Albany, New York, Oct. 11, 2018 (GLOBE NEWSWIRE) -- The global commercial roofing materials market depicts the presence of a highly competitive and fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. Such a fragmented scenario mainly exists owing to the presence of innumerable companies in this sector. Many local players are making it tough for the renowned and international companies to grow in the global commercial roofing market.
Regulating product prices and facilitating product innovations are key strategies of most players. Experts suggest that in future that numerous companies are expected to focus more on carrying out extensive research and development in order to manufacture high quality materials. Such strategies mainly will be carried out by the businesses to maintain a leading position in the market. GAF, Duro-Last Inc., Johns Manville Corporation, Carlisle Companies Incorporated, Tamko Building Products Inc., and Firestone Building Products Co., are key players operating in the global commercial roofing materials market.
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Statistically speaking, this market is expected to clock revenue worth US$10.38 bn by 2024. This growth is further projected to occur at a steady 3.6% CAGR during the forecast period ranging from 2016 to 2024. Earlier, the market was valued at about US$7.5 bn worth revenue in 2015.
Rapid Rise in the Construction Industry Stokes Growth in the Market
Extensive mushrooming in the construction industry happening in recent times is majorly driving growth in the global commercial roofing materials market. With such a boom occurring in the construction sector, a high demand for roofing materials exists. Moreover, renovation and restoration of old buildings and monuments is causing the market to grow immensely too. In addition, many companies are pouring huge investments to manufacture state-of-the-art materials in order to stand as a unique service provider. This strategy too is pushing the global commercial roofing materials market up to a notable extent. Lastly, with a rise in demand for single-ply roofing systems that are both flexible and cost-effective, the global commercial roofing materials market is prophesized to expand at a splendid pace in the near future.
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Costly Roofing Products Stunt Market’s Growth
However, high costs of manufacturing the roofing materials is majorly restraining growth in the global commercial roofing materials market. Moreover, dicey lifespans of different materials makes it difficult for customers to choose the perfect materials in the construction industry. This too is a significant factor hindering the global commercial roofing materials market. Moreover, fluctuation and volatility in the supply for raw materials needed for construction processes also is a major aspect stunting progress in the global commercial roofing materials market. Nonetheless, several players are expected to regulate costs of their manufactured materials as well as improve their geographical reach. This is anticipated to offset most restraints affecting the global commercial roofing material market.
On the basis of geography, the global commercial rooting materials market is spread across North America, South America, the Middle East and Africa, Europe, and Asia Pacific. Of these, major dominance is exhibited by North America in recent times. This region is anticipated to depict a steady pace of growth, mainly with better maturation of the market. However, the Asia pacific region is foretold to become a highly lucrative regional market in the near future. Rapid construction activities are key reasons for pushing growth in the commercial roofing market in the Asia Pacific region.
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The review is based on a report by Transparency Market Research (TMR), titled “Commercial Roofing Materials Market (Building Type - Low Sloped Roofing and Steep Sloped Roofing; Materials - Single-ply Products, Modified Bitumen Materials, Spray Polyurethane Foam (SPF), Built-up Roofing (BUR), and Metals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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The global market for commercial roofing materials is segmented into:
By Building Type
By Materials Type
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