In a recent published report, Kenneth Research has updated the market report for Cool Roof Coatings Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cool Roof Coatings Market products.
The Cool Roof Coatings Market is predicted to grow as a result of the significant rise in demand for different types of advanced specialty chemicals, along with the increasing need amongst end-user industries for chemicals that promote environmental sustainability and reduced emissions, backed by the rising concern for environmental pollution. According to the statistics by the United States Environmental Protection Agency (EPA), the industrial sector in the U.S. contributed to 22% of the total U.S. greenhouse gas emissions in the year 2018. On the other hand, rising demand for the volumetric production of chemicals, owing to the need for chemicals for manufacturing end-use products by the end-user industries, are also anticipated to drive the growth of the Cool Roof Coatings Market during the forecast period. Additionally, growing sales of chemicals worldwide, which grew by nearly three times over the last twenty years and touched nearly USD 4 billion in the year 2018, along with the growing innovation and research for the development of advanced chemicals are some of the additional factors anticipated to drive the market growth in the coming years.
The global cool roof coatings market is expected to reach USD 5.95 billion by 2026 and is estimated to grow at a CAGR of 6.8 % from 2018 to 2026. Cool roof coatings have increasingly gained significance in the growing green construction sector on account of their efficient energy performance and and being a comfort alternative for consumers. The global cool roof coatings market is anticipated to witness a positive leap on the growth as the consumer awareness concerning products with lesser environmental impact grows rapidly along with the changing demographics.
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Cool roof coatings help to reduce the increased temperature due to the heat from that gets trapped inside the buildings. Thus, results in lower dependency on energy-consuming equipment such as air conditioners. It also helps in the reduction of costs concerning energy. Cool roof coatings help in mitigating the harmful UV radiation affects and structural deformations which might occur due to fluctuations in temperature.
Technology advancements and material development have played as significant part in the growth of cool roof technologies. With the emergence of new polymers containing lower volatile organic compound (VOC) are anticipated to contribute to product demand as an environmental-friendly alternative. Regulations concerning limited or no quantity of VOC content in paints & coatings is expected to strengthen the demand of cool roof coatings market. Silicon based cool roof coatings are among the latest innovations.
Green buildings demand has also risen sharply, wherein green buildings incorporate unique construction features ensuring effective use of water and energy. These are characterized as those providing the required building performance during the whole building life-cycle coupled with minimizing consumption of conventional energy sources. Green buildings are certified as per programs such as Leadership in Energy and Environmental Design (LEED) which have further resulted in growth of environmentally-friendly coatings such as cool roof.
North America is the largest regional market for the cool roof coatings followed by Europe. Increasing consumer preference and supportive government policies for curbing carbon footprint in North America is the major growth factor for the growth of cool roof coatings in the region. Asia Pacific is likely to witness the fastest growth during the forecast period on account of increasing demand from its growing economies such as India and Southeast Asian countries. China is expected to witness fast growth in demand due to extensive implementation of green building codes.
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The global cool roof coatings market is highly competitive and is characterized by high degree of integration across the manufacturing stage and distribution. Some of the key reclaimed rubber market players KST Coatings (Sherwin-Williams), DowDupont, Nippon Paints, KST Coatings (Sherwin-Williams), Monarch Industries, Sika Sarnafil, Nutech Paints, Valspar Corporation, GAF Materials, and Excel Coatings.
Polaris Market Research has segmented the global cool roof coatings market on the basis of product, application, end-use and region:
Cool Roof Coatings Product Outlook (Revenue, USD Million, 2015 – 2026)
Elastomeric
IR Reflective
Cool Roof Coatings Application Outlook (Revenue, USD Million, 2015 – 2026)
Low-sloped
Steep-sloped
Cool Roof Coatings End-use Outlook (Revenue, USD Million, 2015 – 2026)
Residential
Commercial
Industrial
Cool Roof Coatings Regional Outlook (Revenue, USD Million, 2015 – 2026)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Korea
Singapore
Australia
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of MEA
Read More-https://www.kennethresearch.com/report-details/cool-roof-coatings-market/10070809
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