Global Flat Roofing Systems Market (by Material Type, Application, Technology, Construction Type & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)

Global Flat Roofing Systems Market (by Material Type, Application, Technology, Construction Type & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)

Market Insight:

A flat roof is a kind of external form of roofing solution. The flat roof has a gentler roof with a slope of almost 5%. Flat roofs are commonly employed in dry conditions and allow for the utilisation of roof space as a living space.

Modern building designs have evolved significantly. Flat roofing style has grown highly common in corporate centres, particularly in the last few decades. The key reason for such quick acceptance is the multiple advantages it provides. The flat roof is more durable and visually pleasant than the sloping roof style. It has solved the problem of space constraints on the top floors of buildings, allowing the rooftop to be used for activities. Therefore, the flat roofing systems market is expected to flourish in the coming years. The global flat roof systems market is expected to record a value of US$56.37 billion in 2023, witnessing growth at a CAGR of 2.16% during the forecast period.

Segment Covered:

• By Material Type: On the basis of material type, the market has been segmented into four segments: Bituminous, Tiles, Metal, and Others. The bituminous segment lead the flat roofing market, accounted for the largest share of the market. The bituminous segment is expected to experience high growth. A wide range of product availability, durability, high fire and wind resistance, and good aesthetics are among the major advantages offered by the bituminous material, which in turn, are expected to contribute to the market growth.
• By Technology: The report provides the bifurcation of the market into six parts, on the basis of technology: Bituminous Membrane, Roofing Insulation, Assembly Components, Single-ply Membrane, Liquid Applied Membrane, and Metal for Flat Roofs. Bituminous membranes hold the major share in the market. The high resistance to the most extreme weather conditions, ease of maintenance, excellent mechanical properties, and high resistance to mechanical damage and punctures have significantly contributed to the increased demand level for bituminous membranes in the past few years.
• By Construction Type: On the basis of construction type, the global flat roofing systems market can be divided into two segments: New Construction and Re-roofing. The new construction segment is expected to grow at a significant CAGR in the coming years owing to the growing industrialization in emerging countries and rapid urbanization.
• By Application: The report provides the segmentation of global flat roofing systems market based on three applications: Commercial, Residential, and Industrial. The residential market is anticipated to grow at a highest CAGR during the forecasted period. The growth can be attributed to the rising government and institutional support for the development of housing infrastructure in emerging economies, increasing population and growing preference for single-family housing structures.

Geographic Coverage:

• In the report, the global flat roofing systems market is divided into five regions: Asia Pacific, North America, Europe, Latin America, Middle East, and Africa. The countries covered in North America region include the US, and the Rest of North America, while Europe includes UK, Germany, France, Italy, Spain, and the Rest of Europe. Moreover, China, Japan, India, Australia, South Korea, and the Rest of the Asia Pacific are included in the Asia Pacific region.

Asia Pacific dominated the market with largest share, owing to an increase in reconstruction activities in countries such as Malaysia, Singapore, Nepal, and Srilanka. In addition, North America is divided based on material type: Bituminous and Others. North America is further bifurcated on the basis of application: Commercial, Residential, and Industrial. The commercial sector is holding the major share in the market as flat roofs allow businesses to store and service A/C units on the roof easily, which saves real estate within the store and frees up parking spaces as well.

Top Impacting Factors:

Growth Drivers

• Growing Construction Industry
• Increasing Number of Warehouses
• Increasing Adoption of Flat Roofing in Commercial Building
• Climate Change

Challenges

• Volatility in Raw Material Prices
• Lack of Skilled labor

Trends

• Increasing Housing Age
• Growing Demand For Green Roofing
• Increasing Use of Self-Adhesive Roofing Membranes
• Driver: Increasing Number of Warehouses

Roofing is one of the most exposed parts of a warehouse building system facing harsh weather conditions. Appropriate roof for warehouses depends on the location, size, usage, and time. Many flat-roofed warehouses employ metal as a roofing material due to its practicality, longevity, and efficiency. Metal roofs on flat-topped structures can last for over 30 years and are the go-to choice for most property owners due to their ease of repair and durability. Additionally, many contractors charge much less for labor on flat roofs due to the simplicity of installation. Therefore, the rise in the number of warehousing and other industrial buildings in the emerging economies is expected to increase the demand for flat roofing in the coming years.

• Challenge: Volatility in Raw Material Prices

Constant volatility in the prices of raw materials is adversely affecting the flat roofing market. Bitumen or asphalt is the major raw material used in the manufacturing of bituminous roofing materials, which is the leading product segment of the flat roofing market. Gasoline is a key raw material for bitumen. An increase in the prices of gasoline has been adversely affecting the supply of bitumen and asphalt. Furthermore, the high cost of manufacturing techniques such as the oxidation process has raised the production cost of bituminous roofing. Additionally, high prices of polymer and fiber cement are estimated to hamper the flat roofing market during the forecast period. Day by day the cost of raw materials is rising and with material hikes cost of production is getting higher. The manufacturers are finding solutions for cutting down the cost by implementing a hybrid roofing system.

• Trend: Growing Demand For Green Roofing

Green roofs provide views of natural greenery and absorb sound and air pollutants, benefiting the occupants of neighboring buildings. Green roofs are easier to install and maintain on a flat roof surface. They can be installed on low-sloping roofs surfaces without the need for stabilization. Whereas, the surfaces with a steep slope require an additional reinforcing system such as a tray planting or terracing system to hold soil in place. Therefore, as green roofing is accepted widely, the demand for flat roofing systems is expected to increase simultaneously in the coming years.

The COVID-19 Analysis:

The flat roofing market growth was negatively affected by the COVID-19 pandemic in early 2020, as lockdowns, social distancing measures, and trade sanctions have triggered massive disruptions to global supply chain networks. A major challenge that the flat roofing market faced during the initial period of the COVID-19 outbreak was the low availability of the workforce and rising labor costs. After a period of contraction in demand, flat roofing demand would be supported by an increase in housing starts and the efforts of building owners to repair or replace the nation’s large stock of structures with older or worn roofs, thus resulting in a positive growth outlook. Also, virtual communications with homeowners have been growing in popularity, as have touch-free orders, pickups, and deliveries.

Analysis of Key Players:

The global flat roofing systems market is highly fragmented, with many players holding trivial market share. The key players of the global flat roofing systems market are:

• 3M Company
• Sika AG
• Dow Inc. (The Dow Chemical Company)
• Holcim Group (Firestone Building Products)
• CSR Limited
• Owens Corning
• Carlisle Companies Incorporated
• Hood Companies, Inc. (Atlas Roofing Corporation)
• Duro-Last Inc.
• Standard Industries (BMI Group)
• IKO Group
• TAMKO Building Products LLC

Vendors working in the flat roofing market are focused on the development of durable as well as easy-to-install products. Apart from this, the growing efforts of major players to offer cost-effective and superior quality products are expected to fuel the growth of the global flat roofing systems market in the coming years. Some of the strategies among key players in the market for flat roofing market are partnerships, mergers, acquisitions, and collaborations. For Instance, in 2021, Holcim acquired several businesses including Edile Commerciale; Heinrich Teufel GmbH & Co. KG; Utelite Corporation; Patriot Ready Mixed Concrete. Moreover, Carlisle Construction Materials would produce the commercial roofing industry’s first 16-foot-wide TPO membranes.