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The global cool roof market was valued at USD 21.1 billion in 2022, growing at a CAGR of 5.2% from 2023 to 2032. The market is expected to reach USD 35.0 billion by 2032. Cool roof demand is expected to be driven by the global construction industry's rapid rise and the growing emphasis on green building projects, fueling the market's expansion over the projected period.
One green technology employed in the building sector is cool roofing. Compared to regular roofs, cool roofs are made to reflect more sunlight and absorb less heat. The usage of cool roofing systems helps prevent building overheating. Buildings may overheat due to factors such as rooftops. Because cool roofs use materials that reflect sunlight, they are intended to absorb less heat than regular roofs. A cool roof can lower energy costs and increase indoor comfort in non-air-conditioned areas by lowering the demand for air conditioning. Reducing the temperature of the roof can also aid in extending its lifespan. Beyond the building, cool roofs can also aid the environment by lowering peak electricity demand, local air temperatures, and power plant emissions, such as carbon dioxide, sulphur dioxide, nitrous oxides, and mercury, by lowering the energy required for cooling buildings. Throughout the forecast period, several factors, including the construction industry's growth due to urbanization's rapid pace, the removal of trade barriers for foreign investments, and increased spending by multinational construction companies in potential markets, are expected to fuel demand for new roofing systems, including cool roofing products. The infrastructure sector's recent expansion in nations including Australia, India, Germany, Norway, Sweden, and Canada is expected to increase demand for the commodity. Moreover, throughout the forecast period, the need for infrastructure expansion in developing nations and the worldwide refugee crisis is anticipated to fuel demand for the product internationally.
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In March 2023, The main product from NanoTech, Nano Shield, was unveiled with a focus on commercial roofing. This speciality coating can reduce a building's HVAC use by 30–40%. This large reduction contributes significantly to the reduction of scope one carbon emissions and results in significant energy cost reductions.
In 2021, The American manufacturer of roofing and waterproofing systems, Kreps LLC, was purchased by Sika AG. The acquisition was intended to fortify Sika's position in the roofing sector and broaden its range of products in the North American market.
In 2020, Foamglas Insulation, a Belgian firm that specializes in cellular glass insulation solutions, was bought by Owens Corning. The acquisition, estimated at $295 million, increased Owens Corning's product line in the building materials industry.
In 2020, a strategic alliance was formed between GAF Materials Corporation and US solar technology startup Solaria Corporation. The partnership aimed to offer integrated solar and roofing solutions by combining GAF's roofing products with Solaria's solar modules.
In 2020, Derbigum Americas, an American manufacturer of waterproofing and roofing products, was bought by Soprema Group. The purchase was made to bolster Soprema's market share in North America and diversify its line of roofing-related products.
Increased acceptance of green building materials- Cool roofs require less sunlight to absorb heat than regular roofs. The environment can also benefit from cool roof systems, especially if a neighbourhood's buildings are all equipped with them. Cool roofs can lessen the impact of the urban heat island by reducing the temperature of the surrounding air. Cool roofs can assist in preventing power outages and lower power plant emissions of carbon dioxide, sulphur dioxide, nitrous oxides, and mercury by lowering the energy used for cooling buildings. Cool roofing systems can help prevent the effects of heat islands. Cool roof solutions, therefore, have great potential to raise building and community energy efficiency.
High maintenance and raw material costs- The basic materials are highly expensive. The market for cool roofs is further limited by the high expense of upkeep and repairs necessary to keep the roof in use for an extended period. Moreover, foolproof solutions are expensive per square foot, so many builders and construction businesses have refrained from utilizing cool roof products in recent years. This makes it more difficult for the producer to supply affordable roofing materials.
Increasing urbanization- According to UN statistics, over 54% of the world's population resides in cities, which increases personal income levels and work options. Building construction is increasing in rural and urban regions with the rise of nuclear households. A cool roof system can lower the need for air conditioning, increase interior comfort in non-air-conditioned spaces, and prolong the roof's life, resulting in energy savings for a building and its occupants. As a result, the previously mentioned drivers of urbanization, population growth, and rising living standards are projected to drive growth in the worldwide cool roof market.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest global cool roof market, with a 39.4% market revenue share in 2022.
This is because the region is becoming more urbanized, middle-class people's disposable income is rising, and the population is expanding. Throughout the forecast period, the expanding real estate industry in Asia Pacific is anticipated to support market expansion. The Indian government started the "Housing for All by 2022" initiative in 2018. The India Brand Equity Foundation estimates that the country's real estate market was worth US$ 120 billion in 2017 and is projected to grow to US$ 1 trillion by 2030. Therefore, throughout the projected period, the cool roofing market in the Asia Pacific region will benefit by significantly increasing the building industry.
Asia Pacific Region Cool Roof Market Share in 2022 - 39.4%
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The roof type segment is divided into low-slope roofs and steep-slope roofs. The steep-slope roofs segment dominated the market, with a market share of around 58% in 2022. Building materials for steep slope roofs include metal roofing, asphalt shingles, and tiles. Moreover, as the roofs make up more than 40% of the building's external look, the materials used to construct them—such as tiles and shingles—offer higher aesthetic value.
The product segment is divided into foam roofs, single-ply membranes, metal roofs, slates, coated roofs, modified BUR, asphalt shingles, and tiles. The single-ply membranes segment dominated the market, with a market share of around 20% in 2022. Commercial building roofs frequently use single-ply Ethylene Propylene Diene Monomer (EPDM) due to the product's exceptional flexibility in various climate situations.
The application segment is divided into industrial, commercial, and residential. The residential segment dominated the market, with a market share of around 42% in 2022. Because of characteristics like high thermal emittance (TE) and solar reflectance (SR), cool roofs keep a building cooler during the sweltering summer months, which benefits building occupants. Furthermore, their demand is anticipated to be driven during the projection period by a longer lifespan compared to normal roofs.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 21.1 Billion |
| Market size value in 2032 | USD 35.0 Billion |
| CAGR (2023 to 2032) | 5.2% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Roof Type, Product, Application |
As per The Brainy Insights, the size of the cool roof market was valued at USD 21.1 billion in 2022 to USD 35.0 billion by 2032.
The global cool roof market is growing at a CAGR of 5.2% during the forecast period 2023-2032.
Asia Pacific emerged as the largest cool roof market.
Key players in the cool roof market are GAF, Tamko Building Products Inc, ATAS International Inc, PABCO Building Products LLC, Polyglass S.p.A., Owens Corning, Certain Teed Corporation, IKO Industries Ltd, Henry Company, and Malarkey Roofing.
This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global cool roof market based on the below-mentioned segments:
Global Cool Roof Market By Roof Type:
Global Cool Roof Market By Product:
Global Cool Roof Market By Application:
Global Cool Roof Market By Region:
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