Market Trends of Elastomeric Membrane Industry
This section covers the major market trends shaping the Elastomeric Membrane Market according to our research experts:
Non-residential Industry to Dominate the Market
- The elastomeric membrane is made up of thermoplastics, thermosets, or modified bitumen, and it is used extensively in roofing systems in the non-residential sector.
- Modern-day buildings require advanced roofing systems that can withstand and resist harsh weather conditions and water. So, the elastomeric membrane becomes the ideal choice owing to its durability, moisture resistance, water tightness, and attractive finish.
- The National Development and Reform Commission of China authorized plans to build infrastructure projects in China and approved the construction of seven projects with a total investment of CNY 485 billion (~USD 72 billion) in January 2019.
- Major infrastructure projects in the United States which are expected to be completed over the forecast period include - Baltimore-Washington Airport, Dallas Fort Worth Airport, Columbus Airport, Dreamport Villages Amusement Park, TSX Broadway, etc.,
- The non-residential segment is expected to dominate the global elastomeric membrane market and also expected to be the fastest-growing market over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to be the dominant market in elastomeric membrane consumption. This is due to the planned urban infrastructure projects in countries like China, Japan, South Korea, India, and Southeast Asian nations.
- The elastomeric membrane is mostly consumed in commercial buildings, malls, rooftops, wet areas, etc. Also, the construction industry in the Asia-Pacific region is expected to witness a CAGR of more than 4% during the forecast period, ensuring the regular demand for elastomeric membrane in the Asia-Pacific region.
- The UN estimates that well over half of Asia's 4.5 billion residents will live in cities by 2026. With the increasing number of planned cities in Asia, the demand for the elastomeric membrane will continue to increase.
- Moreover, China has become the largest construction market in the world. As the government has planned to focus on improving the infrastructure in small and medium-sized cities, the construction industry was forecasted to maintain a continuous growth of around 5 % annually.
- Hence, the Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from various countries.
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