GlobalCommercial Roofing Materials Market: Overview
Clashbetween the major companies of commercial roofing materials defines animportant characteristics of the global commercial roofing materials market,reports Transparency Market Research (TMR) in their report. The major playersin the market are GAF, Tamko Building Products Inc., and Firestone BuildingProducts Co., are challenging each other on the basis of price difference andproduct innovation in order to mark a strong foot print in the globalcommercial roofing materials market. The market study suggests that theseplayers will focus more on research and development to fortify their standingacross the world.
On thebasis of revenue, the commercial roofing materials market is predicted to reachUS$10.38 bn by 2024. The market is expected to exhibit a 3.6% CAGR during theforecast. On the basis of geography, the globalcommercial roofing materials market is particularlydominated by North America over the last years. This region is expected togo-slow in the pace of growth in future as the market gets matured. Asiapacific region is expected to surface as a lucrative regional market in thecoming future. Fast paced construction activities is expected to fuel the riseof the market in the Asia Pacific region. Latin America is also expected toattract a slew of leading manufacturers in the commercial roofingmaterials market.
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Constructionboom positively impact the market
Accordingto a TMR analyst, the exponential rise in the valuation of theglobal commercial roofing materials market is caused by the surge inconstruction boom all over the world. It has been duly noted that renovationand restoration of old buildings and monuments is helping the market to grow.The market based on building type is divided into step sloped roofing and lowsloped roofing. Low sloped roofing held a major portion in the market in thepast and is predicted to continue so in the future.
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Based onthe material type, the commercial roofing materials market is classified intomodified bitumen materials, single ply products, metal and collective segmentof minority materials, spray polyurethane foam, and built-up roofing. Modified bitumenmaterials has dominated amongst others in this segment in the recent years.Single-ply products are sub divided into thermoplastic polyolefine, polyvinylchloride, and ethylene propylene diene monomer.
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High Cost in Installation Likely ToStall the Market Growth
Renovationand restoration activities which are witnessed more by the developed countrieswould help of provide more favorable chances for the growth in the market. Theincrease in use of single ply products is also expected to aid the growth ofthe market in the years to come, studies the report. On the other hand highcost suffered while installing the commercial roof is probably going to burnthe pockets of the builders. This is expected to stall the growth of the globalcommercial roofing materials market in the future. It has also been noted thatuneven lifespan of different materials is expected to play an important role inbringing down the market, states the report.
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