The roofing membranes market is expected to register a CAGR of above 9% during the forecast period. The major factors driving the growth of the market studied are the increasing demand for lighter and faster construction roofing materials in the European region, and increasing private construction expenditure in the North American region. On the flipside, fluctuating prices of raw materials is likely to hamper the growth of the market studied.
- The thermoplastic polyolefin (TPO) segment dominated the market and is likely to grow during the forecast period.
- The growing demand for cost-effective roofing membranes is likely to provide opportunities for the studied market during the forecast period.
- North America dominated the market across the world due to the growing construction activities in the region.
Key Market Trends
Commercial Segment to Dominate the Market Demand
- Roofing membranes are extensively used in the commercial segment, where the demand is majorly driven by increasing commercial construction across the world.
- They membranes find application in commercial areas, ranging from factories, railway stations, airports, company headquarters, shopping centers, theaters, schools, hospitals, etc.
- PVC roofing is widely popular for commercial roofing applications due to its attractive properties, such as its strength, durability and lack of water permeability.
- PVC roofing systems can withstand up to 300 pounds per inch, which is 100 pounds per inch heavier than the industry-recommended 200 PPI.
- PVC is also more energy efficient due to its white color. With a life-span of 15 to 30 years, it also offers the longevity benefit.
- With the growing commercial construction, majorly in the Asia-Pacific and Middle Eastern countries, the demand for roofing membrane for commercial application is expected to increase in these regions.
North America to Dominate the Market
- North America dominated the global market share. The usage of lightweight and faster construction techniques in countries, such as the United States, Canada, and Mexico, has increased the demand for the roofing membranes significantly in the region.
- In Canada, two of the three largest cities became hotspots for construction. The construction activities have been booming again in Toronto and Vancouver. Developers' outlook regarding good returns on investment, particularly with high-density residential projects, has been driving the construction activities in the country.
- In Mexico, the renovation of affected properties due to the earthquake in 2017, and now, high housing demand is driving the growth of the construction sector.
- In the United States, residential construction is witnessing positive growth from the last few years. Residential construction in the United States witnessed a slow growth in the recent past, but it is likely to increase at a higher rate over the forecast period.
- According to the US Census Bureau, commercial construction in the United States is also witnessing positive growth.
- Hence, with such a positive scenario of the construction market, and the growing adoption of lightweight materials in construction projects, the demand for roofing membranes is projected to increase in the region during the forecast period.
The roofing membranes market is a fragmented market, where numerous players holding a insignificant share of the market affect the market dynamics individually. Some of the noticeable players in the market include Carlisle SynTec Systems, Dow, Duro-Last Inc., Firestone Building Products Company LLC, and GAF, amongst others.
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