Cool Roofs Market Update: Exceeding Expectations of Key Players That Shows Promising Future
Seattle, WA -- (SBWIRE) -- 11/08/2019 -- Cool roofing is one of the most significant green technologies today. Cool roofs are designed to absorb less heat and reflect more sunlight than standard roofs. The cool roofing systems are used to overcome heat issues. Cool roof systems can be employed to replace existing roof materials or to lower temperature using reflective materials.
Rise in demand for energy-efficient and eco-friendly roofing systems, expansion in the construction industry, and government subsidies and tax benefits are key factors driving the global cool roofs market. The cool roofs market in Asia Pacific has been expanding due to the rapid urbanization, growth in population, and increase in disposable income of middle-class families in the regions. The outlook for the market in Asia Pacific appears promising.
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For instance, in 2015, Global Construction Perspectives (GCP - provides detailed forecasts of construction providing accurate and valuable analysis and evidence on the future) and Oxford Economics (a leader in global forecasting and quantitative analysis) stated that the global construction market is set to grow by US$ 8 trillion, at an average annual rate of 3.9% by 2030.
Less awareness about benefits of cool roofs is expected to affect the market growth. However, government led initiatives and projects to promote usage of cool roofs are expected boost the global cool roofs market growth.
On the basis of roof type, the global cool roofs market is segmented into:
Modified Bitumen & Built-Up Roofing Systems
Tiles & Slates
Others (Including Clay, Wood Shake, and Concrete)
On the basis of application, the global cool roofs market is segmented into:
Asia Pacific holds dominant position in the market for cool roofs and also is the fastest growing market. This is owing to rapid urbanization, surge in disposable income of middle-class people, and growing population in the region. Growing real estate sector in Asia Pacific is also expected to boost the market growth during the forecast period. In 2018, the government of India launched 'Housing for all by 2022' program. According to India Brand Equity Foundation, in 2017 the India real estate sector was at US$ 120 billion and is expected to reach market size of US$ 1 trillion by 2030. As a result, significant growth in the construction industry is expected to boost the cool roofs market in the Asia Pacific region during the forecast period.
Key players profiled in the report on the global cool roofs market are Owens Corning, Certain Teed Corporation, GAF Materials Corporation, Tamko Building Products, Inc., IKO Industries Ltd., ATAS International Inc., Henry Company, PABCO Building Products, LLC., Malarkey Roofing, and Polyglass S.p.A.
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