Press release
Roofing Underlayment Market Trends Analysis to 2024 - CertainTeed, TAMKO, GAF, Owens Corning, Johns Manville, DuPont
Roofing Underlayment Market
In 2016, Asia Pacific held the largest share in roofing underlayment market. The region exceeded USD 11 billion revenue in 2016 and will follow same trend throughout the forecast period. This can be attributed to rapid urbanization and industrialization in APAC countries including India, Thailand, Indonesia, and South Korea, which will open growth avenues in construction industry and will eventually fuel product demand in the coming years.
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Roofing Underlayment Market will surpass USD 45 billion by 2024; according to a new research report.
MEA will be fastest rising region in roofing underlayment industry, expanding at a CAGR close to 5.5% during the forecast years. Gulf countries are investing heavily on building & construction projects, which majorly includes public infrastructure strengthening. For example, the upcoming 2022 FIFA Championship will be hosted by Qatar. These projects will pull more construction investments and thus propelling regional roofing underlayment market.
According to UN statistics, global population may surpass 9 billion, by the end of 2050. Rising residential needs of growing population along with rural population flocking towards metro cities for employment will prove a major growth prospect for roofing underlayment market size. Moreover, re-roofing projects for residential sector in the U.S., Central and Western Europe will be an important driver for roofing underlayments market over the forecast timespan.
The major players involved in roofing underlayment market are Atlas Roofing Corporation, CertainTeed, GAF Materials, Tarco, Owens Corning, Johns Manville, Duro-Last, Gardner-Gibson, DuPont and Vaproshield. Extensive research & development by industry players will fuel the roofing underlayment industry share.
Market by Product
1. Asphalt-saturated felt
2. Rubberized asphalt
3. Non-bitumen synthetic
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Market by Application
1. Residential construction
2. Commercial
3. Non-Residential construction
Based on products, in 2016, non-bitumen synthetic roofing underlayment accounted for largest roofing underlayment market share. This can be attributed to unique characteristics of non-bitumen synthetic underlayments including resistance against wear & tear, light weight, anti-leaking, prevention of fungal growth, anti-skid finish and convenience of fixing. Synthetic underlayments reduce the leakage risk through its self-healing traits. Their wrinkle-free and moisture-repellence characteristics shall further compliment growth of non-bitumen synthetic underlayments market. Rubberized asphalt and asphalt-saturated felt shall lose some market share to synthetic underlayment over next few years on account of regulations discouraging products emitting threatening VOC amount.
In 2016, non-residential construction held the largest share of roofing underlayment market and will experience moderate growth during the forecast timeframe. The segment will witness huge product demand during the forecast period due to escalating refurbishing and maintenance activities. Residential construction is poised to be the fastest expanding segment expanding at a CAGR over 6% in the forecast timespan. This rise can be attributed to surging investments in residential projects particularly in BRICS countries.
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