Pune, May 04, 2021 (GLOBE NEWSWIRE) — Global Cool Roof Market Overview
The global cool roof market size is bound to display a stupendous CAGR of 7.9% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Cool roofs are designed to absorb minimum heat and reflect sunlight to provide comfort to house owners. They are compatible with all types of buildings. Huge demand for cool roof coatings and cool roofs on major buildings can propel market demand.
The market is driven by energy conservation laws and sustainable development in developed and developing nations. Rise in industrial and commercial infrastructure projects with development in dark-colored roof panels can bode well for the market. Government initiatives with a wide focus on rural communities can expedite the development of cool roofing solutions. This is exemplified by the rollout of National Cooling Plan, NYC Cool Roofs, and Eco-Roof Incentive Program.
Government programs focusing on uplifting impoverished neighborhoods can augur favorably for the cool roof market. Benefits of energy conservation and need for heat alleviating technology can lead to high adoption of cool roofing. Demonstrations to create public awareness coupled with upskilling workers in local communities to lower painting costs can boost market growth.
But complications with maintenance of cool roofs and high initial costs can hamper market growth.
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The COVID-19 pandemic has hit the construction industry hard causing a dip in project rollouts amid huge spike in COVID cases. Suspension of construction projects and movement restrictions by governments had hit the market negatively. But economic stimulus packages and demand for sustainable solutions can drive the market demand. Environmental building codes and focus on sustainable living can boost the demand for cool roofing solutions during the pandemic.
Cool roofing solutions are expected to rise amid growing temperatures globally. The need for extra insulation cover for homes and maintenance of ambient temperatures in homes, shops, and workshops can drive its demand. Focus on external aesthetics is estimated to lead to offering of light colored roof shingles. This is expected to improve interest levels among home owners. Moreover, products with high environmental credit ratings and adherence to latest building codes can gain interest. Roofing solution distributors are looking for solutions that complement energy conservation techniques such as solar panels.
Based on roof type, the global market is divided into steep-slope roofs and low-slope roofs. The low-sloped roof segment also best known for high roof cooling solutions held the largest market share in 2018 and is expected to witness the highest CAGR during the forecast period. This is due to its capability of deflecting maximum sunlight. Use of bitumen, single-ply membrane, and foams for developing low-slope roofs can lead to huge sales in the cool roof market.
Based on product type, the …