Market Trends of Self-adhered Roofing Membranes Industry
This section covers the major market trends shaping the Self-Adhered Roofing Membranes Market according to our research experts:
Residential Construction is Likely to Dominate the Market
With the rapid technological advancements, the construction infrastructure developments and maintenance activities are increasing, resulting in the replacement of old materials with new ones.
Over the last few years, the demand for new homes in the United States has been increasing consistently, owing to the growing population and rising consumer incomes in the country.
The construction of new private residential buildings in the country has been increasing over the past eight years.
In Canada, various government projects, including the Affordable Housing Initiative (AHI), are set to hugely support the expansion of the sector, thereby driving the market.
Due to all these factors, the demand for self-adhered roofing membranes in residential construction is expected to increase during the forecast period.
North America is Expected to Dominate the Market
The North American region dominated the market share. With the growing construction industry and usage of lightweight and faster construction techniques in countries like the United States, Canada, and Mexico, the demand for self-adhered roofing membranes is increasing in the region.
Residential construction in the United States is projected to have a growth of almost 6%, as there is an increase in single-family housing and multiple-family housing in the country.
Almost 80% of the individuals prefer single-family housing as an end goal, and almost 70% of people are executing this, due to which the number of houses being constructed every year is increasing.
Non-residential construction in the country is expected to observe tremendous growth with President Biden's trillion-dollar green construction plan.
The construction industry in Mexico reached a value of approximately USD 93 billion in 2018. The industry's value was forecasted to increase annually until 2021, amounting to almost
USD 121 billion that year.
Hence, the North American region is likely to dominate the market during the forecast period.
