ALBANY, New York, May 17, 2017 /PRNewswire/ --
The global roofing market could witness an increased focus on emerging economies by leading participants in order to expand their revenue shares, according to a latest analysis by Transparency Market Research (TMR). Players operating in the world roofing market have been prophesied to consider stationing close to raw material sites with a view to take advantage of low transportation costs and easy accessibility to raw materials.
"Bituminous Roofing Outshines in Developed Countries whereas Developing Nations Testify Construction Rise, says TMR"
South America, Africa, and Asia Pacific have been expected to be the top geographies targeted by global players to extend their regional presence in the world roofing market. Leading companies could take to business development strategies such as new product launches and mergers and acquisitions for fortifying their status in the world roofing market. IKO Industries Ltd., Owens Corning, Firestone Building Products Company, TAMKO Building Products Inc., and Carlisle are some of the important companies that have been anticipated to be profiled in the world roofing market report.
According to the report compiled by TMR, the world roofing market could achieve a revenue valuation of US$124.50 bn in 2024. In 2015, the world roofing market had earned US$71.23 bn. The research analysts have foreseen the world roofing market to register a 6.4% CAGR betwixt 2016 and 2024. Residential could be crowned as a faster growing application rising at a revenue CAGR of over 6.0% in the world roofing market for the same forecast period. In 2015, Asia Pacific had secured a 40.0% share in the world roofing market, according to the report, in terms of volume.
Vigorous Construction Activities in Less Developed Countries Favor Tall Demand
The international roofing market has been envisioned to gain impetus from the large adoption of bituminous roofing in the U.S., Canada, and other developed countries. Also known as asphalt roofing, it had reserved a significant share in the international roofing market in 2015. Strong urbanization across emerging nations warranting the rise of the construction of amusement parks, institutions, and hospitals could be one of the critical driving factors of the international roofing market. Products with relatively high feasibility and easy installation along with several color and texture options have been forecasted to augur well for the international roofing market.
Regions such as Asia Pacific could offer lucrative business opportunities in the international roofing market on the back of a telling surge in residential, commercial, and non-residential construction activities. Countries such as China, India, and Japan involved in heavy construction of medical centers, educational institutions, commercial buildings, office spaces, and hotels have been predicted to attract loads of demand in the Asia Pacific roofing market.
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Inflation in Installation and Raw Material Cost Upsets Growth
The skyrocketing expenditure on the installation of roofing systems and extortionate cost of roofing materials could slow down the growth in the worldwide roofing market. However, the expansive growth of the construction industry, especially in developing regions, has been foretold to raise the hopes of participants in the worldwide roofing market. Development of technologies such as photovoltaic roofing systems used for roofing materials could also offer some bankable opportunities for players to make progress in the worldwide roofing market. Mature geographies such as Europe have been projected to showcase a steady growth in the worldwide roofing market.
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The information presented in this review is based on a Transparency Market Research report, titled, "Roofing Market (Product Segment - Bituminous Roofing, Metal Roofing, Tile Roofing, and Reinforced Cement Concrete (RCC) and Plastics; Application Segment - Residential, Commercial, and Non-commercial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The global roofing market has been segmented as presented below:
Global Roofing Market - Product Segment Analysis
- Bituminous Roofing
- Metal Roofing
- Tile Roofing
- RCC and Plastics
Global Roofing Market - Application Segment Analysis
Global Roofing Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
Rest of MEA
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- Commercial Roofing Materials Market: http://www.transparencymarketresearch.com/commercial-roofing-materials-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research