Impact of Outbreak of COVID-19 on Commercial Roofing Materials Market – KSU
Global Commercial Roofing Materials Market: Overview
The clash between the big companies of commercial roofing materials defines a key feature of the global commercial roofing materials market, Transparency Market Research (TMR) reports in their report. The main players in the market are GAF, Tamko Building Products Inc. and Firestone Building Products Co. challenge each other based on price difference and product innovation to mark a strong footprint in the global commercial roofing materials market. . The market study suggests that these players will focus more on research and development to strengthen their position around the world.
Based on sales, the commercial roofing materials market is forecast to reach $ 38 billion by 2024. The market is expected to show a CAGR of 3.6% during the forecast. Based on geography, the global market for commercial roofing materials has been mainly dominated by North America in recent years. This region is expected to slow in future growth as the market matures. The Asia-Pacific region is expected to emerge as a lucrative regional market in the coming future. Rapid construction activity is expected to drive market emergence in the Asia-Pacific region. Latin America is also expected to attract a slew of leading manufacturers in the commercial roofing materials market.
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The boom in construction has a positive impact on the market
According to a TMR analyst, the exponential rise in the valuation of the global commercial roofing materials market is driven by the surge in the construction boom around the world. It has been duly noted that renovation and restoration of old buildings and monuments helps the market to grow.
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The market by building type is divided into tiered roofing and low-pitched roofing. Low pitched roofing used to have a large share of the market in the past and is expected to remain so in the future.
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Based on the material type, the commercial roofing materials market is divided into modified bitumen materials, single-layer products, metal and collective segment of minority materials, spray polyurethane foam and built-up roofing. Modified bitumen materials have dominated this segment in recent years, among others. Single layer products are divided into thermoplastic polyolefin, polyvinyl chloride and ethylene propylene diene monomer.
High installation costs are likely to slow market growth
Renovation and restoration activities more witnessed by developed countries would provide more favorable opportunities for market growth. The increase in the use of single-layer products is also expected to aid the growth of the market in the coming years, the report studies. On the other hand, the high costs incurred in installing the commercial roof will likely burn the builders’ pockets. This is expected to slow the growth of the global commercial roofing materials market in the future. It has also been noted that unequal lifespans of different materials are expected to play a significant role in bringing the market down, the report states.
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The assessment is based on a report from Transparency Market Research (TMR) entitled “Commercial Roofing Materials Market (Building Type – Low pitched roofing and steep pitched roofing; Materials – single layer products, modified bitumen materials, spray polyurethane foam (SPF), Built-up Roofing (BUR), and Metals) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024. “