The current rate of growth shown by the global commercial roofing materials market is primarily attributed to the high volume of activities in the global construction Industry. With both construction and restoration works in full swing across the world, the manufacturers of commercial roofing materials are finding a considerable scope of opportunities. The market is also being driven by the increasing use of single-ply roofing systems, which are flexible and cost-effective, along with the especially high rate of re-roofing activities in the developed economies of the world. However, the global commercial roofing materials market is being restricted strongly by the high installation costs and product lifespan variation, both problems that are leading to a greater reluctance and confusion among consumers in terms of choosing between the different types of commercial roofing.
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In terms of revenue, the global commercial roofing materials market was valued at US$7.5 bn in 2015, and is expected to reach US$10.38 bn by 2024, after expanding at a CAGR of 3.6% within a forecast period from 2016 to 2024.
APAC to be in Limelight in Global Commercial Roofing Materials Market
Geographically, the global commercial roofing materials market can be segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. North America accounted for the dominant share in the global commercial roofing materials market followed by Asia Pacific and then Europe, for 2015. Asia Pacific is, however, currently leading the market in terms of its attractive index in terms of future growth. This region holds a heavy rate of growth in its construction industry as well as re-roofing activities, thereby garnering a large level of attention from several of the leading players in this market. Latin America is another potentially attractive region for manufacturers of commercial roofing materials for similar reasons. North America is a matured markets for commercial roofing materials market and so the growth rate is likely to be slower compared to the global average.
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Low Sloped Roofing in High Demand across Multiple Regions
The global commercial roofing materials market has been segmented on the basis of building type, into low sloped roofing and step sloped roofing. Low sloped roofing accounted for the leading share in the global commercial roofing materials market for 2015 and it is expected to remain in the lead over the coming years. Based on the type of materials, the global commercial roofing materials market is segregated into single-ply products, modified bitumen materials, spray polyurethane foam, built-up roofing, metal and a collective segment comprising of minority commercial roofing materials used. Of these, the market was dominated by modified bitumen materials in 2015, on the basis of revenue generated, and single-ply products in terms of volume. Single-ply products are further identified as ethylene propylene diene monomer (EPDM), thermoplastic polyolefin (TPO), and polyvinyl chloride (PVC).
The lead in revenue generation achieved by low sloped roofing in the global commercial roofing materials market for 2015 can be attributed to an increase in re-roofing activities and a rise in the use of single-ply products.
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Till 2015, some of the leading players in the global commercial roofing materials market included GAF, TAMKO Building Products, Inc., CertainTeed Corporation, Owens Corning Corporation, Firestone Building Products Company, Duro-Last Inc., Johns Manville Corporation, Carlisle Companies Incorporated, Atlas Roofing Corporation, and IKO Industries Ltd.
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