Impact Assessment of COVID-19 Outbreak on Commercial Roofing Materials Market- Futuristic Developments And Upcoming Competitors
On the basis of revenue, the commercial roofing materials market is predicted to reach US$10.38 bn by 2024. The market is expected to exhibit a 3.6% CAGR during the forecast. On the basis of geography, the global commercial roofing materials market is particularly dominated by North America over the last years. This region is expected to go-slow in the pace of growth in future as the market gets matured. Asia pacific region is expected to surface as a lucrative regional market in the coming future. Fast paced construction activities is expected to fuel the rise of the market in the Asia Pacific region. Latin America is also expected to attract a slew of leading manufacturers in the commercial roofing materials market.
Clash between the major companies of commercial roofing materials defines an important characteristics of the global commercial roofing materials market, reports Transparency Market Research (TMR) in their report. The major players in the market are GAF, Tamko Building Products Inc., and Firestone Building Products Co., are challenging each other on the basis of price difference and product innovation in order to mark a strong foot print in the global commercial roofing materials market. The market study suggests that these players will focus more on research and development to fortify their standing across the world.
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Construction boom positively impact the market
According to a TMR analyst, the exponential rise in the valuation of the global commercial roofing materials market is caused by the surge in construction boom all over the world. It has been duly noted that renovation and restoration of old buildings and monuments is helping the market to grow. The market based on building type is divided into step sloped roofing and low sloped roofing. Low sloped roofing held a major portion in the market in the past and is predicted to continue so in the future.
Based on the material type, the commercial roofing materials market is classified into modified bitumen materials, single ply products, metal and collective segment of minority materials, spray polyurethane foam, and built-up roofing. Modified bitumen materials has dominated amongst others in this segment in the recent years. Single-ply products are sub divided into thermoplastic polyolefine, polyvinyl chloride, and ethylene propylene diene monomer.
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High Cost in Installation Likely To Stall the Market Growth
Renovation and restoration activities which are witnessed more by the developed countries would help of provide more favorable chances for the growth in the market. The increase in use of single ply products is also expected to aid the growth of the market in the years to come, studies the report. On the other hand high cost suffered while installing the commercial roof is probably going to burn the pockets of the builders. This is expected to stall the growth of the global commercial roofing materials market in the future. It has also been noted that uneven lifespan of different materials is expected to play an important role in bringing down the market, states the report.
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