Growing Construction Activities in Developing Countries Drives Demand Avenues in Roofing Market: TMR
- Growing urbanization, towering demand for residential and commercial buildings, and increased inclination in construction sector to use green materials are key factors that are likely to boost the demand opportunities in the roofing market
- Asia Pacific presents lucrative avenues for market players on the back of increased construction activities in this region
ALBANY, N.Y., Oct. 6, 2020 /PRNewswire/ -- Roof is an important part in the construction of any building. It is intended to protect people living in house from any climatic conditions and natural factors. Roofing materials refers to outer layers applied on a building roof. There are different types of roofing materials including natural products like slates and thatches. Similarly, tiles, plastic sheeting, and bituminous are some instances of commercially available roofing materials.
According to TMR analysts, the global roofing market is foreseen to expand at promising CAGR of around 4.9% in the assessment period of 2019 to 2027. Growing government support for construction activities in the developing countries across the globe will stimulate promising demand avenues for vendors working in the roofing market.
Roofing Market: Key Driving Factors and Promising Avenues
In recent period, there is remarkable increase in demand for laminated asphalt shingles with textured surface. This is one of the key factors attributed to promising growth of roofing market.
Tile roofing is found to be useful in minimizing the requirement of air conditioning. As a result, it helps in consumption of less amount of electricity. Owing to this factor, the global roofing market is foreseen to experience upward curve of demand for tiles during the forthcoming years.
With growing trend of using green construction material, metal roofing is gaining popularity across the globe. Metal roofing is known for its property of excellent durability. As a result, the lifecycle cost of this product is remarkably low. In addition to this, metal roofing contains around 30%–60% of recycled metal content. It is totally recyclable product when its service life is completed. All these factors suggest that the global roofing market will experience upward graph of the metal roofing sales during 2019 –2027.
Growth in urbanization in developing countries has resulted into increased need for residential as well as commercial buildings. This is one of the important factors driving expansion avenues in roofing market.
The government bodies of several emerging economies are offering support for construction activities in the form of tax benefits and subsidies. Thus, the market for roofing is projected to show promising development avenues on the back of growing government initiatives to support construction activities.
Apart from this, the government bodies in developed as well as developing economies are focused on offering incentives to people for the replacement of their existing roofs with energy-saving ones. This factor may boost the market growth in the forthcoming years.
The global roofing market experiences high competition levels. This scenario is result of presence of many well-established players in the market. Several players in the market for roofing are constantly engaged in the launch of superior quality products. This move is allowing them to gain a strong hold in the light of high level of competition.
The list of important players operating in the roofing market includes CertainTeed Corporation, GAF Materials Corporation, Braas Monier Building Group, Owens Corning Corp., and Carlisle Companies Incorporated.
Acoustics Market - A report by Transparency Market Research (TMR) finds that the global acoustics market would expand at a steady CAGR of 6.1% over the period between 2019 and 2027. Furthermore, the global market for acoustics had a net value of US$ 11.1 Bn in 2018, and this figure is expected to escalate by multiple times in the years to come. On the basis of end-use industry, the constructions sector has been a key consumer of acoustic materials. North America hosts a huge consumer base for the global market for acoustics due to the presence of a sophisticated commercial and industrial sector in the region.
Redispersible Polymer Powder Market - The global redispersible polymer powder market for 1k cementitious waterproofing & self-levelling mortar was valued at US$ 122.5 Mn in 2018 and is anticipated to expand at a CAGR of ~6% during the forecast period. Rise in usage of redispersible polymer powder for waterproofing systems in the global construction sector is expected to drive the redispersible polymer powder market for 1k cementitious waterproofing & self-levelling mortar. Asia Pacific accounts for major share of the global redispersible polymer powder market for 1k cementitious waterproofing & self-levelling mortar. Expansion in the construction industry in Asia Pacific due to rapid urbanization and growth in infrastructure development activities is driving the redispersible polymer powder market for 1k cementitious waterproofing & self-levelling mortar in the region.
Industrial Rubber Products Market - The global industrial rubber products market was valued at ~US$ 106 Bn in 2018, and is anticipated to expand at a CAGR of ~6% from 2019 to 2027. The demand for synthetic rubber has increased in industrial, automotive, and performance-demanding applications due to their unique properties. In terms of volume, the automotive industry is a major consumer of industrial rubber products, which are used in various dynamic and static seals, belts, and hoses. Thus, rise in the demand for rubber products in various industries is driving the global industrial rubber products market.
Waterproofing Membranes Market - The global waterproofing membranes market was valued at ~US$ 19 Bn in 2018 and is anticipated to expand at a CAGR of ~7% during the forecast period. The global waterproofing membranes market is primarily driven by growth in the construction industry and rise in the need to improve the quality of construction. Emerging and developed economies across the globe are carrying out infrastructure developments such as roadways, railroads, and river bank protection projects to sustain economic growth. These civil construction projects boost the consumption of waterproofing membranes, which are commonly accepted as durable and long-lasting products.
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