Commercial Roofing Materials is expected to reach US$10.38 bn by 2024
The competition between the leading vendors of commercial roofing materials defines the characteristics of the global commercial roofing materials market, states Transparency Market Research (TMR) in its new research report. The leading players in this market, such as Firestone Building Products Co., GAF, and TAMKO Building Products Inc., are competing on the basis of product innovation and price differentiation to gain a strong foothold in the global market. Over the coming years, they are likely to emphasize on research and development to strengthen their position across the world, reports the market study.
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According to the research report, the worldwide market for commercial roofing materials was worth US$7.8 bn in 2016. Rising at a CAGR of 3.60% over the period from 2016 to 2024, the market will reach US$10.3 bn by the end of the forecast period. Single-ply products, spray polyurethane foam, modified bitumen materials, built-up roofing, and metal are the main commercial roofing materials available across the world. Among these, modified bitumen materials report a higher demand than other materials and this trend is anticipated to remain so over the next few years.
Geographically, North America has been dominating the global commercial roofing materials market over the last few years. However, this regional market will become mature with a slowdown in the pace of growth in the near future. On the other hand, Asia Pacific will surface as a lucrative regional market for commercial roofing materials in the years to come, thanks to a rise in construction activities in developing economies, states the research report.
Increase in Construction Activities to Boost Demand
“The global market for commercial roofing materials is witnessing remarkable rise in its valuation, thanks to the increase in construction activities across the world,” says a TMR analyst. The rise in restoration and renovation activities is also generating a considerable demand for commercial roofing materials.
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Since, developed markets are expected to witness more of these restoration and renovation activities, they are likely to offer more promising opportunities for the growth of this market in the near future. The augmenting usage of single ply products for roofing systems will also support the growth of this market substantially in the years to come, notes the research study.
High Installation Cost of Commercial Roofs to Act as Hindrance
On the flip side, the high cost incurred in the installation of commercial roofs is likely to act as a hindrance in the growth trajectory of the global commercial roofing materials market in the near future. Apart from this, the unstable lifespan of various materials will also restrict the growth of this market over the next few years, states the market report.
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