The global market for commercial roofing materials is witnessing a presence of a large number of players and a high level of competition across the globe, states a research report by Transparency Market Research. The rising number of mergers and acquisitions and collaborations are likely to strengthen the competitive environment of the global commercial roofing materials market in the next few years. Some of the leading players operating in the global market are TAMKO Building Products, Inc., GAF, and Firestone Building Products Company. These players are focusing on new product development and innovations so as to attract a large number of consumers and attain a leading position in the global commercial roofing materials market. In addition, the rising number of players predicted to enter the market is likely to encourage the growth of the overall market over the coming years.
As per the research study by Transparency Market Research, in 2016, the global market for commercial roofing materials was worth US$7.81 and is estimated to reach a value of US$10.38 bn by the end of 2024. The market is expected to register a healthy 3.60% CAGR between 2016 and 2024.
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Asia Pacific to Offer Potential Growth Opportunities for Commercial Roofing Materials Manufacturers
Among the key regional segments, in the last few years, North America held a large share of the global commercial roofing materials market and is expected to remain in the leading position in the next few years. This segment is considered as a matured market and is expected to register to steady growth in the near future. On the other hand, Asia Pacific is estimated to offer promising growth opportunities for the key players, thanks to the rising rate of construction in several developing economies. The growing demand for roofing as well as re-roofing activities is projected to encourage the development of the Asia Pacific market in the near future. Furthermore, Europe and Latin America are projected to witness a healthy growth in the forecast period.
On the basis of material type, the global market for commercial roofing materials has been categorized into modified bitumen materials, single-ply products, spray polyurethane foam, metal, built-up roofing, and others. In the recent years, the modified bitumen materials segment led the overall market with a key share. However, the single-ply products segment is estimated to experience a high level of growth throughout the forecast period. The ease of installation and comparatively high flexibility are some of the key factors that are projected to fuel the growth of the single-ply products segment in the next few years.
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Rise in Construction Activities to Augment Global Commercial Roofing Materials Market
A significant rise in the demand for roofing and re-roofing activities across the globe is one of the vital factors that is expected to encourage the growth of the global commercial roofing materials market in the next few years. In addition, the robust rate of urbanization and industrialization, leading to increased construction work is another key factors predicted to accelerate the growth of the market throughout the forecast period.
On the other hand, the leading players operating in the global commercial roofing materials market are anticipated to face several barriers, which are expected to restrict the growth of the overall market in the coming years. The variation in the product lifespan is considered as a key factors predicted to hamper the growth of the market in the near future. In addition, the requirement of high cost of installation is likely to restrict the development of the global commercial roofing materials market in the coming years. Nonetheless, advancements in technology are anticipated to fuel the growth of the overall market in the forecast period.