No... not if you get a SEIBON at least. I've been wearing mine for about 3yrs now and I see no sign of warping, discoloration or anything of the sort. This is a well built hood with a clear coat (as opposed to a gel coat) that helps with the hot sun.
I'm in the IE in Cali, with sun pretty much year round. My car is parked 4 out of 7 days of the week beneath a carport. The car hood sees direct sunlight from sunrise to about 1pm when parked, and pretty much all day when I drive it. No issues.
Here's a vid I took a few weeks back. You'll see some smudges on the hood that I wiped off after I noticed them from this vid;