Clash between the major companies of commercial rooting materials defines an important characteristics of the global commercial rooting materials market, reports Transparency Market Research (TMR) in their report. The major players in the market are GAF, Tamko Building Products Inc., and Firestone Building Products Co., are challenging each other on the basis of price difference and product innovation in order to mark a strong foot print in the global market. The market study suggests that these players will focus more on research and development to fortify their standing across the world.
On the basis of revenue, the market is predicted to reach US$10.38 bn by 2024. The market is expected to exhibit a 3.6% CAGR during the forecast. On the basis of geography, the global commercial rooting materials market is particularly dominated by North America over the last years. This region is expected to go-slow in the pace of growth in future as the market gets matured.
Asia pacific region is expected to surface as a lucrative regional market in the coming future. Fast paced construction activities is expected to fuel the rise of the market in the Asia Pacific region. Latin America is also expected to attract a slew of leading manufacturers in the market.
High Cost in Installation Likely To Stall the Market Growth
Renovation and restoration activities which are witnessed more by the developed countries would help of provide more favorable chances for the growth in the market. The increase in use of single ply products is also expected to aid the growth of the market in the years to come, studies the report. On the other hand high cost suffered while installing the commercial roof is probably going to burn the pockets of the builders.