Cool Roofs Market to Reach Over US$ 20.7 Bn by 2026
Author : aarti mule | Published On : 14 Oct 2021
Increasing demand for energy conservation products and commodities across the world to propel the growth of the global cool roofs market. Cool roofs will be roofs that can reflect sun heat once more into the sky. The expanding mindfulness among shoppers concerning the advantages offered by the cool roofs is a solid factor expected to help the worldwide cool roofs market in the coming years.
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Low-sloped Application Segment Holding Majority Shares Owing to Increasing Demand from Residential Sector
Based on classification by application, the global cool roofs market is dominated by the low-sloped segment on account of their less raw material requirement and low installation cost. Besides this, the rising demand for renovation activities in the residential sector and the increasing preference for low-sloped roofs especially from regions with heavy rain or snowfall is further expected to help this segment continue dominance in the coming years as well.
According to Transparency Market Research, the global cool roofs market earned a value of USD 12.6 billion in the year 2017 and is likely to rise at a CAGR of 5.7% during the forecast period set from 2018 to 2026.
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Increasing Adoption of Modern Lifestyle and Living Choices and Rising Number of Renovation Activities to Bolster Growth
The worldwide cool roofs market is expected to ascend at a solid speed in the estimated time frame. One of the noticeable components expected to grow interested for cool roofs soon is ideal government approaches. Governments across the globe are raising accentuation on the utilization of cool rooftops in both business and private as they contributed a great deal to save power utilization. In different creating and created nations, governments are giving cool roofs at a financed cost. This is relied upon to push the interest for cool roots inferable from their energy-productive and climate agreeable nature.
Moreover, the establishment of cool roofs over the elevated structure helps cool the inside temperature by 70%. This assists with saving money on power bills. Along these lines, cool roofs are simple to utilize and a practical method of saving money on high power utilization during top hours. Besides this, the rising number of savvy urban communities is another factor expected to fuel the worldwide cool roofs market. This is because houses made in shrewd urban areas utilize cool roofs inferable from their capacity to save energy.
On the contrary, the lack of awareness among clients about the advantages of the cool rooftop is hampering the market. Be that as it may, new undertakings and drives have been begun by governments to advance the utilization of cool roofs. Moreover, ascend popular for harmless to the ecosystem material frameworks is expected to set out critical open doors for the cool roofs market.
Huge extension in the development business and expansion in the use of eco-accommodating cool roofs in end-use ventures are central points boosting the cool roofs market. Lessening in energy utilization and expansion in rooftop life span are expected to drive the interest for cool roofs soon. Development in private and business enterprises in creating economies is another factor assessed to increase the cool roofs market during the forecast period.
Demographically, the global cool roofs market is dominated by the Asia Pacific on account of the increasing number of construction and building activities, especially in emerging nations such as India, Japan, and China. Besides this, the growing modernization, increasing disposable incomes of people, and the growing need for modern homes and lifestyles are propelling the need for renovations, thereby creating lucrative growth opportunities for the market in the region.
Companies operating in the global cool roofs market are indulging in collaborative strategies to claim their position in the market. Additionally, manufacturers are also investing in the research and development of better roofing products and designs to make their mark in the overall market competition.
The information presented in the review is based on a report by Transparency Market Research, titled, “Cool Roofs Market (Roof Slope - Steep Slope Roofs, Low Slope Roofs; Roof Type - Coated Roofs, Foam Roofs, Modified BUR, Single-ply Membranes, Asphalt Shingles, Metal Roofs, Tiles and Slates; Application - Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
Notable players of the global cool roofs market include Polyglass S.p.A., Malarkey Roofing, Henry Company, IKO Industries Ltd., PABKO Building Products, Tamko Building Products, Certain Teed Corporation, Owens Corning, GAF Materials Corporation, ATAS International, and others.
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