Despite the presence of well-known entities from the construction-oriented industries, the global commercial roofing materials market is currently lacking the strong presence of globally prominent players. There is a heavy volume of regionally active players in the global commercial roofing materials market at the moment and a comparatively low number of key players. In 2015, the global commercial roofing materials market was led by the names GAF, TAMKO Building Products, Inc., and Firestone Building Products Company.
According to a research report released by Transparency Market Research, the global commercial roofing materials market was consistently dominated by North America till recently. This region held a high demand for all segments of roofing within the market. At the same time, the emergent economies are showing extremely positive growth rates in their construction activities, sparing a long term demand for commercial roofing materials. In terms of revenue, the global commercial roofing materials market is expected to be valued at US$7.81 bn by the end of 2016. After expanding at a CAGR of 3.6% from 2016 to 2024, this market’s revenue is expected to reach US$10.38 bn in 2024.
Construction Boom Primary Propeller for Commercial Roofing Materials’ Demand
“New construction generates a far greater demand for commercial roofing materials than restoration and renovation work. With that in mind, the accelerating rate of activities in the global construction industry over the recent past have formed the leading driver for the global commercial roofing materials market. After witnessing a severe downturn till 2008, the rate of construction activities across the world took off on a massive scale. A lot of the overall demand for commercial roofing materials is projected to continue coming from Asia Pacific, one of the leading regions when it comes to growth in demand for modern construction projects,” States a TMR analyst.
Other factors augmenting the global commercial roofing materials market at the moment include the growing use of roofing systems that incorporate singly-ply products due to their higher flexibility, ease of installation, and competitive pricing. Another driver for the market is the growing rate of restoration and renovation activities in developed economies where commercial roofing materials are found to be of great value.
Installation Costs High Enough to Hamper Overall Growth Rate
One of the key restraints currently acting on the global commercial roofing materials market is the high cost of installation of these roofs. Commercial roofing today incorporates several additions such as cool roofing and solar panel roofing to meet consumer demands. This, however, is leading to an inflation of prices of installing these roof types due to the high cost of the raw materials involved. Solar roofing is known to be highly expensive and commonly seen only in developed economies for the same reason. Thus price is currently a very restrictive concern for players in the global commercial roofing materials market.
“Despite pricing concerns, the global commercial roofing materials market is expected to progress at a very fast rate over the coming years, in terms of product developments. Advancements in technology can make manufacturing of commercial roofing a lot cheaper and help players gain a greater regional penetration. They can also allow players to derive successful product innovations that can help reduce costs and enhance scope of utility,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Commercial Roofing Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key segments of the Global Commercial Roofing Materials Market
Global Commercial Roofing Materials Market: By Building Type
- Low Sloped Roofing
- Steep Sloped Roofing
Global Commercial Roofing Materials Market: By Materials Type
- Single-Ply Products
- Modified Bitumen Materials
- Spray Polyurethane Foam (SPF)
- Built-Up Roofing (BUR)
Global Commercial Roofing Materials Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America