Global Commercial Roofing Materials Market Report, published by Variant Market Research, forecast that the global market is expected to reach $10 billion by 2024 from $8 billion in 2016, growing at a CAGR of 3.6% from 2016 to 2024. By geography, Asia Pacific and Rest of the world are expected to grow at a CAGR of 5.6% and 3.5%, respectively, during the forecast period.
Rise in disposable income, growing urbanization, and increasing commercialization are the major factors driving the global commercial roofing materials market. However, rising price of volatile crude oil and other energy sources used in manufacturing process are expected to restrain the market growth. Rising demand of roofing products in construction of green buildings would provide several growth opportunities for the market in coming years.
The global commercial roofing materials market is bifurcated by building type and materials type. The segmentations by building type include low sloped roofing and steep sloped roofing. By materials type, the global materials roofing market is further segmented into metals, single ply products, spray polyurethane foam, modified bitumen materials, built-up roofing and others. By building type, low sloped roofing accounted for more than two-third of the total market revenue in 2016. Steep sloped roofing is expected to grow at the fastest CAGR from 2016-2024, driven by rising office, retail, and lodging construction spending. Geographically, the market is categorised into North America, Europe, Asia-Pacific and RoW.
North America accounted for the largest market share of 45.1% in 2016; owing to the growing infrastructural developments and re-roofing activities in the region. Europe accounted for the market share of around 16.0%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 5.6% during the forecast period 2016-2024, owing to the expanding construction activities in emerging economies such as China and India.
The major players in the market include GAF, CertainTeed Corporation, TAMKO Building Products Inc., Firestone Building Products Company, Owens Corning Corporation, Johns Manville Corporation, IKO Industries Ltd, Duro-Last Roofing Inc., Atlas Roofing Corporation, and Braas Monier Building Group, among others.