Increased Demand for Energy-efficient Building Materials to Fuel Growth of Cool Roof Coatings Market
The sun is the most damaging element the roof experiences, and cool roof coating systems are light coloured roof coating systems designed to reflect the sun’s heat, aka ultraviolet (UV) rays, away from the roof. This not only protects the roof from the harsh sun, which causes blistering, splitting, embrittlement, and premature aging but it also lengthens the lifespan of the roof. Buildings with cool roof coatings remain cooler in temperature. Cool roof coating systems reduce energy consumption and cost. Also, lowered maintenance costs - add years onto the roof’s life by prolonging the inevitable and normal deterioration a roof experience. Roof coatings cut landfill waste - these cool roof coatings are installed in place, directly over the existing aged, leaking and/or failing roof. There is no need for a costly and timely roof replacement, eliminating any trips to a landfill site. This remains a robust factor supporting the growth of cool roof coatings market.
The global need for energy-efficient building materials is increasing. These materials are used in commercial building renovations as well as new home construction. The product is thought to contribute to structural safety and enhancement while also cutting energy costs. These coatings have a high acceptance rate since they improve environmental and economic sustainability. Furthermore, the development of cool metal roofs has the potential to save up to 40% on annual energy expenses. Titles or granular-coated metal roofing systems are recommended for homes in hotter climates because they reflect solar energy and re-emit the majority of the absorbed solar radiation. According to a study, net consumption of 11.47 billion square meters in 2020, Asia was by far the world's greatest consumer of ceramic tiles. in comparison, Oceania consumed 53 million square meters of ceramic tile that year.
To save energy, metal roofs that are extremely reflective, and emissive are painted or granular-coated. In addition, progress and continued research are likely to lead to the development of more energy-efficient rooftop coatings. According to the International Energy Agency (IEA), cities in the global south face a complicated issue like all cities, they must cut carbon emissions while still expanding energy access. Currently, 1.1 billion people throughout the world do not have access to electric cooling, despite the fact that they would benefit immediately from better thermal comfort, health, and productivity. As climate change increases, this challenge will only become more difficult. Increased hot days equal more air conditioner usage. To fulfil the demands of this approaching "cooling crunch," the International Energy Agency believes that the globe will need to create the equivalent of the entire electrical infrastructure of the United States, Europe, and India combined by 2050.
Lower Initial Installation Costs of Low-Sloped Roof to Drive Cool Roof Coatings Market Growth
The cool roof coatings market is dominated by the low-sloped roof application segment, which is expected to grow during the projected period due to benefits such as reduced build-up material and lower initial installation costs compared to the steep-sloped procedure. Low-sloped roofs are common in industrial and commercial structures. Increased penetration of low-sloped roofing systems has resulted from increased awareness of the necessity of green building construction, as well as strict rules regarding roofing materials for industrial and commercial structures. The demand for cool roof coatings is steadily increasing due to the widespread usage of low-sloped roofs in commercial and industrial buildings around the world. The growing awareness about the necessity of green building development in both industrial and commercial regions is driving the increased penetration of low-sloped roofing systems.
Low-sloped is becoming increasingly popular among businesses and property owners because of its low cost, low material and labour needs, and ease of installation and coating. In addition, if any repairs or replacements are necessary, the re-roofing process is quite simple and quick. One of the most noticeable advantages of low-sloped is the increase in outdoor usable space. These roofs are also perfect for routine maintenance. Demand for this area is projected to be aided by the durability of low-sloped.
Building Energy Use is Becoming More Widely Recognised to Drive Growth of North America Cool Roof Coatings Market
The cool roof coatings market is projected to dominate in North America. This is majorly due to the early implementation of building codes and increased consumer awareness of building energy use. Homes, and other structures in the United States consume a lot of energy. Buildings also account for about 40% of total energy consumption in the United States, as well as a similar percentage of greenhouse gas emissions. Cool roof coatings market in the United States is expected to be driven by rising awareness of building energy use and the implementation of the Leadership in Energy and Environmental Design (LEED) green building certification project. Moreover, rising consumer awareness and government initiatives to minimise carbon emissions are credited in this region. Because these green buildings have unique design elements that ensure efficient water and energy efficiency, demand for roof coating has exploded in this region. As a result, ecologically friendly coatings such as silicone coating have been developed and used. Because they provide necessary building protection over the building's entire life cycle while lowering energy costs.
The construction industry in North America is expected to grow significantly in the coming years as a result of the high demand for residential, non-residential, and commercial construction projects, which will drive the growth of the cool roof coatings market in the region over the forecast period. With the favourable outlook for commercial real estate and strong economic fundamentals, as well as increased federal and state financing for institutional buildings and public infrastructure, the construction industry in the United States has seen tremendous growth in recent years. Over the forecast period, ongoing and planned projects such as new homeless services and health centres, modernisation of SFUSD sites, affordable housing developments, the SoFi Stadium project in Inglewood, and Treasure Island redevelopment are expected to boost demand for cool roof floor coatings applications.
Global Cool Roof Coatings Market: Competitive Landscape
For instance, in October 2021, WACKER, a chemical company located in Munich, acquired a 60 percent share in Jining-based specialised silane maker SICO Performance Material Co., Ltd. (China). WACKER and SICO have signed a similar agreement, and their new relationship with SICO is a logical next step in our global plan to increase the share of high-margin specialties in our silicone business. On the other hand, in June 2020, Grupo Orbis, a Colombian paints and coatings manufacturer, agreed to be acquired by AkzoNobel. Completion is scheduled for 2022, subject to regulatory permissions. By creating a market presence in the Andean region and Central America, this acquisition will strengthen the company's long-term position in South America.
A few of the players in the cool roof coatings market include Sika AG, Wacker, Nutech Paint; The Valspar Corporation; Dow Inc., PPG Industries, Inc.; AkzoNobel, and Huntsman International LLC.
The Global Cool Roof Coatings Market Is Segmented As Below:
By End Use
Key Elements Included In The Study: Global Cool Roof Coatings Market
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