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.
Onthe basis of revenue, the commercial roofing materials market is predicted toreach US$10.38 bn by 2024. The market is expected to exhibit a 3.6% CAGR duringthe forecast. On the basis of geography, the global commercial roofing materials market is particularly dominated byNorth America over the last years. This region is expected to go-slow in thepace of growth in future as the market gets matured. Asia pacific region isexpected to surface as a lucrative regional market in the coming future. Fastpaced construction activities is expected to fuel the rise of the market in theAsia Pacific region. Latin America is also expected to attract a slew ofleading manufacturers in the commercial roofing materials 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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Basedon the material type, the commercial roofing materials market is classifiedinto modified bitumen materials, single ply products, metal and collectivesegment of minority materials, spray polyurethane foam, and built-up roofing.Modified bitumen materials has dominated amongst others in this segment in therecent years. Single-ply products are sub divided into thermoplasticpolyolefine, polyvinyl chloride, and ethylene propylene diene monomer.
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HighCost in Installation Likely To Stall 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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