The global cool roof market size is expected to reach USD 27.1 billion by 2025, accelerating at a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising emphasis on green building projects and increasing use of cool roofs for energy conservation are expected to drive the demand for the product.
Large-scale construction activities in residential and commercial sectors are likely to complement product growth. This can be attributed to increasing installation of the products to reduce external heat absorption, thereby maintaining the indoor ambient temperature. Adoption of various types of cool roofing systems in residential construction is projected to witness remarkable growth in developed economies.
Growing use of the product in industrial sector is likely to propel industry growth. Increasing construction spending on account of rapid urbanization and the removal of trade barriers for foreign investments are expected to drive the growth of the construction industry. In addition, growing awareness concerning the benefits of the product as compared to other materials is likely to drive demand over the forecast period.
Rapid growth of the construction industry in the North American economies coupled with rising demand for eco-friendly and energy-efficient systems is likely to propel the market growth. Businesses and homeowners are increasing preferring products made from durable roofing materials, which are resistant to damages caused by hailstorms, uplifts due to high winds, and exposure to solar radiations. Furthermore, the adoption of energy codes and solar power in roofing systems across all end-use applications is projected to augment market growth.
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Further key findings from the report suggest:
- Single-ply membranes segment accounted for 23.4% of the global revenue in 2018; the membranes are widely used on account of their superior waterproofing characteristics along with high flexibility and durability
- The cool roofs market in North America is estimated to witness growth of 5.9%, in terms of revenue, from 2019 to 2025 on account of increased awareness among end users concerning product
- The market in China accounted for over 30.7% of Asia Pacific market revenue in 2018 owing to increasing penetration of products and rising government spending on various construction and infrastructure projects
- Major players in the industry offer a wide range of products along with personalized services, such as custom designs and installation services, which is aiding companies in gaining an edge over their competitors.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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