Market Trends of Roofing Membranes Industry
Commercial Segment to Dominate the Market
- Roofing membranes are widely utilized in commercial applications, and their demand is largely fueled by a surge in global commercial construction. These membranes serve as a vital waterproof barrier in commercial buildings, shielding them from environmental elements and upholding the roofing system's integrity.
- Due to their strength, durability, and impermeability to water, these membranes have become the preferred choice for commercial roofing applications.
- These membranes are used in commercial areas, such as factories, railway stations, airports, company headquarters, shopping centers, theaters, schools, and hospitals.
- Asia-Pacific is a dominant player in the commercial construction arena. The region recently witnessed a boom in office space demand, particularly in India and China, driven by proactive government development initiatives.
- As per the data from the National Bureau of Statistics of China, in 2022, the annual starting construction of commercial properties in China amounted to around 81.55 million square meters, down from 141.05 million square meters from the previous year. Furthermore, at the end of 2023, the floor space of commercial buildings for sale was 672.95 million square meters, up by 19% over the previous year.
- In India, the construction of Infosys Pocharam Office Campus, which includes the expansion of an office campus with a floor area of 761,804 square meters, was initiated in the third quarter of 2023, and it is likely to be completed by the end of Q3 2027.
- In the Middle East, several government initiatives to bolster the development of the commercial sector, such as Saudi Arabia Vision 2030 and Abu Dhabi Economic Vision 2030, are likely to substantially drive the consumption of roofing membranes.
- Various hotel construction projects are expected to further propel the demand for roofing membranes. For instance, as the tourism industry rebounds, Marriott International Inc. is set to unveil 20 luxury hotels and resorts across Vietnam's prime tourist spots, including Hanoi, Ho Chi Minh City, Da Nang, and Phu Quoc Island.
- Anantara Hotels, Resorts, and Spas revealed plans for a new resort in Brazil, slated to debut in 2025. Anantara Mamucabo will feature 116 guest rooms, suites, and pool villas.
- Given the growth in commercial construction activities, the demand for roofing membranes in commercial applications is poised for growth in the coming years.
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North America Expected to Dominate the Market
- North America holds the largest share of the global market. Countries like the United States, Canada, and Mexico have seen a surge in demand for roofing membranes, driven by the adoption of lightweight and swift construction techniques.
- The United States boasts one of the world's largest construction industries. According to the United States Census Bureau, in 2023, the nation's construction value hit USD 19.78 trillion, marking a robust 7% increase from 2022. By February 2024, the number of privately owned housing units authorized by building permits reached 1,518,000, showing a 2.4% uptick from the same period in 2023.
- Several new commercial construction projects are under construction in the United States, which are likely to increase the demand for roofing membranes further. For instance, in January 2024, the government of Indiana and Meta Platforms Inc. partnered to construct a new USD 800 million data center campus in Hoosier State. The project, which is likely to be completed by the year 2026, is a 700,000-square-foot facility at the River Ridge Commerce Center.
- Statistics Canada reported a 1.7% increase in total investment in building construction, climbing from USD 19,446 billion in October 2023 to USD 19,767 billion in November 2023. In the same period, residential spending saw a 2.2% growth, hitting USD 13.7 billion, while non-residential spending rose by 0.6% to USD 6.0 billion.
- In 2023, Mexico's construction industry, as reported by the International Trade Administration, saw a notable uptick in value. The industry's overall worth climbed to USD 120.58 billion, up from USD 102.88 billion in 2022. Specifically, the infrastructure segment surged to about USD 46.10 billion in 2023, a significant rise from USD 38.83 billion in 2022. These upward trajectories in both the construction and infrastructure sectors are poised to fuel the demand for the market studied in Mexico in the coming years.
- Hence, due to such positive factors in the construction market and the growing adoption of lightweight materials, the demand for roofing membranes is projected to increase in North America during the forecast period.
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