The market for self-adhered roofing membranes is expected to grow at a CAGR of around 4% during the forecast period.
- Increasing private construction expenditure in the North American region acts as a driver to the market studied.
- North America accounted for the highest market share, and it is likely to dominate the market during the forecast period.
- The residential construction application is expected to account for the highest market share during the forecast period.
- Asia-Pacific is likely to witness the fastest growth rate during the forecast period.
Key Market Trends
Residential Construction to dominate the market.
- Self-adhered roofing membranes are used in residential constructions, such as single-family homes, condominiums, and townhouses for effective and efficient roofing.
- With the rapid technological advancements, the construction infrastructure developments and maintenance activities are increasing, resulting in the replacement of old materials with new ones.
- Since the last few years, the demand for new homes in the United States has been increasing consistently, owing to the growing population and rising consumer incomes in the country.
- The construction of new private residential buildings in the country has been increasing over the past eight years.
- In Canada, various government projects, including the Affordable Housing Initiative (AHI) are set to hugely support the expansion of the sector, thereby, driving the use of the market studied.
- Due to all these factors, the demand for self-adhered roofing membranes in residential construction is expected to increase during the forecast period.
North America to Dominate the Market
- North American region dominated the market share. With the growing construction industry and usage of lightweight and faster construction techniques in countries, such as the United States, Canada, and Mexico, the demand for self-adhered roofing membranes is increasing in the region.
- Residential construction in the country is projected to have a growth of almost 6%, as there is an increase in single-family housing and multiple-family housing in the country.
- Almost 80% of the individuals prefer single-family housing as an end goal, and almost 70% of people are executing this, due to which the number of houses being constructed every year is increasing.
- Non-residential construction in the country is expected to have reasonable growth. The US government’s spending in the construction sector witnessed growth from the past, with the increasing current and upcoming projects in the construction of shopping centers, hotels, office buildings, medical buildings, educational buildings, libraries and museums, and sports and entertainment complexes.
- In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade.
- Hence, the North American region is likely to dominate the market during the forecast period.
The market studied is partially consolidated, as the market share is divided among a few key companies. Some of the major players of the market include Sika AG, GAF, Johns Manville, Firestone Building Products Company, LLC, and Owens Corning.
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