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Forecasted to register a CAGR of 6.8%, per research.
February 12, 2020
By: Anthony Locicero
Copy Editor, New York Post
The global cool roof coatings market is expected to reach $5.95 billion by 2026 and is estimated to grow at a CAGR of 6.8% from 2018 to 2026, according to Polaris Market Research. Cool roof coatings have increasingly gained significance in the growing green construction sector on account of their efficient energy performance and are a comfortable alternative for consumers. The global cool roof coatings market is anticipated to witness a positive leap on the growth as the consumer awareness concerning products with lesser environmental impact grows rapidly along with the changing demographics. Cool roof coatings help to reduce the increased temperature due to the heat from that gets trapped inside the buildings. Thus, it results in lower dependency on energy-consuming equipment such as air conditioners. It also helps in the reduction of costs concerning energy. Cool roof coatings help in mitigating the harmful UV radiation effects and structural deformations which might occur due to fluctuations in temperature. Technology advancements and material development have played a significant part in the growth of cool roof technologies. With the emergence of new polymers containing a lower volatile organic compound (VOC) are anticipated to contribute to product demand as an environmental-friendly alternative. Regulations concerning limited or no quantity of VOC content in paints & coatings are expected to strengthen the demand for cool roof coatings market. Silicon-based cool roof coatings are among the latest innovations. Green buildings demand has also risen sharply, wherein green buildings incorporate unique construction features ensuring effective use of water and energy. These are characterized as those providing the required building performance during the whole building life-cycle coupled with minimizing consumption of conventional energy sources. Green buildings are certified as per programs such as Leadership in Energy and Environmental Design (LEED) which have further resulted in the growth of environmentally-friendly coatings such as a cool roof. North America is the largest regional market for the cool roof coatings followed by Europe. Increasing consumer preference and supportive government policies for curbing carbon footprint in North America is the major growth factor for the growth of cool roof coatings in the region. Asia Pacific is likely to witness the fastest growth during the forecast period on account of increasing demand from its growing economies such as India and Southeast Asian countries. China is expected to witness fast growth in demand due to the extensive implementation of green building codes.
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