The global commercial roofing materials market is defined by the presence of well known players from the construction industry. There are no prominent global players in this market but there are several regional players, Transparency Market Research observes in its latest study on this market. Some of them are: GAF, Firestone Building Products Company, and TAMKO Building Products, Inc. According to the report the global commercial roofing materials market was worth US$7.81 bn in 2016 and shall be worth US$10.38 bn in 2024, expanding at a 3.6% CAGR from 2016 to 2024.
On the basis of geography, North America has been leading in the commercial roofing materials market with a high demand for all segments of roofing. However, emerging economies are showing a positive growth rate owing to an increase in construction activities and this will make them lucrative markets for commercial roofing materials in the years to come, while North American market for the same has become mature and growth will be slower. The increased re-roofing activities are expected to be a key reason for attracting players in the industry to this region. “On the basis of building type, the low sloped roofing segment not only led in the past but shall continue to retain its position through 2024,” said a TMR analyst. On the basis of type of materials, the market was led by modified bitumen materials in 2015.
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Use of Single Ply Products Driving Growth Prospects of Commercial Roofing Materials
The growth of construction activities is one of the most obvious and key reasons for the growth of the global commercial roofing materials. Restoration and renovation activities will also generate a demand for commercial roofing materials. Developed economies are anticipated to witness more of these renovation activities. The growing use of single ply products for roofing systems as they are more flexible, easy to install, and are priced reasonably will also aid the growth of this market.
Additions such as Cool Roofing and Solar Panel to Increase Cost, Restricting Demand
On the other hand, the high installation cost will act as a challenge for the growth of commercial roofing materials market. In addition to this, the varying lifespan of different products will also be a cause of concern and restrict the growth of this market as customers will be confused over which commercial roofing type to opt for. Moreover, commercial roofing these days accommodate additions such as cool roofing and solar panel roofing as per customer demands and this is only increasing the price of these products, deterring their adoption in cost sensitive regions. However, advancements in technology may bring about a reduction in price and enable the continued growth of this market.
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