Market Summary: The Roofing Underlying Material market is projected to experience substantial growth in the forecast period due to the increasing demand for energy-efficient roofing solutions and the expanding construction industry. In 2021, the global market size for roofing underlying material was valued at USD 29.7 billion, with an expected revenue Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
The growth of the roofing underlying material market is primarily driven by the rising adoption of sustainable roofing solutions in residential, commercial, and industrial sectors. This has led to the development of innovative roofing materials that are capable of reducing energy consumption and promoting environmental sustainability. Additionally, there is a growing demand for durable and low-maintenance roofing solutions, which further fuels market growth.
The construction industry is a significant contributor to the growth of the roofing underlying material market, with an increasing number of construction projects and infrastructure development initiatives in emerging economies. The need for infrastructural development in developing countries is boosting market revenue in the construction sector. Moreover, the trend of Smart Cities and Green Building initiatives is driving the demand for sustainable roofing solutions.
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Government initiatives and regulations that promote the use of energy-efficient roofing solutions are also driving market growth. Many countries are offering tax benefits, subsidies, and implementing green building regulations to encourage the adoption of such solutions. For example, the European Union has set energy efficiency targets for buildings, leading to increased demand for energy-efficient roofing solutions in the region.
Despite the positive outlook, the roofing underlying material market may face challenges during the forecast period, such as fluctuating prices of raw materials like asphalt, metal, and rubber. Additionally, the availability of substitute materials like tiles and shingles could also limit market growth.
In conclusion, the roofing underlying material market is expected to witness significant growth due to increasing demand for energy-efficient and sustainable roofing solutions, the growing construction industry, and government initiatives promoting energy efficiency. However, challenges related to raw material prices and substitutes need to be addressed.
Type Segmentation: The global roofing underlying material market is segmented into three types: asphalt-saturated felt, rubberized asphalt, and non-bitumen synthetic materials. Among these segments, asphalt-saturated felt accounted for the largest revenue share in the market. This is attributed to its cost-effectiveness and ease of installation. It is an organic material saturated with asphalt, providing durability and moisture resistance, making it widely used in residential and commercial roofing applications.
The rubberized asphalt segment is expected to achieve the highest revenue CAGR during the forecast period due to the increasing demand for eco-friendly and sustainable roofing materials. Rubberized asphalt is made from recycled rubber and asphalt, offering superior durability, waterproofing, and insulation properties, making it an ideal choice for roofing in harsh weather conditions. The emphasis on green building practices and sustainable construction is expected to drive the demand for rubberized asphalt.
The non-bitumen synthetic segment is also expected to witness significant growth during the forecast period. This can be attributed to the increasing adoption of synthetic roofing materials, which provide durability and resistance to weathering. Materials such as PVC, TPO, and EPDM are used to manufacture non-bitumen synthetic roofing, offering excellent waterproofing properties and easy installation. The growing demand for synthetic roofing materials in commercial and industrial applications is expected to drive this segment's revenue growth.
Application Segmentation: The roofing underlying material market is segmented based on applications into residential, commercial, and industrial sectors. In 2021, the residential segment held the largest revenue share due to increased demand for housing and renovation activities worldwide. The segment is driven by numerous residential construction projects in developing economies and growing awareness of using high-quality roofing materials for better protection against weather elements. The need for energy-efficient and sustainable roofing systems also drives demand in the residential segment.
The commercial segment is expected to witness significant growth due to an increasing number of commercial construction projects in emerging economies like China, India, and Brazil. Energy-efficient and sustainable roofing systems that offer better insulation and reduced energy consumption are in demand for commercial buildings. Additionally, using high-quality roofing materials can reduce maintenance costs and improve durability, further driving this segment's growth.
The industrial segment is anticipated to experience steady growth due to increasing demand for roofing underlying materials in manufacturing and processing industries. High-quality roofing materials are essential to protect industrial infrastructure from environmental hazards, corrosion, and wear and tear. The growing emphasis on sustainable and energy-efficient roofing systems in the industrial sector to reduce operational costs and energy consumption is expected to drive this segment's growth.
Regional Analysis: The Asia Pacific region is expected to dominate the roofing underlying material market with the largest revenue share during the forecast period. This is attributed to the increasing population, urbanization, and demand for residential and commercial construction in emerging economies like India and China. Additionally, growing disposable income and awareness of energy-efficient building materials are fueling market growth. The rise of the e-commerce industry in the region also provides customers with various options, leading to increased sales of roofing underlying materials.
The North America market is expected to witness significant growth due to increasing demand for sustainable building solutions and awareness of green building practices and materials. Stringent regulations regarding the use of energy-efficient roofing materials are also expected to drive market growth. Renovation and remodeling activities in the region further contribute to the demand for roofing underlying materials.
The Europe market is projected to grow moderately due to increased construction activities in countries like Germany, France, and the UK. The demand for roofing underlying materials is driven by residential and commercial construction projects. Strict regulations regarding energy efficiency and sustainable construction practices are further boosting the demand for eco-friendly roofing materials in the region. The rise of the tourism industry in Europe is also expected to drive demand in the hospitality sector.
Competitive Landscape: The global roofing underlying material market is highly competitive, with several large and medium-sized players accounting for a majority of market revenue. Major players employ various strategies such as mergers & acquisitions, strategic agreements & contracts, and product development to gain a competitive edge. Some of the major companies in the market include Johns Manville, GAF Materials Corporation, Atlas Roofing Corporation, Owens Corning, IKO Industries Ltd., TAMKO Building Products, Inc., CertainTeed Corporation, Firestone Building Products Company LLC, Soprema Group, Carlisle Companies Inc., and Malarkey Roofing Products.
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