Global Roofing Underlying Materials Market Analysis, Growth, Trends and Forecast - 2024
To face the competitive pressures and gain an edge, companies are focusing on the expansion of their product portfolios and development of innovative materials that can be suitably applied to more than one type of roofing systems. Funds devoted to R&D activities are also constantly being increased and expansion across emerging economies is gaining increased emphasis.
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Some of the notable vendors in the market are Owens Corning, DuPont, IKO Industries Ltd., Firestone Building Products Company, and TAMKO Building Products, Inc., Carlisle, CertainTeed Corporation, and Braas Monier Building Group Services S.A.
Rapid Urbanization across Emerging Economies Central to Development of Roofing Underlying Materials
The rapid expansion of population residing in urban settings across regions such as Asia Pacific, Latin America, and parts of Middle East and Africa has led to the vast development of public and private infrastructure across the residential as well as commercial sectors in the past few years. The increasingly affluent consumer residing in urban dwellings is leading to an increased demand for new construction projects, naturally upping the consumption of a variety of roofing underlying materials. Asia Pacific is expected to solely account for over 43% in the global roofing underlying materials market by 2024.
The market for roofing underlying materials is expected to gain the most traction across developing regions such as Asia Pacific and Latin America from 2016 to 2024, with developed regions such as North America and Europe exhibiting sluggish rise in demand. The construction sector in North America and Europe has suffered considerably during the economic depression of 2008. Though the sector is steadily stabilizing and treading along a positive growth path in these regions, the number of new construction projects are still under check. Most traction for the roofing underlying materials markets in these regions will come from refurbishing and maintenance activities.
Rise in Production Costs to Hamper Market’s Overall Growth
Asphalt makes for one of the most critical raw materials for the manufacture of bituminous roofing underlying materials, which accounts for the second largest share in the global market in terms of product varieties. As a large share of industrially used asphalt is derived from oil and gas sources, its availability in the global market is largely dependent on the oil and gas industry, which is itself faced with enormous fluctuations in price and production capacities.
Thus, the continuous availability of high quality asphalt is a big challenge for the manufacturers of bituminous roofing underlying materials. The continuous rise in the cost of manufacturing techniques is also leading to a substantial rise in overall costs of roofing underlying materials. High costs of products are expected to have a sizeable impact on sales of roofing underlying materials, especially across developing regions where the consumer is quick to switch to cheaper alternatives.
Non-bitumen Synthetic Roofing Underlying Materials to Retain Dominance
Transparency Market Research states that the global roofing underlying materials market will expand at a healthy 5.5% CAGR over the period between 2016 and 2024. The market held an opportunity of US$27.99 bn in 2015 and is expected to rise to US$45.16 bn by 2024. In terms of product type, the segment of non-bitumen synthetic roofing underlying materials accounted for a share of over 35% in terms of volume in the global market in 2015. This segment is also expected to remain the dominant product segment from 2016 to 2024. In terms of application, the non-residential sector dominated in 2015, accounting for nearly 44% in the global market in 2015.
This review is based on a recent market research report published by Transparency Market Research, titled “Roofing Underlying Materials Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.”
For this report, the market is segment as follows:
Roofing Underlying Materials Market: Product Segment Analysis
Roofing Underlying Materials Market: Application Segment Analysis
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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