Roofing Underlayment Market Growth Outlook to 2024 - Residential Construction Segment to Record 6% CAGR
Category: #business  By Rahul Varpe  Date: 2020-02-07
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Roofing Underlayment Market Growth Outlook to 2024 - Residential Construction Segment to Record 6% CAGR

MEA will be fastest rising region in roofing underlayment industry, expanding at a CAGR close to 5.5% during the forecast years. Gulf countries are investing heavily on building & construction projects, which majorly includes public infrastructure strengthening. For example, the upcoming 2022 FIFA Championship will be hosted by Qatar. These projects will pull more construction investments and thus propelling regional roofing underlayment market.

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Strong growth indicators in building & construction industry will be driving roofing underlayment market through numerous upcoming infrastructure projects in Asian countries including Japan, India, Indonesia and China. Several nations have undertaken substantial efforts and investment in improving their public infrastructure scenario, which indicates at prospective growth for roofing underlayment market in the coming years.

According to UN statistics, global population may surpass 9 billion, by the end of 2050. Rising residential needs of growing population along with rural population flocking towards metro cities for employment will prove a major growth prospect for roofing underlayment market size. Moreover, re-roofing projects for residential sector in the U.S., Central and Western Europe will be an important driver for roofing underlayment market over the forecast timespan.

Roofing Underlayment Market by Product: -

  1. Asphalt-saturated felt
  2. Rubberized asphalt
  3. Non-bitumen synthetic

Roofing Underlayment Market by Application: -

  1. Residential construction
  2. Commercial
  3. Non-Residential construction

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Based on products, in 2016, non-bitumen synthetic roofing underlayment accounted for largest roofing underlayment market share. This can be attributed to unique characteristics of non-bitumen synthetic underlayment including resistance against wear & tear, light weight, anti-leaking, prevention of fungal growth, anti-skid finish and convenience of fixing. Synthetic underlayment reduce the leakage risk through its self-healing traits. Their wrinkle-free and moisture-repellence characteristics shall further compliment growth of non-bitumen synthetic underlayment market. Rubberized asphalt and asphalt-saturated felt shall lose some market share to synthetic underlayment over next few years on account of regulations discouraging products emitting threatening VOC amount.

In 2016, non-residential construction held the largest share of roofing underlayment market and will experience moderate growth during the forecast timeframe. The segment will witness huge product demand during the forecast period due to escalating refurbishing and maintenance activities. Residential construction is poised to be the fastest expanding segment expanding at a CAGR over 6% in the forecast timespan. This rise can be attributed to surging investments in residential projects particularly in BRICS countries.

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In 2016, Asia Pacific held the largest share in roofing underlayment market. The region exceeded USD 11 billion revenue in 2016 and will follow same trend throughout the forecast period. This can be attributed to rapid urbanization and industrialization in APAC countries including India, Thailand, Indonesia, and South Korea, which will open growth avenues in construction industry and will eventually fuel product demand in the coming years.

The major players involved in roofing underlayment market are: -

  1. Atlas Roofing Corporation
  2. CertainTeed
  3. GAF Materials
  4. Tarco
  5. Owens Corning
  6. Johns Manville
  7. Duro-Last
  8. Gardner-Gibson
  9. DuPont
  10. Vaproshield

Extensive research & development by industry players will fuel the roofing underlayment market share.

Related News: https://www.marketwatch.com/press-release/polymer-concrete-market-is-set-to-record-35-cagr-during-forecast-time-2020-02-06

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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