The global commercial and residential roofing market has gained traction on the back of non-residential construction as a substantial application segment and the widely used bituminous roofing product. The construction sector has been a significant contributor to the demand for different types of roofing, owing to the rising global disposable income and increase in infrastructure development of educational institutes, healthcare centers, recreational areas, and office buildings.
The market is booming at such an extent that it is also impacting the related markets. For instance, the global building-integrated photovoltaics (BIPV) market is pushing its growth limits while riding on the recent green initiatives taken for energy efficiency in building constructions.
The analysts suggest that the global commercial and residential roofing market could be classified according to application and type of product. The meticulous segmentation of the market presented in the report helps to understand the growth and future outlook of different segments, thereby assisting to make informed investments in the industry.
The publication on the global commercial and residential roofing market touches the key growth factors and market opportunities amidst the difficult times of the industry. Using extensive primary and secondary research and key industry sources, the report has compiled decisive information about the global market.
Global Commercial and Residential Roofing Market: Trends and Opportunities
The international market for commercial and residential roofing is mainly driven by the elevating prices of air conditioning and heating systems and adoption of green roofing technologies. Since roofing finds application in various industries, also apart from commercial and residential, the global market is predicted to grow thick and strong with the rise in construction activities. The construction sector could be a weighty end-user consumer of roofing materials. The rising population base and increased urbanization in emerging economies such as Saudi Arabia, China, Costa Rica, and Egypt have laid a sturdy foundation for growth in the market.
There are a myriad of roof coatings available in the global commercial and residential roofing market, viz. thermal polyolefin (TPO), polyvinyl chloride (PVC), modified bitumen, and ethylene propylene diene monomer (EPDM). Depending on the type of product, the world market could be divided into polymer, polymer modified, reflective, and bituminous. The application of roof coatings also depend on the type of roof substrates available in the market.
The only factor expected to curtail the growth of the international commercial and residential market is the high cost of innovation and installation of roofing systems. However, development in the technology of roofing materials, such as photovoltaic roofing systems, is anticipated to create rewarding opportunities in the global market.
Global Commercial and Residential Roofing Market: Geography
In 2015, the commercial and residential roofing market gained an upper hand on an international platform with a colossal consumption recorded in the Asia Pacific region. With an augment in commercial, residential, and non-residential activities, Asia Pacific witnessed a robust expansion of the construction industry. The region is also projected to demonstrate a faster growth in the global market.
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Developed regions such as the U.S. and Canada have contributed to the advancement of the world commercial and residential roofing market by consuming bituminous, a.k.a. asphalt, roofing on a larger scale. Regions that are prone to storms and earthquakes, such as Southeast Asia, East Asia, and North America, excessively demand re-roofing. This has fueled the presence of large roofing firms in these regions. While Europe is envisaged to be a more mature market, Latin America could show signs of a considerable growth in the industry.