After the rough development period because of the economic meltdown of 2008 that was experienced by the developed economies all across the world, the need for a wide range of materials for roofing underlying has gained positive traction. The global roofing underlying market is on the brink of a major transformation as the developing nations are occupying key positions in the market. The boom in construction industry and consistent rise in new construction projects in the developing regions are also expected to play a significant role in the development of the global roofing underlying materials market. On the other hand, the market growth in the established economies is projected to be stimulated by increasing activities of refurbishing and maintenance.
The global roofing underlying materials market stood at the overall valuation of US$27.99 bn in the year 2015. Over the course of the mentioned forecast period of 2016 to 2024 the global market for roofing underlying materials is estimated to reach an overall valuation of US$45.16 bn. This growth in the market is expected to be achieved at a stable CAGR of 5.5% during the aforementioned forecast period of 2017 to 2025.
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Applications in Non-Residential Segment to Remain Vital Contributor for Global Roofing Underlying Materials Market
The non-residential segment is currently the biggest contributor to the global market for roofing underlying materials. The non-residential segment accounted for a market share of almost 44% in the international market in the year 2015. However, it is projected that the sector will see a decline in its attractiveness to the residential segment and may record a slight cut down in the overall market share over the course of the forecast period of 2016 to 2024. Increasing demand for a wide range of roofing underlying materials in the commercial segment is expected to be chiefly driven by a constant rise in maintenance and replacement activities in the aftermath of recent economic turmoil. Economies that are gaining stability are now enabling the commercial segment to pick up the formerly discarded replacement projects.
On the other side, the huge growth in the residential construction projects, especially in the emerging economies like India, China, Indonesia, Costa Rica, and Malaysia, mainly because of rapid urbanization and strengthening of economy has propelled the requirement for a wide range of roofing materials in the last few years. In the coming years, the booming sector of residential construction is expected to be the chief contributor in the development of the global roofing underlying materials market. The revenue generation of the residential segment to the global market is estimated to expand at a CAGR of 6.0% over the aforementioned forecast period of 2016 to 2024. The volume-wise need in the residential segment for roofing underlying materials is estimated to grow at CAGR of 4.6% over the mentioned forecast period.
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Emerging Economies in Asia Pacific to Keep Motivating Market Growth
Asia Pacific was the most dominating geographical region in the global market for roofing underlying materials in the year 2015. This was mainly because of rapidly developing construction sector and ever increasing number of fresh homeowners in the urban areas of the region. The Asia Pacific roofing underlying materials market is also projected to grow at the fastest speed when compared to the markets in other regions. The market in Asia Pacific is estimated to show a CAGR of 4.8% during the course of the forecast period of 2016 to 2024. China is expected to continue its dominance in the regional market of Asia Pacific over the complete forecast period and is estimated to account for almost 58% of overall market share in the region by the fall of 2024.
Other regional markets such as the Middle East and Africa and Latin America are also expected to show a healthy growth and will benefit from overall developments in the residential construction segment.
Some of the prominent players in the global hyperconverged integrated market includes names such as Atlas Roofing Corporation, DuPont, Firestone Building Group Services S.A., Duro-Last Roofing Inc., GAF Materials Corporation, CertainTeed Corporation, Owens Corning, Carlisle, IKO Industries Ltd., and TAMKO Building Products Inc.
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