Cool Roof Market Size is Estimated to USD 31.58 Billion By 2028

bhagyashri shewale
Published on May 22, 2023

The latest report by Reports and Data indicates that the global cool roof market is projected to reach USD 31.58 billion by 2028, with a compound annual growth rate (CAGR) of 5.5% during the forecast period. The market's revenue growth is primarily driven by factors such as rapid urbanization, increased construction activities worldwide, the adoption of green and sustainable construction materials, and the growing use of green heating and cooling systems in residential and commercial buildings. Additionally, the market is influenced by factors like rapid industrialization in developing countries, a focus on reducing greenhouse gas emissions, concerns related to global warming and climate change, a preference for eco-friendly and energy-efficient home designs, and a rising demand for green and energy-efficient roofing systems.

A cool roof is a widely used roofing system that effectively reduces heat transfer within a building by offering high thermal emittance and solar reflectance. Cool roofs consist of highly reflective surfaces, such as shingles or tiles, which help decrease ambient air temperatures, commonly known as the urban heat island effect. These roofing systems are more energy-efficient and durable compared to standard roofs. They contribute to energy cost savings and lower electricity bills by reducing the need for air conditioning. Moreover, they provide enhanced comfort in indoor spaces like covered patios or garages that are typically not well air-conditioned or ventilated. Cool roof coatings, made from white or special pigments, reflect sunlight and protect surfaces from chemical damage and harmful ultraviolet (UV) rays.

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Key Highlights from the Report:

  • In 2020, steep-slope roofs accounted for the largest revenue share of 45% among the type segments. The widespread use of steep-slope cool roofs in residential and commercial buildings, their relatively lower deployment costs compared to other roof types, and the presence of metal roof tiles and asphalt shingles contribute to the segment's robust revenue share.
  • Among the product type segments, asphalt shingles dominated with a significantly larger revenue share in 2020. The advantages of asphalt shingles, such as increased light scattering properties and lower solar reflectance due to their rough texture, drive their growth. The increasing use of asphalt shingles for roofing in residential and commercial buildings is another significant factor contributing to their revenue growth.
  • The industrial segment led in terms of the largest revenue share contribution to the global cool roof market in 2020 among the application segments. Rapid industrialization worldwide, coupled with the adoption of cool roof systems in industrial constructions to enhance building efficiency and reduce energy use and power plant emissions, fuels the growth of this segment.
  • The Asia Pacific cool roof market registered the fastest revenue growth rate in 2020 and is expected to achieve a CAGR of 6.6% during the forecast period. Factors such as the rapid urbanization trend, increasing industrial activities in emerging economies like India and China, and the growing demand for green and energy-efficient roofing systems contribute to the market's expansion in this region.
  • Key players in the global cool roof market include Firestone Building Products, Malarkey Roofing, PABCO Building Products, LLC, Henry Company, ATAS International Inc., IKO Industries Ltd., Tamko Building Products, Inc., GAF Materials Corporation, CertainTeed Corporation, and Owens Corning.

The global cool roof market is segmented based on type, product, application, and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

  • Steep-slope Roofs
  • Low-slope Roofs

Product Outlook (Revenue, USD Billion; 2018-2028)

  • Slates
  • Tiles
  • Metal

Cool Roof Market: Drive factors

The cool roof market is driven by several factors that contribute to its growth and development. Some of the key drivers include:

  1. Rapid Urbanization: The global trend of rapid urbanization is a major driver for the cool roof market. As cities expand and populations increase, there is a higher demand for sustainable and energy-efficient construction practices, including the adoption of cool roof systems.
  2. Rapid Industrialization: The ongoing process of rapid industrialization, particularly in developing countries, is a significant driver for the cool roof market. Industrial constructions are increasingly adopting cool roof systems to improve building efficiency, reduce energy consumption, and mitigate greenhouse gas emissions.
  3. Focus on Reducing Greenhouse Gas Emissions: The global focus on reducing greenhouse gas emissions and combating climate change has led to the adoption of energy-efficient solutions like cool roofs. Cool roofs help in reducing energy consumption for cooling purposes, thereby lowering the carbon footprint of buildings.
  4. Preference for Eco-friendly and Energy-efficient Home Designs: Consumers are increasingly inclined towards eco-friendly and energy-efficient home designs. Cool roofs offer a tangible solution in achieving these objectives by reducing energy costs, enhancing indoor comfort, and supporting sustainable living practices.
  5. Surging Demand for Green and Energy-efficient Roofing Systems: The rising demand for green and energy-efficient roofing systems is a key driver for the cool roof market. Cool roofs provide an effective solution for reducing energy consumption, promoting sustainability, and complying with building energy codes and regulations.

These drivers collectively contribute to the growth and adoption of cool roof systems in residential, commercial, and industrial sectors, making them a popular choice for sustainable building practices.

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