Roofing Underlying Materials Market Analysis by Segments, Size, Trends, Growth and Forecast 2024
Following a rough growth patch across developed economies post the recent economic turmoil of 2008, the demand for a variety of roofing underlying materials has again started gaining strength. However, the market is on the brisk of a huge transformation as emerging economies such as Asia Pacific and Latin America are commanding the most influential positions in the market.
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The flourishing construction sector and a constant rise in new construction activities in these emerging economies are mostly to be ascribed for the excellent growth prospects for roofing underlying materials in the regions. In North America and Europe, on the other hand, demand is mostly stimulated by refurbishing and maintenance activities.
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, which had a valuation of US$27.99 bn in 2015, is expected to rise to US$45.16 bn by 2024 at this rate.
Non-residential Applications to Continue Being Market’s Key Revenue Contributors
The non-residential sector is presently the largest contributor to the global roofing underlying materials market, accounting for a share of nearly 44% in the global market in 2015. However, the segment is expected to lose its attractiveness to the residential sector and report a slight decline in its overall share in the global market in 2024. Demand for a variety of roofing underlying materials in the commercial sector will be driven primarily by a sustained rise in replacement and maintenance activities post the recent economic downturn. Stabilizing economies are enabling the commercial sector to take up previously deferred replacement projects.
The vast rise in residential building projects, especially in developing countries such as China, India, Costa Rica, Indonesia, and Malaysia, primarily owing to strengthening economies and rapid urbanization has triggered the demand for a variety of roofing materials in the past few years. In the next few years, the flourishing residential construction sector will prove to be a high-impact driver of the global roofing underlying materials market. The revenue contribution of the residential sector to the market will expand at a 6.0% CAGR over the period between 2016 and 2024. Volume-wise, demand for roofing underlying materials in the residential sector will expand at a 4.6% over the said period.
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Emerging Economies to Remain Determinants of Market’s Developmental Prospects
Asia Pacific held a dominant share of nearly 41% in the global roofing underlying materials market in 2015, mainly owing to the flourishing construction industry and constantly rising numbers of new homeowners in urban parts of the region. The market for roofing underlying materials is also expected to expand at the fastest pace in Asia Pacific as compared to other regional markets. The market is expected to exhibit a CAGR of 4.8% in the region over the period between 2016 and 2024. China will continue to be the dominant country for the roofing underlying materials market in Asia Pacific throughout the said period and will account for a nearly 58% share in the regional market by 2024.
In regions such as Latin America and the Middle East and Africa, the markets for roofing underlying materials will exhibit healthy growth and will benefit the most from developments in the residential construction sector. In North America and Europe, the mature market for roofing underlying materials is expected to exhibit average growth between 3.3-3.5% CAGR from 2016 to 2024.
The highly fragmented competitive landscape of the global market for roofing underlying materials features a vast number of small-, medium-, and large-sized companies struggling to acquire a larger share in the overall pie. None of the leading companies accounted for more than a 5% share in the global market in 2015. Some of the market’s notable players are DuPont, Duro-Last Roofing, Inc., Firestone Building Products Company, Atlas Roofing Corporation, Braas Monier Building Group Services S.A., IKO Industries Ltd., TAMKO Building Products, Inc., GAF Materials Corporation, Owens Corning, CertainTeed Corporation, and Carlisle.
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