Cool Roof Material Market Assessment, By Roof Type [Steep-sloped Roof, Low-sloped Roof], By Product Type [Coated Roofs, Foam Roofs, Cool Roofing Membrane, Modified Bur, Metal Roofs, Tiles and Slates, Others], By End-user [Residential, Commercial, Industri

Cool Roof Material Market Assessment, By Roof Type [Steep-sloped Roof, Low-sloped Roof], By Product Type [Coated Roofs, Foam Roofs, Cool Roofing Membrane, Modified Bur, Metal Roofs, Tiles and Slates, Others], By End-user [Residential, Commercial, Industrial], By Region, Opportunities and Forecast, 2017-2031F

Global cool roof material market is projected to witness a CAGR of 6.75% during the forecast period of 2024-2031, growing from USD 25.81 billion in 2023 to USD 43.54 billion in 2031.

One of the main drivers is the significant reduction in energy bills and lower cost than traditional options. Cool roofs reflect more sunlight and absorb less heat than traditional options in the market, which helps buildings remain cooler and provide a good aesthetic look with less energy needed for air-conditioned buildings. Customers keep looking for ways to reduce their carbon footprints as organizations and individuals become more aware of climate change and the improvement towards sustainability around the world.

The projected growth of the cool roof material market highlights the increasing recognition of the importance of thermal comfort, health benefits, and energy efficiency in building design. As urbanization continues and climate concerns rise, the adoption of cool roof technologies is likely to accelerate, positioning the market for substantial growth in the coming years.

Also, significant reductions in energy bills due to cool roofs and power savings are the reasons for the increasing preference for cool roof materials, as cost savings and temperature control are becoming crucial concerns currently.

Several government policies promote the green building concept, further fueling the growth of the cool roof market. On a global level, many governments are implementing regulations and offering incentives to encourage the use of cool roofs to improve energy efficiency. This support makes such material a more viable and attractive option for building owners and developers in this modern era, and cool roof material, especially coating products, demand is increasing gradually.

Smart Roof Solutions to Drive Market Growth

Adaptive roofs are at the forefront of transforming energy efficiency in modern buildings. These innovative systems automatically modify their qualities according to the weather and outside temperature by utilizing technology. Adaptive roofs assist in maintaining ideal interior temperatures by dynamically adjusting their thermal performance, which reduces the need for artificial heating or cooling. These roofs are a desirable alternative for residential and commercial structures due to smart modification, which improves comfort and results in significant energy bill savings.

In addition to their energy-saving benefits, adaptive roofs contribute to broader environmental goals. These roofs contribute to achieving sustainability goals and lowering greenhouse gas emissions by reducing the need for conventional HVAC systems. This supports more environmentally friendly building techniques and is in line with international efforts to tackle climate change.

As technology continues to advance, the adoption of adaptive roofs is expected to grow, further driving improvements in energy efficiency and environmental stewardship in the construction industry, expected to push the growth of the market. For instance, in January 2022, Berkeley Lab launched products under the roof category that can automatically alter according to the outside temperature and weather.

Expanding Strategic Acquisitions and Innovations Driving Growth in the Cool Roof Market

These technological advances in cool roof materials, such as coated cooling tiles, foam roofs, and metal roofs, address the increasing need for energy-efficient building solutions and the advancement of sustainability goals. The development of cool roof technology is significantly contributing to the growth of the cool roof material market. Modern developments, such as better insulation and reflective coatings, are increasing the effectiveness and affordability of cool roofs. The industry for cool roofs is expanding rapidly due to innovative ideas and well-timed acquisitions. Through significant acquisitions, leading companies in the sector are extending their capabilities and reach, opening new markets and broadening their product lines.

For instance, in April 2022, Akzo Nobel N.V. acquired a company called Grupo Orbis, significantly expanding its market presence throughout Latin America. This acquisition bolstered Akzo Nobel’s market reach in the region and enabled the company to diversify its product portfolio and to reach maximum customers.

This acquisition will create a big brand image on a global level for the company’s future. By integrating Grupo Orbis’s offerings into its existing lineup, Akzo Nobel N.V. enhanced its competitive edge and broadened its capabilities in the Latin American market.

Asia-Pacific to Dominate the Cool Roof Material Market Share

The Asia-Pacific region is set to dominate the cool roof material market, driven by a combination of factors. Rapid urbanization and population growth in countries like China and India are leading to an increased demand for sustainable construction solutions. As cities expand and temperatures rise, the need for cool roofing technologies that reduce heat absorption and improve energy efficiency has become critical.

