Construction Industry Growth Revealed to be Biggest Factor Driving the Global Roofing Market
PRESS RELEASE — Research and Markets
Research and Markets has announced the addition of the “Roofing Market for Residential Construction, Commercial and Nonresidential Construction Applications — Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020” report to their offering.
Growth in the construction industry is anticipated to drive the global roofing market in the near future. Construction industry is the largest end-user of roofing materials. The construction industry is expanding steadily in Asia Pacific, Latin America, and the Middle East and North Africa (MENA). Infrastructural development in most of the emerging economies such as China, India, Saudi Arabia, the UAE, Egypt, Brazil, and Costa Rica is driving the construction industry. Increasing population and urbanization in developing economies has boosted demand for both commercial and residential buildings. Growth in the construction industry is driving the demand for building roofing materials.
Bituminous roofing was the majorly used product owing to its waterproofing property and affordable pricing. It accounted for over 45% of the overall market share in 2013. Bituminous roofing is used widely in various educational and commercial applications, such as offices, schools, hospitals, and retail stores, due to the ease of installation of bituminous shingles. Tile roofing was the second-largest roofing material in 2013, due to its extensive usage in the emerging economies of Asia Pacific such as India, Indonesia, Malaysia, and Taiwan. Concrete was the most popularly used roofing tile.
Nonresidential construction was the largest application segment in the roofing market, constituting market share of over 40% in 2013. Nonresidential construction activities have increased globally due to rising disposable income. Infrastructural development is boosting nonresidential constructions such as healthcare centers, educational institutions, office buildings, and amusement and recreational centers.
Demand for roofing was the highest in Asia Pacific, accounting for approximately 40% share of the roofing market in 2013. Infrastructural development in commercial, industrial, and healthcare sectors is boosting the demand for roofing in the developing economies of Asia Pacific and the Rest of the World. Presence of large construction industries has fuelled the demand for roofing in North America. Demand for re-roofing is high in storm- and earthquake-prone areas such as North America, East Asia, and Southeast Asia.
