Global Market Insights has recently added a report on Roofing Underlayment Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
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 underlayments market over the forecast timespan.
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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 market in the coming years.
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.
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.
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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.
The major players involved in roofing underlayment market are:
Atlas Roofing Corporation
- GAF Materials
- Owens Corning
- Johns Manville
Extensive research & development by industry players will fuel the market share.
The only major challenge for roofing underlayment market over the forecast period will be environmental regulations by various agencies including EPA and the European Commission (EC) regarding the usage of products emitting volatile organic compounds (VOCs) beyond the threshold value. The preparation of asphalt-saturated felt and rubberized asphalt emit various hazardous compounds that eventually lead to air and water pollution on a large scale.