Commercial Roofing Materials Market - Global Industry Analysis, Size, Share, Forecast 2016 – 2024
Despite
the presence of well-known entities from the construction-oriented
industries, the global commercial roofing materials market is currently
lacking the strong presence of globally prominent players. There is a
heavy volume of regionally active players in the global commercial
roofing materials market at the moment and a comparatively low number of
key players. In 2015, the global commercial roofing materials market
was led by the names GAF, TAMKO Building Products, Inc., and Firestone
Building Products Company.
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According
to a research report released by Transparency Market Research, the
global commercial roofing materials market was consistently dominated by
North America till recently. This region held a high demand for all
segments of roofing within the market. At the same time, the emergent
economies are showing extremely positive growth rates in their
construction activities, sparing a long term demand for commercial
roofing materials. In terms of revenue, the global commercial roofing
materials market is expected to be valued at US$7.81 bn by the end of
2016. After expanding at a CAGR of 3.6% from 2016 to 2024, this market’s
revenue is expected to reach US$10.38 bn in 2024.
Construction Boom Primary Propeller for Commercial Roofing Materials’ Demand
“New
construction generates a far greater demand for commercial roofing
materials than restoration and renovation work. With that in mind, the
accelerating rate of activities in the global construction industry over
the recent past have formed the leading driver for the global
commercial roofing materials market. After witnessing a severe downturn
till 2008, the rate of construction activities across the world took off
on a massive scale. A lot of the overall demand for commercial roofing
materials is projected to continue coming from Asia Pacific, one of the
leading regions when it comes to growth in demand for modern
construction projects,” States a TMR analyst.
Other
factors augmenting the global commercial roofing materials market at
the moment include the growing use of roofing systems that incorporate
singly-ply products due to their higher flexibility, ease of
installation, and competitive pricing. Another driver for the market is
the growing rate of restoration and renovation activities in developed
economies where commercial roofing materials are found to be of great
value.
Installation Costs High Enough to Hamper Overall Growth Rate
One
of the key restraints currently acting on the global commercial roofing
materials market is the high cost of installation of these roofs.
Commercial roofing today incorporates several additions such as cool
roofing and solar panel roofing to meet consumer demands. This, however,
is leading to an inflation of prices of installing these roof types due
to the high cost of the raw materials involved. Solar roofing is known
to be highly expensive and commonly seen only in developed economies for
the same reason. Thus price is currently a very restrictive concern for
players in the global commercial roofing materials market.
“Despite
pricing concerns, the global commercial roofing materials market is
expected to progress at a very fast rate over the coming years, in terms
of product developments. Advancements in technology can make
manufacturing of commercial roofing a lot cheaper and help players gain a
greater regional penetration. They can also allow players to derive
successful product innovations that can help reduce costs and enhance
scope of utility,” adds the analyst.
The
information presented in this review is based on a Transparency Market
Research report, titled, “Commercial Roofing Materials Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 -
2024.”
Key segments of the Global Commercial Roofing Materials Market
Global Commercial Roofing Materials Market: By Building Type
-Low Sloped Roofing
-Steep Sloped Roofing
Global Commercial Roofing Materials Market: By Materials Type
-Single-Ply Products
-Modified Bitumen Materials
-Spray Polyurethane Foam (SPF)
-Built-Up Roofing (BUR)
-Metals
-Others
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Global Commercial Roofing Materials Market: By Geography
-North America
-U.S.
-Canada
-Mexico
-Europe
-U.K.
-Germany
-Italy
-Rest of Europe
-Asia Pacific
-China
-India
-Japan
-Rest of Asia Pacific
-Middle East and Africa
-UAE
-South Africa
-Rest of Middle East and Africa
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