Owens Corning, Certain Teed Corporation, GAF Materials Corporation, Tamko Building Products Inc., IKO Industries Ltd., ATAS International Inc., Henry Company are some of the predominant players operating in the global cool roofs market, says Transparency Market Research.
Major players in the cool roofs market are focusing on strategic partnership, mergers and acquisitions and business collaborations in order to concretize their market share.
According to TMR, the global cool roofs market was valued at US$ 12.6 bn in 2017. The analysts predicted the market to expand at a steady CAGR of 5.7% from2018 to 2026.
On the basis of geography, Asia Pacific is projected to dominate the global cool roofs market this is mainly due to blooming building and construction industry in the region. Demand for cool roofs is expected to rise in countries like China, Indonesia, and Vietnam owing to changing weather conditions. Based on application, the residential segmented is expected to dominant the overall market segment owing to increase in number of residential projects across the globe.
Favorable Government Support for installation of Cool Roofs to Drive Market
The global cool roofs market is anticipated to rise at a healthy pace in the forecast period. One of the prominent factors expected to swell demand for cool roofs in the near future is favorable government policies. Governments across the globe are raising emphasis on the use of cool roof in both commercial and residential as they contributed a lot to save power consumption. In various developing and developed countries, governments are providing cool roofs at a subsidized price. This is expected to propel the demand for cool roots owing to their energy-efficient and environment-friendly nature.
Cool roofs are roofs which has ability to reflect sun heat back into the sky. They are a powerful solution to pacific increasing effects of global warming. The increasing awareness among consumer regarding the benefits offered by the cool roofs is a strong factor expected to boost the global cool roofs market in the coming years.
Apart from this, installation of cool roofs over the high rise building helps cool the internal temperature by 70 percent. Thus helps to save on electricity bills. Thus cool roofs are easy to use and cost effective way of saving on high electricity consumption during the peak hours.
Moreover, rising number of smart cities is another factor expected to fuel the global cool roofs market. This is because houses made in smart cities use cool roofs owing to their ability to save energy.
High Costs Associated with Cool Roofs to Impede Growth
Despite presence of several opportunities and drivers, growth in the cool roofs market may hamper owing to the presence of several factors. One of them is high costs of installation and maintenance of cool roofs.
Nevertheless, expansion in the portfolio of cool roofs on account of solid research and development activates to improve existing products and development of new products is again a vital factor expected to push the global cools roods market over growth trajectory. Further, rise in renovation activity of commercial buildings and new homes are expected to offer lucrative opportunities for the growth of the cool roofs market.
Furthermore, surge in demand for reflective roofs in residential sector is expected to drive the cool roofs market in the coming years.