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Publishing News and Press Releases

Commercial Roofing Materials Market Size Forecast to Reach Us$ 14.2 Billion by 2026

(Publishing-NewsWire.com, September 12, 2021 ) 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.



Impact of Covid-19



The COVID-19 outbreak wreaked havoc on the commercial sectors, posing significant economic challenges. As a result of the government's strict steps to slow the spread of the corona virus, construction production growth slowed, creating widespread concern and financial distress for the commercial roofing materials industry. Several ventures remained incomplete as a result of a shortage of funding. The ongoing construction activities also faced challenges such as supply chain disruption, a shortage of subcontractors and materials, and contract terminations to cut costs, all of which slowed the demand of the commercial roofing materials over 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. The production and use of these goods is often done by a zero ozone depletion mechanism that does not overly impact the outdoor environment. 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. Since flat roofs are smoother and faster to build, it can lead to considerable savings for the construction owner, which often adds to the convenience of the next commercial renovation of the roof. Also, owing to the reflective properties flat roofs help reduce energy waste from cooling costs. 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 End Use



Office building held the largest share in the commercial roofing materials market in 2020 and is projected to grow at a CAGR of 5.7% during the forecast period 2021-2026. The roof of an office is an important building structure, as it offers protection and enhances the attractiveness of the building. The major factor driving the demand for roofing materials for commercial purposes is increased government and institutional funding for the construction of buildings in emerging economies. For instance, the W&W Group announced that they are investing in the Kornwestheim site in Germany and are planning to build seven office buildings with courtyards by 2023. Thus, with the growth of new office buildings the commercial roofing materials market is anticipated to rise in the upcoming years. The other key factors driving demand for commercial roofing materials include increasing use of roofing products in the construction of green buildings as well. In addition, advanced commercial roofing products are demanded at an increasing rate because they are thought to have comparatively lower environmental impact. Increasing investments by major technology firms such as Google, Microsoft and Amazon in the construction of data centers are also projected to favorably impact the future demand for commercial roofing materials market.



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. In addition, the Japanese government is working with private firms to implement new building technology in the construction sector, using Information and Communication Technologies (ICT), according to the Government of Japan. Thus, it is anticipated that with the rising growth of commercial buildings in Asia-pacific region the market for commercial roofing materials will also upsurge over the forecast period.



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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. There are various options such as waterborne acrylic coatings, solvent-borne aluminum, rubberized aluminum, solvent-borne styrene-ethylene butylene styrene (SBS), polyurethane and various others, for the coating of metal roofing systems. 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. Also, upsurge in new construction activities is anticipated to raise the growth of the commercial roofing materials market over the forecast period. According to the Bureau of Energy Efficiency, commercial construction in India is rapidly expanding, at more than 9% per year, largely driven by strong service sector expansion. 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.



Commercial Roofing Materials Market Challenges



Effects of roofing materials



The initial cost of various roofing materials is typically higher than that of other commercial roofing materials. Thus, resurfacing worn-out roofs takes a significant amount of time, energy, and resources, which affects the growth of the market. Additionally, climate change can have a huge effect on the roofing materials quality. Some materials, for instance, are unable to endure intense heat and ultraviolet radiation from sunlight but are easily damaged by repeated freeze-thaw cycles. Bituminous shingles can get damaged if they are installed during freezing temperatures and since they are not of top quality, they are more prone to wind lifting and can quickly break at varying temperatures. Moreover, the toxic emissions produced while the manufacturing of roofing materials such as spray polyurethane foam is also considered one of the major factors restraining the growth of the market. Thus, due to the above-mentioned factors the market for commercial roofing is anticipated to face hurdles in the forecast period.



Commercial Roofing Materials Market Landscape



Technology launches, acquisitions, and R&D activities are key strategies adopted by players in commercial roofing materials market. 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.



Acquisitions/Technology Launches



In January 2021, LafargeHolcim has announced the acquisition Firestone Building Products (FSBP), a US-based leader in commercial roofing and building envelope solutions (US). This acquisition will help the company, LafargeHolcim to become the global leader in innovative and sustainable building solutions.



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.



Related Reports :



A. Roofing Market

https://www.industryarc.com/Report/18234/roofing-market-research-report-analysis.html



B. Residential Roofing Market

https://www.industryarc.com/Report/16226/residential-roofing-market.html



For more Chemicals and Materials Market reports, please click here



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IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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