Governments in the region are also implementing stricter building codes and sustainability initiatives to combat climate change, further fuelling the adoption of cool roof materials. These materials not only help in lowering indoor temperatures but also contribute to energy savings, making them an attractive choice for both residential and commercial buildings.

India is experiencing an urbanization boom, with cities such as Mumbai, Delhi, and Bangalore expanding rapidly and driving a surge in construction and infrastructure projects with a focus on green building concepts. The growth presents a significant opportunity for the cool roof market, as urban areas in India face intense heat and humidity. The urban heat island effect in Indian cities can lead to dangerously high temperatures, which increase the demand for air conditioning and other cooling systems. Cool roofs offer a solution by reflecting solar radiation and decreasing the heat absorbed by buildings, thereby reducing the need for artificial cooling and improving indoor comfort.

Factors that Address Environmental Concerns to Drive Market Growth

The coated roofs market is undergoing substantial growth, driven by several interconnected factors that align with contemporary environmental and economic priorities. As global awareness of climate change and energy efficiency intensifies, coated roofs are emerging as a preferred solution due to their numerous global benefits.

One of the primary factors propelling the growth of the coated roofs market is the focus on energy efficiency and billing costs in large buildings and commercial construction activities. Coated roofs, especially those with reflective and insulating properties, are designed to mitigate heat absorption and reduce the reliance on air conditioning. By reflecting a significant portion of solar radiation, these roofs help maintain cooler indoor temperatures and demand less maintenance as compared to other roof products, help to reduce energy consumption and lowering utility bills by making more popular and trending products in cool roof materials. This energy-saving advantage is particularly appealing in an era of rising energy costs and increased emphasis on sustainable building practices across the globe.

Technological advancements in coating materials have also contributed significantly to the market's expansion and number of product launches in the last two years on a global level. Innovations such as cool roof coatings, which reflect more sunlight and absorb less heat, and self-cleaning coatings, which minimize maintenance by preventing dirt accumulation, enhance the overall functionality of the product and appeal of coated roofs. These advancements improve the overall performance of coated roofs and extend their lifespan for long run, which provide strong cooling performance, and reduce maintenance cost.

Future Market Scenario (2024 – 2031F)

A convergence of economic, environmental, technological, and price factors drives the growth of the cool roof market. As the demand for energy-efficient solutions continues to rise, cool roofs are expected to increase adoption across residential, commercial, and industrial sectors in future.

The cool roof material market is expected to growth due to increasing number of new product launches by the companies and investing on research and development of cool roof materials.

Residential and commercial property owners are increasingly recognizing the long-term benefits of coated roofs. For instance, large corporations, such as Google and Amazon, are incorporating cool roofing technologies in their new building projects to achieve sustainability goals and reduce overall operational costs.

The coated roofs market is expected to continue its upward trajectory due to ongoing urbanization rate, infrastructure development, and increasing focus on energy efficiency and sustainability.

Government supporting green building and investing heavily in large construction projects, also providing tax benefits for green building projects, which will boost the cool roof material market in future.

Key Players Landscape and Outlook

Several strategies are implemented by the competitors to gain a higher share of the global cool roof material market. One of the critical factors is market expansion, which increases the concentration on energy savings and introduces specific product lines in the market. Businesses want to collaborate to launch products that satisfy consumer needs and acquire market share for their products. There is a growing need for energy-efficient solutions as building and property owners look for sustainable materials due to rising energy costs and growing awareness of climate change. Regulatory aid from the government and favorable policies related to energy rules and incentives are attracting new entrants. This is anticipated to accelerate significant market growth in the forecast period.

Additionally, the ongoing urbanization and infrastructure development create ample opportunities to implement cool roof technologies in residential and commercial sectors. Continuous advancements in material science contribute to a positive outlook, as innovations enhance the performance and aesthetic appeal of cool roofs, making them more attractive to consumers. Moreover, with a growing focus on health and well-being, the demand for roofing solutions that provide thermal comfort and reduce heat-related illnesses is expected to rise.

In September 2020, Owens Corning collaborated with PGT Innovations, Inc., aiming to develop and promote energy-efficient solutions for residential and commercial buildings, including cool roofing systems combined with impact-resistant windows and doors.