Albany, New York, March 23, 2017: Fast depleting natural resources and a burgeoning world population have led to the popularity of energy-efficient buildings. As per a newly added report by Transparency Market Research, this has been the single-most important growth driver in the global market for roofing and insulation. The report, titled, “Roofing and Insulation Market – Global Industry Analysis, Size, Share, Trends and Forecast 2016–2024,” states that the roofing and insulation plays an important role in heat and light management in a building and hence are drawing significant investments.
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The report also finds that the world economy picking up steam has led to higher spending capacity among people which in turn has also led to increased expenditure on roofing and insulation. Besides, the rising trend in developing economies to spend on home improvement on account of increasing disposable incomes of people has also proved beneficial to the market.
The cyclical nature of the construction industry, on account of its fortunes being tied to that of the prevailing economic scenario, might however negatively impact the global market for roofing and insulation. Another factor posing a challenge to the market is the lack of knowledge, particularly in developing economies, about various function-specific insulation and roofing materials available in the market. Hence, buyers mostly use locally available less expensive roofing and insulation materials.
From a geographical standpoint, the global market for insulation and roofing is dominated by Asia Pacific. Massive uptick in construction activities and home refurbishments and upgradations, primarily in the fast-expanding developing nations of India, China, and Malaysia has been powering the growth in the region. In fact, China is expected to emerge not just as a frontrunner in producing roofing and insulation materials but also a leader in consumption. Besides Asia Pacific, insulating materials are witnessing a steady upswing in demand in regions having extreme climatic conditions. Going forward, the Middle East market will create substantial opportunities for players.
The market for roofing and insulation market in Europe and North America, having saturated their potential, are on the brink of maturing. This will egg companies to innovate in order to rekindle demand in crucial markets.
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The report finds the global market for roofing and insulation to be fragmented due to the presence of a copious number of local players. Rapid emergence of Chinese companies purveying products at ultra-competitive prices has put a downward pressure on prices in the market. Some of the prominent players profiled in the report are Fletcher Insulation, Lloyd Insulations, Waukegan Roofing Co., GAF, Reflectix Inc., Owens Corning, and Heritage Roofing.
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