Global Roofing Material Market – Overview
Roofing is the outer most layer of the building which holds great importance in the construction. The roof displays various properties depending on the material used and the type of roofing. The key drivers of global roofing market are the surge in real-estate investment, increased renovation & remodeling, increased awareness about eco-friendly roofing and technological advancement. The growth in population with the increasing disposable income has resulted in changing life styles. This is related to the need for building remodeling and renovation of the existing properties. This is backed by the awareness among the consumers about the high-quality and eco-friendly roofing technology.
Huge investments in infrastructural projects in BRIC countries along with increased FDI in construction in the regions of Asia Pacific has spurred the demand for roofing for commercial and residential purpose. Asia-Pacific region has given a tough competition to well established European and U.S. markets when it comes to heavy machinery.
The report has analyzed the market based on the two segments: roofing products and application in the regions of North America, Europe, APAC and rest of the world. On the basis of roofing products bituminous/asphalt has the largest market share. The share is attributed to the cost effectiveness and ease of installation of the roofing type. On the basis of application, non-residential segment accounts for the largest share both by value and volume due to the increased industrialization. The scope of the market has widened over many years owing to the flourishing markets of APAC. The Global Roofing Market is expected to cross USD 150 Billion at the end of the forecasted period and is expected to grow at CAGR of approximately 4% from 2016 to 2022.
The key players of global Roofing market report include- Atlas Roofing Corporation, Owens Corning, Duro-Last Roofing, Inc., CertainTeed Corporation, Braas Monier Building Group Services GmbH, GAF, Johns Manville, IKO Industries Ltd., Firestone Building Products Company and TAMKO Building Products Inc.
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Global Roofing Material Market – Competitive Analysis
The roofing market is partnering with partners across the supply chain to develop products and in order to create a more sustainable construction industry.
Icynene U.S. Holding Corp. and Lapolla Industries Inc. announced the completion of the merger in December 2017. The combined company is a leading manufacturer and distributor of spray foam polyurethane foam insulation products. The merger is expected to expand its client base by offering technologically advanced products.
In November 2017, NBA champion Cleveland Cavaliers and Quicken Loans Arena announced Tremco Roofing and Building Maintenanceas its official roofing supplier. Tremco Roofing provided products and services to the recently completed restoration of the 24-year-old, 170,000-square-foot main roof of Quicken Loans Arena.
Companies such as Dow Chemicals, SolTech Energy and SunTegra has been investing heavily in roofing structures with solarheat shingles. This is huge step in spiking the growth of net zero buildings market and green buildings market. Such innovations are considered as the game changers in the roofing industry which is traditional and conventional in nature.
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The share of bituminous/asphalt roofing by roofing products accounts for the largest share in the market. The segment contributed more than 40% in 2015 to the total market. It is expected to show similar trends by the end of the forecasted period. The share is attributed to the cost effective and ease of installation properties of the roofing style. On the basis of application, Non-residential segment holds the largest share. The segment accounts for close to 37% of the market in 2015. The market is fueled majorly by the demand arising out of industrial and infrastructure market. The global roofing market size is expected to cross USD 150 Billion at CAGR of approximately 4% by 2022.
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