Roofing Membranes Market Size and Growth Rate:
According to our research report, the Roofing Membranes Market Size was capitalized at USD XX Million in 2018. The Roofing Membranes Market is expected to exceed USD XX million by 2023 and grow at a compound annual rate of XX% from 2018 to 2023. The roofing membrane is a seal that is covered around the roof of buildings and tanks generally laid in large sheets. The market is driven by increasing demand for lighter and faster construction roofing materials in European region and increasing private construction expenditure in the North American region. However, the fluctuating prices of raw materials are expected to restrain the market’s growth. The North American region accounted the highest share of the global roofing membranes market in 2017.
Roofing Membranes Market Growth Demands and Restraints:
In the United States, the residential and non-residential construction has increased significantly by 2017. The residential construction in 2016 and 2017 has increased year-on-year by 10.52% and 10.58% respectively. The major growth in the non-residential construction was witnessed in healthcare, commercial and office buildings. In Canada, the investments in the private sector witnessed a moderate growth in 2017. New housing constructions registered a 0.2% growth in 2017 over 2016. The private construction expenditure in the country is increasing with the ongoing and upcoming private construction projects such as Megamall project in the Town on Mount Royal valued at USD 1,700 million is now under construction, and CIBC Square Office Building project at Toronto valued at USD 350 million is now taking shape. All the above-mentioned factors increase the private construction in the North America region, in turn, expected to drive the market for roofing membranes during the forecast period.
The demand for new homes in the United States has been increasing consistently since the past few years owing to the growing population and rising consumer incomes in the country. The sales of new houses in the country is increasing significantly over the past seven years. In 2017, the sales reached 614,000 and witnessed a growth of 9.44% over 2016. With the increasing construction industry activities and growing population in the Asia-Pacific region, the number of houses are increasing. Due to the aforementioned factors, the demand for roofing membranes is expected to increase significantly during the forecast period.
Roofing Membranes Market Regional Analysis:
In 2017, the North American region dominated the global market share. With the growing construction industry and usage of lightweight and faster construction techniques in the countries such as the United States, Canada, and Mexico, the demand for the roofing membranes is increasing significantly in the region. Construction spending in the country fluctuated in the last year. However, it is increasing gradually this year compared to the previous year with the increasing number of new homes and public buildings. The total engineering and construction spending for the US witnessed a growth of 4% in 2017 and are likely to grow at 6% in 2018. The US construction spending is increased by 1.8% in April 2018. The overall gain pushed construction spending to USD 1.31 trillion at a seasonally adjusted annual rate at 7.6 percent above the level a year ago. Despite the slight increase in the warehouse construction, the booming e-commerce sector would slow down the growth of store construction activities in the United States which in turn would impact the commercial construction. All the above-mentioned factors, in turn, is expected to boost the demand for roofing membranes in the North American region during the forecast period.
Some of the promising companies leading the Roofing Membranes Market:
- Carlisle SynTec Systems
- Duro-Last, Inc.
- Firestone Building Products Company, LLC
- Godfrey Roofing Inc.
- Henry Company
- Icopal Ltd
- IKO Polymeric
This research report includes following segmentation for the Roofing Membranes Market Size and forecast until 2023
Roofing Membranes Market - By Product Type
- Thermoplastic Polyolefin (TPO)
- Ethylene Propylene Diene Monomer (EPDM)
- Poly Vinyl Chloride (PVC)
- Modified Bitumen (Mod-Bit)
Roofing Membranes Market - By Installation Type
- Mechanically Attached
- Fully Adhered
Roofing Membranes Market - By End-User
Roofing Membranes Market– By Geographical Segmentation:
- South Korea
- ASEAN Countries
- Rest of Asia-Pacific
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Latin America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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