ALBANY, New York, January 5, 2017 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled "Commercial Roofing Materials Market (Building Type -Low Sloped Roofing and Steep Sloped Roofing; Materials - Single-Ply Products, Modified Bitumen Materials, Spray Polyurethane Foam (SPF), Built-Up Roofing (BUR), Metals and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024,"in terms of revenue, the global commercial roofing materials market was valued at US$7,555.6 Mn in 2015, and is expected to reach US$ 10,387.3 Mn by 2024, expanding at a CAGR of 3.6% from 2016 to 2024.
Commercial roofing includes a wide variety of roofing solutions which are used in the exterior part or a structure of a building. Growth in construction industry coupled with the increase in the pace of urbanization is expected to drive the commercial roofing materials market over the forecast period. Increasing number of re-roofing activities is one of the key factors which is propelling the demand for commercial roofing materials over the estimated time period.
On the basis of building type, the commercial roofing materials market is divided into low sloped roofing and steep sloped roofing. Both in terms of revenue and volume, low sloped roofing held the leading market share in terms of building type in 2015 and is projected to retain its market dominance over the forecast period from 2016 to 2024. The commercial roofing materials market is also segmented on the basis of materials type into single-ply products, modified bitumen materials, spray polyurethane foam (SPF), built-up roofing (BUR), metals and others. Other materials segment includes green roofing, building-integrated photovoltaics (BIPVs), reflective roofs, vegetative roofs, and concrete tile, garden roofing, slate, solar and wood shakes among others.
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In terms of revenue, the modified bitumen materials type segment held the leading market share in the global commercial roofing materials market and accounted for around one third of the market in 2015. This product segment is expected to maintain its leading position across different regions over the forecast period from 2016 to 2024. Whereas, in terms of volume, single ply products segment accounted the maximum market share in 2015 and is expected to retain its market dominance over the forecast period from 2015 to 2024. Single ply product segment is further categorized into ethylene propylene diene monomer (EPDM), thermoplastic polyolefin (TPO) and polyvinyl chloride (PVC). In terms of revenue, thermoplastic polyolefin accounted the maximum market share in 2015 and is expected to retain its market dominance in the coming years. Whereas, in terms of volume, polyvinyl chloride dominated the global commercial roofing materials market in 2015.
North America accounted for the leading market share for commercial roofing materials in 2015 and is likely to retain its position over the forecast period. The increase in re-roofing activities is one of the key driving factors for the commercial roofing materials market in this region. The U.S. is the most attractive market in North America. Global manufacturers have focused on strategic partnerships and acquisitions of other firms in order to develop their product range of different types of commercial roofing materials. This has led to increased demand for roofing materials and is expected to drive the market during the forecast period from 2016 to 2024.
Asia Pacific is expected to be the most attractive market for commercial roofing materials owing to strengthening economic conditions and growing construction industry in developing countries in Asia Pacific such as China, Japan, India, and ASEAN. China is the most attractive market in Asia-Pacific owing to the growth in the construction industry. Demand for commercial roofing materials is expected to rise further in the future in these countries. Increase in re-roofing activities one of the key driving factors for the commercial roofing materials market in Middle East & Africa. Latin America is an emerging market, where Brazil is the most attractive market, even though the CAGR of Brazil is less than rest of Latin America. The incremental opportunity is significantly higher for Brazil market as it accounts for a dominant market share in the commercial roofing materials market in this region.
Even though multiple brands have presented the market with differentiated commercial roofing materials, none occupy significantly higher market share compared to others. Some of the major players in the commercial roofing materials market are GAF, CertainTeed Corporation, TAMKO Building Products, Inc., Firestone Building Products Company, Owens Corning Corporation, Johns Manville Corporation, and IKO Industries Ltd. among others. The market is expected to expand steadily in the next few years.
Global Commercial Roofing Materials Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
Global Commercial Roofing Materials Market: By Building Type
- Low Sloped Roofing
- Steep Sloped Roofing
Global Commercial Roofing Materials Market: By Materials Type
- Single-Ply Products
- Modified Bitumen Materials
- Spray Polyurethane Foam (SPF)
- Built-Up Roofing (BUR)
Related Research Reports:
- Commercial Roofing Market: http://www.transparencymarketresearch.com/commercial-roofing-market.html
- Global Roofing Market: http://www.transparencymarketresearch.com/roofing-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.
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SOURCE Transparency Market Research