analysis- Besides, high construction and commercial construction activitieshave increased heat panels that are dark coloured. Due to this, cost and energy demand in both residential and commercial sectors have become identical.  Thus, several international programs are being developed for solving issues for heat-trapping within the building. Programs such as NYC Cool Roofs, Toronto's Eco-Roof incentive programs, Replace and Repeal of Green Roof Law in Denver, and other initiatives will help in coping with global warming.

LEED (Leadership in Energy and Environmental Design) is a very popular certification program. It evaluates the construction projects of which construction, operation, and maintenance contribute to sustainable development. It is thereby predicted that energy conservation and stricter environmental policies will boost the demand for cool roofs.

Segment Overview

Cool roof market size is majorly segmented based on material, end-use, and application.

  • By material type- The product segmentation is further subdivided into elastomeric and IR reflective. The white-based product or the elastomeric is expected to hold the highest market share as it is widely used in commercial and industrial buildings. However, in residential buildings, individuals avoid white-based sheets and coatings as it highlights dirt particles. IR Reflective cool roof products are expected to grow with a higher CAGR. As it keeps the temperature much cooler than the conventional ones.

  • By Application- Segmentation based on application is divided into low sloped and steep-sloped. Besides, Steep- sloped has a higher cost of installation owing to their complexity than the low-sloped ones. Also, low sloped captures high cool roof market shares due to its capability of reflecting more solar energy. However, the demand for steep-sloped will also be high due to low maintenance and lower accumulation of dirt, dust, and other particles.

  • By end-use- By the end-use of cool roofs, the market is further segmented into residential, commercial, and industrial. There has been substantial growth in construction activities in almost all segments. In this view, the industrial segment is expected to hold the highest market share due to high development in this sector in regions of North America and Asia.

Regional Analysis

Cool roof systems are majorly installed as per weather conditions of specific regions. As some countries might require lower insulation levels while in many areas local codes are applied while installation. North America is a high potential market for cool roofing systems. Due to the presence of large infrastructure projects in specific areas such as Missouri, New York, and Los Angeles.

Also, the floor expansion in many industries in the US has increased the demand for renovation and construction. Stringent energy conservation policies will boost the demand for coating products and reflective roofing systems in end-use segments. These factorswill further enhance cool roof market growth. Besides, Asia Pacific will be the second-largest region for cool roof market growth.

Consumer disposable income and construction spending has increased due to the rapid urbanization rate. Also, government initiatives on megacity projects and maintenance of existing structures have increased. This will help in expanding the cool roof market size. In regions like Europe, Middle East, Africa, Central and South America will also witness increasing demand for roofing systems due to infrastructure expansion.

Report Overview

The report is segmented into different heads including market overview, COVID-19 analysis, market dynamics, value chain analysis, segment overview, regional analysis, competitive landscape, and recent development.

  • Base Year -2021

  • Forecast Year- 2021-2023

  • Historical data -2018-2019.

Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 38.20 Billion
  CAGR   7.9% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Technology, by Application, by Material
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Owens Corning (US), GAF Materials Corporation (US), Certain Teed Corporation (US), IKO Industries Ltd. (Canada), Tamko Building Products, Inc. (US), Henry Company (US), ATAS International Inc. (US), PABCO Building Products, LLC. (US), Malarkey Roofing (US), and Polyglass S.p.A (Italy)
  Key Market Opportunities

  • Rapid urbanization
  • Unprecedented growth in the construction sector
  • Increase in focus on innovation in green construction materials
  •   Key Market Drivers

  • Augmented energy demand
  • Appropriate cost in the construction of commercial and residential sectors identical

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    Frequently Asked Questions (FAQ) :

    Global cool roof market is projected to grow at approximately 7.9 % CAGR during the assessment period (2020-2027).

    Global cool roof market had created a valuation of around USD 18.6 BN in 2018.

    Based on material type, the low-sloped roof segment, based on product type, single-ply membrane segment, and based on application, the residential cool roof segment holds majority shares in the global cool roof market.

    Asia Pacific holds the largest share in the global cool roof market, followed by North America and Europe, respectively.

    GAF Materials Corporation (US), Polyglass S.p.A (Italy), Owens Corning (US), PABCO Building Products, LLC. (US), IKO Industries Ltd.(Canada), Malarkey Roofing (US), Henry Company (US), Certain Teed Corporation (US), ATAS International Inc. (US), and Tamko Building Products, Inc. (US), are some of the top players operating in the global cool roof market.