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Commercial Roofing Materials Market: Players Competing on Product Innovation and Price Differentiation
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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.
Read Report Overview @ https://www.transparencymarketresearch.com/commercial-roofing-materials-market.html
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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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.
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