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Albany, New York, April 02, 2019 (GLOBE NEWSWIRE) -- The global cool roof coatings market is oligopolistic in nature, with a handful of players dominating the market, says Transparency Market Research (TMR). Cool coatings manufacturers are focusing to strengthen their operations through supply and distribution channels. This helps them reach individual consumers, thus helping them concretize their foothold in the global cool coating market. Apart from this, marketing campaigns and advertisements are noted as the key strategies adopted by prime players to create brand awareness among consumers.
Additionally, market participants are emphasizing on developing products, which are capable of coping up with harsh environmental conditions. For instance, Dow Chemicals launched a special cool coating variety capable to withstand extreme climatic condition in the Middle East. Similarly, KST Coatings launched special IR reflective cool coating for concrete surfaces. Other than them, some of the prominent players operating in the global cool roof coatings market are Nutech Paint, Akzo Nobel N.V., The Valspar Corporation, Huntsman International LLC, BASF SE, Nippon Paints, and Nutech Paints.
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According to TMR, The global cool roof coatings market is anticipated to rise at a healthy 7.10% from 2018 to 2026. The market was recorded at a valuation of US$294.06 mn in 2017.
On the basis of region, North America dominated the global cool roof coating market in 2017. It is projected to continue its dominance throughout the forecast period. This is because of the presence of several eminent players and a recovering construction industry in the region. Based on applications, increasing demand for cool roof coatings is expected to remain high in industries such as workshops, warehouses, malls, and IT parks.
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Growing Demand for Green Building Projects to Boost Growth
Cool roof coatings market is expected to rise at a significant pace owing to an increasing popularity among consumers. This is mainly because, players of the cool roof coating market have managed reduce costs of several roof coating variants. This can be attributed to increasing government support in the form of rebates and discounts in various countries. Apart from this, rising consumer inclination toward energy savings product is expected to benefit the market.
Cool roof coatings are used in buildings as they increase building endurance and save energy costs for building owners. They reduce interior temperature by 6°C to 10°C and roof surface temperature by up to 60°C. Hence cool roof technologies are recognized as an efficient way of saving on energy especially in regions with hot climatic conditions. Concerns regarding increasing global warming and rising energy consumption have pushed government authorities to implement green building codes in construction of commercial and residential buildings. This is expected to fuel the global cool coating market during the forecast period.
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Application of Microcells and Nanotechnology to Drive Market
Shifting consumer preference from cheaper short term cool roof coatings to long-lasting coatings is a prominent trend observed in the cool roof coating market. Property managers and industrialists have started considering life-cycle assessment of cool roof coatings. This has led to the invention of several long-lasting polymers and resins. Along with this, advent of new polymers and resins with lower volatile organic compound (VOC) ratings are likely to contribute to a product demand as an eco-friendly choice. Introduction of microcells and nanotechnology for reducing heat flux and increasing energy conservation is another strong factor likely to drive global cool roof coatings market over the forecast period.
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This review is based on Transparency Market Research’s report, titled “Cool Roof Coatings Market (Roof Slope - Low sloped, Steep sloped; Type - Elastomeric, IR Reflective; Application - Residential, Commercial, Industrial) - Global Industry Analysis, Value, Share, Growth, Trends, and Forecast 2018 – 2026.”
The global cool roof coating market is segmented as follows:
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