Pune, May 4, 2021 (GLOBE NEWSWIRE) – Global Fresh Roof Market Overview
the global cold roof market size is expected to post a staggering 7.9% CAGR over the forecast period (2020-2027), according to the latest Market Research Future (MRFR) report. Cool roofs are designed to absorb minimal heat and reflect sunlight to provide homeowner comfort. They are compatible with all types of buildings. The huge demand for cold roof coverings and cool roofs on large buildings can propel the market demand.
The market is governed by laws on energy conservation and sustainable development in developed and developing countries. The increase in industrial and commercial infrastructure projects with the development of dark colored roofing panels may bode well for the market. Government initiatives that focus largely on rural communities can accelerate the development of cool roofing solutions. This is illustrated by the deployment of the National Cooling Plan, NYC Cool Roofs and the Eco-Roof incentive program.
Government programs focused on improving poor neighborhoods can bode well for the cool roof market. The benefits of energy conservation and the need for heat reduction technology can lead to high adoption of cool roofs. Events to raise awareness, coupled with upgrading the skills of workers in local communities to reduce painting costs, can drive market growth.
But the complications of fresh roof maintenance and high up-front costs can hamper market growth.
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Impact of COVID-19:
The COVID-19 pandemic has hit the construction industry hard, causing project deployments to drop amid a huge spike in COVID cases. The suspension of construction projects and restrictions on movement by governments had had negative effects on the market. But economic stimulus packages and the demand for durable solutions can boost market demand. Environmental building codes and a focus on sustainable living may drive demand for cool roofing solutions during the pandemic.
Cool roofing solutions are expected to rise amid rising temperatures globally. The need for additional insulation blankets for homes and maintaining ambient temperatures in homes, stores and workshops can drive its demand. The emphasis on external aesthetics is believed to lead to the offer of light-colored roofing shingles. This is expected to improve owner interest levels. In addition, products with a high environmental credit rating and compliance with the latest building codes may gain interest. Roofing solutions distributors seek solutions that complement energy conservation techniques such as solar panels.
Based on the type of roof, the global market is divided into steep roofs and low slope roofs. The low slope roof segment, also best known for high roof cooling solutions, held the largest market share in 2018 and is expected to experience the highest CAGR during the forecast period. This is due to its ability to deflect sunlight as much as possible. The use of bitumen, monolayer membrane and foams for the development of low slope roofs can lead to huge sales in the cold roof market.
Based on the product type, the global market has been segmented into Asphalt Shingles or Fresh Roof Shingles, Coated Roofs, Foam Roofs, Metal Roofs, Modified BUR, Single Layer Membrane, Tiles and Slates. The single layer membrane is expected to experience the highest CAGR during the forecast period. Its high demand in commercial and residential applications due to their durability, flexibility and waterproof nature may bode well for the market. On the other hand, metal roofs can capture huge market share due to customization, fire resistance, low weight and low life cycle cost.
Based on the application, the global cold roof market has been segmented into residential, commercial and industrial. The residential cold roof segment held the largest market share of the global cold roof market. Rising urban population and energy conservation concerns can drive demand for cool roofing solutions. On the other hand, commercial applications can gain significant demand due to the exorbitant costs of electricity. Awareness of green buildings and the risk of power outages can fuel demand for cool roofs in stores and shopping complexes.
Browse the in-depth market research report (107 pages) on Cool roof industry.
The cold roof market covers the regions of North America, Europe, Asia-Pacific (APAC) and the rest of the world (RoW).
North America is estimated to dominate the market until the end of the forecast period. This is due to investments in sustainable solutions and the development of energy efficient buildings. Strict environmental regulations in the United States and Canada can boost global market demand. Investments in hospital and hotel projects in Missouri, Los Angeles and New York as well as new renovation projects can bode well for the market. Adopting products to maintain internal ambient temperatures can boost regional demand for cold roofs.
APAC has the potential to capture a significant market share in the years to come due to increasing urbanization and peak energy demand. The increase in foreign direct investment in China and India, coupled with business investment, can boost the demand for cold roofs. The demand for cool roofing solutions in rural communities to combat climate change and sustainable cooling can boost market demand significantly. The awareness of the changing global temperatures and the transition of chillers and air conditioners can provide huge growth for the cold roof market.
The fresh roof market is very competitive and marked by alliances and joint ventures. New product developments are expected every year due to government initiatives and programs. Product innovation is supported by various developers of roofing solutions. Competition is intense with developers small and large alike investing in sustainability to gain customers.
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The main players in the market are ATAS International Inc., Certain Teed Corporation, Malarkey Roofing, Owens Corning, Tamko Building Products, Inc., Henry Company, GAF Materials Corporation, IKO Industries Ltd., Polyglass SpA and PABCO Building Products, LLC. .
The South African Institute for Energy Development (SANEDI) has deployed cold roofs for communities across the country to ensure energy efficiency. It has partnered with the Thermal Insulation Products and Systems Association to conduct surveys on the effectiveness of cold roof technology.
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