Wilmington, Delaware, United States, March 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – As per TMR's global flat roofing market research report, the market was valued at US$ 30.9 Bn in 2021 and is projected to expand at a CAGR of 5.4% during the forecast period from 2022 to 2031.
Flat roofing is typically utilized on commercial structures, such as warehouses, business hubs, departmental shores, and entertainment zones. Rapid industrialization has led to a massive rise in commercial and residential constructions. Flat roofing takes less installation time. It is easy to clean and is the best option for locations with less rainfall. Additionally, flat roofing is an energy-efficient solution. These aspects have made them popular among consumers. These factors are projected to augment flat roofing market growth. Moreover, escalating demand for energy efficient roofing solutions is likely to bolster the flat roofing market during the forecast period.
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Flat Roofing Market: Growth Drivers
- The building industry is a key end-user of flat roofing systems. The industry is expanding rapidly in developing countries such as India, China, and South Africa. The residential and commercial construction sectors are primarily driven by rise in urban population, high standard of living, and increase in disposable income. This is projected to accelerate the growth of the flat roofing industry in the next few years.
- Owing to easy structure and accessibility to affordable raw materials, the flat roofing market has gained traction in the past few years. Flat roofing installation takes only two to three days with the bare minimum of laborers. The thermoplastic membranes, asphalt, metals, and EPDM utilized in flat roofing are long-lasting materials. If properly maintained, EPDM could last for about 30 years. Increase in per capita income in emerging markets is projected to increase the need for cost-effective roofing solutions, which is expected to propel flat roofing market expansion.
Key Findings of Flat Roofing Market
- The 60 mil segment is projected to account for the largest market share between 2022 and 2031, according to the flat roofing market statistics. The segment is anticipated to expand at a significant market CAGR during the forecast period. The longevity of a roof is influenced by its thickness and exposure to harsh weather. Demand for 60 mil thick flat roofing is high due to its longevity. This is projected to increase flat roofing industry demand.
- According to flat roofing market statistics, the residential segment is likely to dominate the industry from 2022 to 2031. The segment is projected to grow at a rapid pace during the forecast period. The segment presents significant opportunities due to government funding for building and infrastructure.
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Flat Roofing Market: Regional Assessment
The market in Asia Pacific is expected to account for major share of the global flat roofing market from 2022 to 2031. The market in the region is likely to grow at a CAGR of 5.7% during the forecast period. Market development in Asia Pacific is driven by growth of the residential sector in developing countries such as India and Indonesia. Furthermore, rise in per capita income is projected to drive the market in the region in the next few years.
Flat Roofing Market: Competitive Scenario
Several large- and medium-sized companies that operate internationally accounted for majority share of the market in 2021. Leading players are engaging in intensive research & development activities and working on technical advancements to increase market share. Consequently, M&A, financial restructuring & investments, and capacity development are likely to augment market development.
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Prominent companies in the flat roofing market are:
- Polyglass S.p.A
- Polymeric
- 3M
- BASF SE
- DowDuPont
- Owens Corning
- Danosa
- Büsscher & Hoffmann GmbH
- Sika AG
- IKO Italiana Membrane
- Katepal Products UK Limited
- Bauder Ltd.
- BMI Group,
- Imper s.r.l.
- Carlisle Construction Materials LLC (CCM)
Flat Roofing Market: Segmentation
By Type
- Build-up
- Modified Bitumen
- EPDM Rubber
- Thermoplastic Polyolefin
- PVC Membrane
- Metals
- Others
By Thickness
- 45 mil
- 60 mil
- 80 mil
- 90 mil
- Others
By End-use
- Commercial
- Residential
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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