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Roofing Underlying Materials Market Strategies and Forecasts 2016 to 2024

Press Release   •   Jan 03, 2018 02:08 EST

In the highly fragmented global roofing underlying materials market, the top five companies collectively held a meagre 13.5% of the overall market valuation in 2015, observes TMR in a recent market research report. The easy availability of raw materials, low initial investment, and a continuous rise in demand from the flourishing construction industry have encouraged the establishment of a vast number of small- and medium-sized companies globally in the past few years.

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To face the competitive pressures and gain an edge, companies are focusing on the expansion of their product portfolios and development of innovative materials that can be suitably applied to more than one type of roofing systems. Funds devoted to R&D activities are also constantly being increased and expansion across emerging economies is gaining increased emphasis.

Some of the notable vendors in the market are Owens Corning, DuPont, IKO Industries Ltd., Firestone Building Products Company, and TAMKO Building Products, Inc., Carlisle, CertainTeed Corporation, and Braas Monier Building Group Services S.A.

Rapid Urbanization across Emerging Economies Central to Development of Roofing Underlying Materials

The rapid expansion of population residing in urban settings across regions such as Asia Pacific, Latin America, and parts of Middle East and Africa has led to the vast development of public and private infrastructure across the residential as well as commercial sectors in the past few years. The increasingly affluent consumer residing in urban dwellings is leading to an increased demand for new construction projects, naturally upping the consumption of a variety of roofing underlying materials. Asia Pacific is expected to solely account for over 43% in the global roofing underlying materials market by 2024.

The market for roofing underlying materials is expected to gain the most traction across developing regions such as Asia Pacific and Latin America from 2016 to 2024, with developed regions such as North America and Europe exhibiting sluggish rise in demand. The construction sector in North America and Europe has suffered considerably during the economic depression of 2008. Though the sector is steadily stabilizing and treading along a positive growth path in these regions, the number of new construction projects are still under check. Most traction for the roofing underlying materials markets in these regions will come from refurbishing and maintenance activities.

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Rise in Production Costs to Hamper Market’s Overall Growth

Asphalt makes for one of the most critical raw materials for the manufacture of bituminous roofing underlying materials, which accounts for the second largest share in the global market in terms of product varieties. As a large share of industrially used asphalt is derived from oil and gas sources, its availability in the global market is largely dependent on the oil and gas industry, which is itself faced with enormous fluctuations in price and production capacities.

Thus, the continuous availability of high quality asphalt is a big challenge for the manufacturers of bituminous roofing underlying materials. The continuous rise in the cost of manufacturing techniques is also leading to a substantial rise in overall costs of roofing underlying materials. High costs of products are expected to have a sizeable impact on sales of roofing underlying materials, especially across developing regions where the consumer is quick to switch to cheaper alternatives.

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