According to a new research report by Global Market Insights, the Roofing Underlayment Market will surpass USD $45 billion by 2024.
Global roofing underlayment industry will be primarily driven by significant infrastructure initiatives especially in APAC countries including India, Japan, China and Indonesia, by 2024. To address the growing infrastructural requirements of the rising population, substantial construction ventures have been undertaken by the governments in the recent years.
By 2050, global population has been estimated to surpass nine billion, as per the United Nations. Rising residential necessities of increasing population coupled with high rate of urbanisation will present a robust growth indicator for roofing underlayment market.
Residential re-roofing activities in Europe and North America will be another key driver for the roofing underlayments market in the coming years.
Roofing underlayment market is monitored by several environmental regulations regarding volatile organic compounds (VOC) discharges from producing asphalt-saturated felt and rubberized asphalt.
This will further encourage the contractors towards usage of non-bitumen roofing underlayments, which might pose as an intra-industrial restrain in the coming years.
Non-bitumen synthetic roofing underlayment segment held highest market share in 2016 and accounted more than 40 percent industry share in 2016. Massive industry share is credited to unique features exhibited by synthetic underlayments such as light weight, resistance against tearing and leaking and fungal growth, ease of fixing and anti-skid finish.
The majority of synthetic underlayments minimalise the occurrence of leaks by exhibiting self-healing properties. Their moisture-repellence and wrinkle-free performance will further encourage the usage of non-bitumen synthetic underlayments market.
Asphalt-saturated felt and rubberised asphalt will lose some share to synthetics in the near future owing to regulations discouraging VOC emissions.
Non-residential construction segment led the roofing underlayment market size in 2016 and will show moderate growth by 2024. Non-residential construction will witness extensive demand for roofing underlying treatments by 2024 on account of escalating maintenance and refurbishing activities. However, residential construction segment is projected to be the fastest growing segment with CAGR close to 6.0 percent.
Geographically, Asia Pacific had the highest share in global roofing underlayment market in 2016. The region had surpassed USD 11 billion in the same year and will likely follow the same trend by 2024.
https://www.gminsights.com/industry-analysis/roofing-underlay-market
