In the highly fragmented global roofing underlying materials market,
the top five companies collectively held a meagre 13.5% of the
overall market valuation in 2015, observes TMR in a recent market
research report. The easy availability of raw materials, low initial
investment, and a continuous rise in demand from the flourishing
construction industry have encouraged the establishment of a vast
number of small- and medium-sized companies globally in the past few
years.
To face the competitive pressures and gain an edge, companies are
focusing on the expansion of their product portfolios and development
of innovative materials that can be suitably applied to more than one
type of roofing systems. Funds devoted to R&D activities are also
constantly being increased and expansion across emerging economies is
gaining increased emphasis.
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Some of the notable vendors in the market are Owens Corning, DuPont,
IKO Industries Ltd., Firestone Building Products Company, and TAMKO
Building Products, Inc., Carlisle, CertainTeed Corporation, and Braas
Monier Building Group Services S.A.
Rapid
Urbanization across Emerging Economies Central to Development of
Roofing Underlying Materials
The rapid expansion of population residing in urban settings across
regions such as Asia Pacific, Latin America, and parts of Middle East
and Africa has led to the vast development of public and private
infrastructure across the residential as well as commercial sectors
in the past few years. The increasingly affluent consumer residing in
urban dwellings is leading to an increased demand for new
construction projects, naturally upping the consumption of a variety
of roofing underlying materials. Asia Pacific is expected to solely
account for over 43% in the global roofing underlying materials
market by 2024.
The market for roofing underlying materials is expected to gain the
most traction across developing regions such as Asia Pacific and
Latin America from 2016 to 2024, with developed regions such as North
America and Europe exhibiting sluggish rise in demand. The
construction sector in North America and Europe has suffered
considerably during the economic depression of 2008. Though the
sector is steadily stabilizing and treading along a positive growth
path in these regions, the number of new construction projects are
still under check. Most traction for the roofing underlying materials
markets in these regions will come from refurbishing and maintenance
activities.
Rise
in Production Costs to Hamper Market’s Overall Growth
Asphalt makes for one of the most critical raw materials for the
manufacture of bituminous roofing underlying materials, which
accounts for the second largest share in the global market in terms
of product varieties. As a large share of industrially used asphalt
is derived from oil and gas sources, its availability in the global
market is largely dependent on the oil and gas industry, which is
itself faced with enormous fluctuations in price and production
capacities.
Thus, the continuous availability of high quality asphalt is a big
challenge for the manufacturers of bituminous roofing underlying
materials. The continuous rise in the cost of manufacturing
techniques is also leading to a substantial rise in overall costs of
roofing underlying materials. High costs of products are expected to
have a sizeable impact on sales of roofing underlying materials,
especially across developing regions where the consumer is quick to
switch to cheaper alternatives.
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Non-bitumen
Synthetic Roofing Underlying Materials to Retain Dominance
Transparency Market Research states that the global roofing
underlying materials market will expand at a healthy 5.5% CAGR over
the period between 2016 and 2024. The market held an opportunity of
US$27.99 bn in 2015 and is expected to rise to US$45.16 bn by 2024.
In terms of product type, the segment of non-bitumen synthetic
roofing underlying materials accounted for a share of over 35% in
terms of volume in the global market in 2015. This segment is also
expected to remain the dominant product segment from 2016 to 2024. In
terms of application, the non-residential sector dominated in 2015,
accounting for nearly 44% in the global market in 2015.
This review is based on a recent market research report published by
Transparency Market Research, titled “Roofing Underlying
Materials Market – Global Industry Analysis, Size, Share, Growth,
Trends and Forecast 2016–2024.”
For
this report, the market is segment as follows:
Roofing
Underlying Materials Market: Product Segment Analysis
- Asphalt-saturated Felt
- Rubberized Asphalt
- Non-bitumen Synthetic
Roofing
Underlying Materials Market: Application Segment Analysis
- Residential
- Commercial
- Non-residential
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