Roofing Membranes – Commercial Roofing System for Buildings, Offers High Market Opportunities By 2024
A roofing membrane is a type of roofing system for buildings and tanks. In the covering of the large-area roofs of commercial and industrial buildings and for renovation projects, thermoplastic polyolefin membranes offer considerable advantages. The roofing membranes market is segmented into types, application, and geography. On the basis of types, the market is segregated into modified bitumen, polyvinyl chloride (PVC), thermoplastic polyolefin (TPO), and ethylene propylene diene monomer (EPDM).
The growth of construction activity in emerging countries is a key factor expected to propel the growth of the market during the forecast period. In addition, the recent increase in per capita income in emerging economies is expected to augment the adoption of technologically upgraded products over the forecast period. Thermoplastic polyolefin roofing membranes are the fastest-growing commercial roofing membrane segment and have gained the wide acceptance in different industries for their installation advantages at competitive prices and ability to offer good performance for a longer period of time. Other benefits of thermoplastic polyolefin roofing membranes are recyclability, flexibility, durability, eco-friendly chemistry, heat resistance, lower labor requirement, and low installation costs for efficient roofing systems.
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On the basis of application, the market has been segregated into commercial roofing (hotels, malls, offices, factories, public outlets, and educational institutes) and residential roofing. Increasing demand for cost-effective roofing membranes is expected to create an area of opportunity for the growth of the market over the forecast period. Moreover, local manufacturers are introducing newer products to capitalize on the people’s increasing purchasing power.
Geographically, the roofing membranes market is segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. All these regions are seeing an rising demand for roofing membranes due to increasing governmental investments on account of infrastructural developments. North America dominated the global demand for roofing membranes in 2015 in terms of revenue. The U.S. and Canada are anticipated to experience rapid growth, propelling the usage of roofing membranes in North America. Rapid industrialization and growing construction activities are expected to drive the demand for roofing membranes in this region.
Furthermore, developing regions continue to garner a considerable share of the global roofing membranes market, creating huge opportunities for market players. Asian countries like India, China, and Japan have witnessed an increase in the demand for roofing membranes. Moreover, Middle Eastern countries such as Qatar, Turkey, and Saudi Arabia will contribute to the growth of the market due to the growing demand for roofing membranes.
The global roofing membranes market is highly competitive due to the presence of both large-scale and small-scale vendors. These companies have been investing considerable capital in R&D in order to expand their production capabilities and to meet growing market demand. Since all the major vendors compete with one another to gain maximum market shares, the competitive environment in the market is rather fierce. These vendors compete in terms of product differentiation, price, product innovation, product distribution, and promotion.
Competition in the market will intensify further with the emergence of more players. Technological upgrades will lead to the entry of a large number of new players who engage in single- and multi-dealer platforms. This leads to higher levels of competition among existing players. To survive in this competitive market and to gain success, it is crucial for manufacturers to distinguish their products and services through a unique and clear value proposition.
Some of the key players actively present in the roofing membranes market are Carlisle Companies Inc., Sika AG, The Dow Chemical Company, Soprema Group, Firestone Building Products Company, LLC, BASF SE, GSE Environmental, Johns Manville, and GAF Materials Corporation.
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