The Increasing Usage of Spray Polyurethane Foam in Construction Renovations & Remodeling Activities Will Upsurge the Growth of the Commercial Roofing Materials Market.
Hyderabad, India - July 16, 2021 /MarketersMedia/ —
Commercial Roofing Materials Market size is forecast to reach US$ 14.2 billion by 2026, after growing at a CAGR of 6.1% during 2021-2026. Globally, the development of efficient and advanced technology in roofing materials, and increasing popularity of environmental friendly roofing technologies is driving the demand for commercial roofing materials market. Also, rising demand for single-ply roof membranes such as thermoplastic polyolefin, ethylene propylene diene monomer, and polyvinyl chloride, owing to its cost-effective fast-track construction and lightweight in commercial roofing is anticipated to drive the market growth. Furthermore, the increasing usage of spray polyurethane foam in construction renovations & remodeling activities will upsurge the growth of the commercial roofing materials industry in the forecast period.
Commercial Roofing Materials Market Segment Analysis - By Material Type
Spray Polyurethane Foam are extensively used in the commercial roofing materials market. SPF is most commonly used to re-roof existing buildings in the commercial sectors. Although SPF is hardly a new commodity, both open-cell and closed-cell foam applications have continuously evolved, as construction teams are capable of improving energy efficiency, internal comfort and reliability in all kinds of constructions. Also, SPF insulation is commonly considered environmentally friendly, particularly as an efficient thermal and air insulation because of its outstanding energy efficiency benefits. Thus, it is anticipated that the rising demand for spray polyurethane foam in commercial roofing activities will upsurge the growth of the market in the upcoming years.
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Commercial Roofing Materials Market Segment Analysis - By Roof Type
Commercial flat roofs held the largest share in the commercial roofing materials market in 2020. Commercial flat roofs is highly preferred as it is more cost effective to build than pitched roofs or steep slope roofs because they require less material due to the fewer square feet to be covered. Roofing materials such as thermoplastic polyolefin, ethylene propylene diene monomer, and polyvinyl chloride owing to their durability and high quality are increasingly used in flat roofs. Thus, due to the above-mentioned properties, the demand for commercial roofing materials in flat roofs is anticipated to rise over the forecast period.
Commercial Roofing Materials Market Segment Analysis - By Geography
Asia Pacific held the largest share with 42% in the commercial roofing materials market in 2020. Rapid increase in the commercial construction activities has raised the demand for commercial roofing materials in this region. Moreover strict government regulations to boost building energy performance, increased durability, easy installation and increased urbanization in developing countries such as China, India, and Japan have raised the growth of the market. Building industry is expected in China to rise by 5% on an annual average in real terms between 2019 and 2023, according to the International Trade Administration.
Commercial Roofing Materials Market Drivers
Increasing use of metal roofing in commercial buildings
Metal roofing systems in commercial buildings are by far the most common method of roofing. Owing to its high durability it has become the most preferred roofing material for commercial buildings. Also, these roofing materials are recyclable and when color coated can be very attractive compared to shingles. Metal roofing is easier to clean and keep their appearance over time although they are more costly than asphalt roofs. Metal roofing systems suppliers pre-coat the metal with almost every possible coating. Thus, the growing demand for metal roofing due to such properties is anticipated to boost the commercial roofing materials growth over the forecast period.
Rising commercial construction activities
The growing commercial construction activities across various regions are estimated to drive the market demand for commercial roofing materials. The high demand for roofing goods and the rising need to refurbish and rebuild old buildings and monuments is expected to drive the global commercial roofing materials market growth. In 2030, the nation is expected to already face a situation that varied radically from developing countries in more than 50% of the building stocks that would remain. Also, as per the Australian Bureau of Statistics, the value of non-residential buildings (US$4,110.8) rose by 27.5%, to the highest level in four months as of March 2021. Thus, with the rapid expansion of several commercial construction activities the market is estimated to rise in the projected timeframe.
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Commercial Roofing Materials Market Landscape
Major players in the commercial roofing materials market are Roofscapes Inc., Atlas Roofing Corporation, Genflex Roofing Sytems, Braas Monier Building Group, Etex, Boral Ltd., LafargeHolcim, TAMKO Building Products, Saint Gobain SA, Johns Manville, and Carlisle Companies Inc among others.
Key Takeaways
The Asia-Pacific region dominated the commercial roofing materials market owing to the increase in adoption of commercial roofing for application in newer industrial vertical and emerging economies such as China, India and others.
Rising investments in the renovation and construction of social infrastructures such as hospitals, government offices, educational buildings, and correctional facilities is estimated to drive demand for commercial roofing materials in the forecast period.
The rapidly expanding use of roofing materials in the construction of energy efficient buildings such as green buildings is projected to present enormous market opportunities for the growth of the market.
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