Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "Single-ply Membranes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global market for single-ply membranes is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of over 9% during the forecast period. Despite the initial impact of the COVID-19 pandemic in 2020, the surge in construction activities in the Asia-Pacific region has driven demand for single-ply membranes to new heights.
Key Highlights
Market Drivers and Challenges
Several factors are propelling the market's growth, including the increasing demand for lighter and faster construction roofing materials in Europe, rising private construction expenditure in North America, and substantial investments in the construction sector in emerging economies across Asia-Pacific. However, fluctuating raw material prices are anticipated to pose challenges to market growth.
Opportunities in Asia-Pacific
The increasing utilization of single-ply membranes in the Asia-Pacific region presents significant growth opportunities for the future. North America currently leads the market, with the United States and Canada being the largest consumers.
Single-ply Membranes Market Trends
Thermoplastic Polyolefin (TPO) Dominance
Thermoplastic Polyolefin (TPO) is emerging as the dominant player in the single-ply membranes market. TPO roofing membranes, characterized by their polypropylene-based plastic and ethylene/propylene rubber material, have gained popularity due to their heat weldability, ease of repair, flexibility, and reflective white color.
TPO membranes offer resistance to the sun's ultraviolet rays, ozone, and environmental chemicals. They are suitable for installation on both low and high-slope surfaces, making them ideal for roofing houses. With the construction of new homes on the rise in countries like the United States, China, and India, the demand for TPO membranes is witnessing substantial growth.
In the United States, the demand for new homes has been steadily increasing, driven by population growth and rising consumer incomes. The public sector invested nearly USD 9.3 billion in residential construction projects in 2021. Additionally, 1,337 thousand new housing units were completed in 2021, marking a 4% increase from 2020.
China's construction sector is also experiencing robust growth, reaching a total output value of about USD 4.08 trillion in 2021. Rapid urbanization has fueled the industry, resulting in an output of USD 4.58 trillion in 2022, surpassing the previous year's value.
These trends are expected to further boost the consumption of thermoplastic polyolefin in residential construction, driving overall market growth.
North America's Dominance
North America currently dominates the global single-ply membranes market, accounting for the largest share. The region's adoption of lightweight and faster construction techniques in countries such as the United States, Canada, and Mexico is driving the demand for roofing membranes.
The construction industry in North America has witnessed steady growth, with increasing numbers of new homes and public buildings. The United States, boasting the world's largest economy, is a major contributor to the construction sector. The industry employs over 7.6 million people, has more than 745,000 employers, and annually constructs structures valued at nearly USD 1.4 trillion.
In 2021, the United States' construction sector was valued at around USD 1.6 trillion, with an estimated value surpassing USD 2 trillion by 2025. Private construction spending continued to grow in 2022, nearly quadrupling the spending in the public sector.
Commercial construction, which includes warehouses and private offices, also returned to pre-recession figures in 2022, with a value of USD 115 billion. The growth in demand from both residential and non-residential construction industries is expected to propel the single-ply membranes market during the forecast period.
Single-ply Membranes Industry Overview
The global single-ply membranes market is characterized by fragmentation, with a few major companies holding significant market share. Key players include Dow, Duro-Last Inc., BMI Group (Icopal), GAF, and Firestone Building Products Company LLC, among others.
A selection of companies mentioned in this report includes
- BMI Group(Icopal)
- Carlisle SynTec Systems
- Dow
- Duro-Last Inc.
- Firestone Building Products Company LLC
- GAF
- Godfrey Roofing Inc.
- Johns Manville
- Kingspan Group
- Owens Corning
- Sika AG
- Versico Roofing Systems
For more information about this report visit https://www.researchandmarkets.com/r/a3gln8
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