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Current Trends in Roofing Market with Future Scope Analysis

Press Release   •   Nov 10, 2016 07:21 EST

Roofing materials are the external layers on the roof of a building. Sometimes, these are self-supporting. Generally, roofing materials are supported by underlying structures. Roofing materials provide shelter from natural elements. The outer layer of a roof exhibits greater variation depending upon the availability of the material, and the nature of the supporting structure. Roofing materials range from natural products, such as thatches and slates, to commercially available products such as tiles and plastic sheeting. Roofing materials may be placed on top of a secondary water-resistant material called underlayment. Demand for roofing materials is rising due to the increasing global construction activities, especially in the emerging economies in Asia Pacific and Latin America. The BRICS nations, namely Brazil, Russia, India, China, and South Africa, are some of the fastest growing markets for roofing materials. Re-roofing is another factor driving the growth of the roofing material market. Demand for roofing materials is increasing significantly due to rise in occurrence of natural calamities such as storms and earthquakes.

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Rise in research and development activities has been driving the roofing material industry. Major players in the market are directly involved in research and development activities to bring about product and technological upgrade. Demand for roofing materials is expected to increase led by emerging technologies. Governmental agencies such as the U.S. Environmental Protection Agency (EPA) and Department of Energy oversee the usage of roofing materials in accordance with the law and environmental factors. Earlier, asbestos shingles was a popular roofing material due to its low cost and a long lifespan. However, usage of asbestos would lead to severe health issues such as tumors and other lung diseases. Therefore, currently, usage of asbestos is either banned or restricted in most economies, both mature and emerging.

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Growth in the construction industry is anticipated to drive the global roofing market in the near future. Construction industry is the largest end-user of roofing materials. The construction industry is expanding steadily in Asia Pacific, Latin America, and the Middle East and North Africa (MENA). Infrastructural development in most of the emerging economies such as China, India, Saudi Arabia, the UAE, Egypt, Brazil, and Costa Rica is driving the construction industry. Increasing population and urbanization in developing economies has boosted demand for both commercial and residential buildings. Growth in the construction industry is driving the demand for building roofing materials.

Bituminous roofing was the majorly used product owing to its waterproofing property and affordable pricing. It accounted for over 45% of the overall market share in 2013. Bituminous roofing is used widely in various educational and commercial applications, such as offices, schools, hospitals, and retail stores, due to the ease of installation of bituminous shingles. Tile roofing was the second-largest roofing material in 2013, due to its extensive usage in the emerging economies of Asia Pacific such as India, Indonesia, Malaysia, and Taiwan. Concrete was the most popularly used roofing tile.

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Nonresidential construction was the largest application segment in the roofing market, constituting market share of over 40% in 2013. Nonresidential construction activities have increased globally due to rising disposable income. Infrastructural development is boosting nonresidential constructions such as healthcare centers, educational institutions, office buildings, and amusement and recreational centers.

Demand for roofing was the highest in Asia Pacific, accounting for approximately 40% share of the roofing market in 2013. Infrastructural development in commercial, industrial, and healthcare sectors is boosting the demand for roofing in the developing economies of Asia Pacific and the Rest of the World. Presence of large construction industries has fuelled the demand for roofing in North America. Demand for re-roofing is high in storm- and earthquake-prone areas such as North America, East Asia, and Southeast Asia.

Key players in the roofing market include Braas Monier Building Group S.A., GAF Materials Corporation, IKO Industries Ltd., Beacon Roofing Supply, Inc., Owens Corning, Johns Manville, and CertainTeed Corporation.

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