Westford, USA, Dec. 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the cool roof coatings market size will attain the value of USD 8.28 Billion by 2031, with a CAGR of 7.20% during the forecast period (2024-2031). The cool roof coatings industry has witnessed tremendous growth in recent years and is expected to expand further in the coming years.
This growth can be attributed to several factors such as increasing demand for energy-efficient solutions, growing environmental concerns, and supportive government regulations. One of the major drivers of the market is the increasing emphasis on sustainability and energy efficiency in the construction industry. Cold roof coatings provide an efficient way to reduce energy consumption and reduce carbon emissions by exposing a significant portion of solar radiation that would otherwise be absorbed by roofs.
Cool Roof Coatings Market Overview:
Elastomeric Segment to Dominate Due to Rising Demand for Energy-Efficient Roofing Systems
The elastomeric segment accounted for the largest revenue share of 68.1% in 2023. These coatings are extensively used in commercial and industrial constructions. The product performance and rising demand for energy-efficient roofing systems are expected to drive demand over the forecast period.
Steep-sloped Roof Segment is Growing Due to Rising Popularity in Residential Settings
The steep-sloped roof segment is expected to increase rapidly over the forecast period, driven by increasing prevalence in residential areas, especially those prone to heavy snowfall and rainfall. The structural advantage of steep-sloped roofs allows for efficient water drainage and reduces risks like mold or mildew formation, contributing to their lower maintenance requirements.
North America is Dominating Due to Increasing Demand from Construction Industry
North America held the largest market share at 34.20%, dominating cool roof coverings. This trend is likely due to rapid adoption of building codes and increased consumer awareness regarding energy consumption levels in buildings. The construction sector in North America is anticipated to experience considerable growth owing to increased demand for residential, non-residential, and commercial construction projects.
"Analysis of key drivers includes increasing demand for energy-efficient building solutions," states SkyQuest's report on Cool Roof Coatings Market trends.
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