The global bubble wrap packaging market is expected to grow at a rapid pace during the forecast period due to a number of key factors. In a study, Market Research Future (MRFR) identifies the growing use of eco-friendly materials in roofing, the development of energy efficient cool roofs, and the burgeoning demand for a new generation single ply tech to be some of the key factors driving the growth of the global market. The report further states that the global market for roofing materials is expected to garner a CAGR of 3% during the forecast period between 2016 and 2023.
At present, the market is increasing primarily due to the expanding construction industry across the world. Furthermore, the burgeoning Foreign Direct Investments in the construction sector of emerging countries and favorable government regulations and policies are some of the other fueling factors of the market. Governments are even seen taking measures to promote and develop the infrastructure and construction industries. The emerging countries in various regions are bringing forward various reforms and regulations to accelerate the growth of the market. However, at the same time, the lack of awareness concerning these roofing materials among the consumers is a big factor that can hamper the growth of the market.
The global roofing materials market is geographically segmented into Asia Pacific, Europe, North America, and the Rest of the World (RoW).
The Asia Pacific region is the dominant player in the global market with the highest share percentage and is anticipated to grow in the forthcoming years with the highest CAGR. The expanding urbanized population, the increasing industrialization, and the rising spending capacity of consumers are some of the key drivers pushing the market growth in the Asia Pacific region. Add to this, the increasing re-roofing activities also hold a positive influence on the market growth of roofing materials.
The North American region holds the second largest share in the roofing materials market. The proliferating demand for residential housing and the growing support from the government in the form of rebates and implementing various other tax benefits is expected to drive the growth of the region. Additionally, the presence of various key manufacturers in the region and their ability to provide a wide portfolio of products to the customers is anticipated to cause a positive influence over the growth of the regional market.
The global roofing materials market segmentation is based upon product type and application.
By product, the market segments into metal roof, tile roof, plastic roof, and others. The tile roof segment holds a dominant share of the market and is expected to continue its dominance in the near future. Metal roofs is projected to grow at the fastest manner during the forecast period owing to the high service life and high durability.
By application, the market comprises residential and non-residential segments. The residential sector holds the dominant hand in the application market. The expanding housing sector in major economies like India, US, and China is a key driver of roofing materials.
Some of the key players identified in the global roofing materials market include names such as Owens Corning Corp. (U.S.), GAF Materials Corporation (U.S.), Etex (Belgium), TAMKO Building Products, Inc. (U.S.), Atlas Roofing Corporation (U.S.), Braas Monier Building Group S.A. (Europe), Icopal Holding Aps (Denmark), CertainTeed Corporation (U.S.), Fletcher Building Limited (New Zealand), North American Roofing (U.S.) and others.
April 25th 2019, the Democratic Progressive Party Member of Parliament named Fukumele Mukumbwa of Chitipa Central Constituency Clement has cemented his willingness to hold onto its position for the next five years as he has donated roofind materials worth K-17 million to the Ishalikira Primary School.