Modified Bitumen Roofing System Market Size, Share, Growth, and Industry Analysis, By Type (SBS Modified Bitumen Roofing System and APP Modified Bitumen Roofing System), By Application (Commercial building and Industrial Building) and Regional Forecast to 2029

Updated On: 15 April 2024

REPORT OVERVIEW

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The global modified bitumen roofing system market size was USD 9481 million in 2022. As per our research, the market is projected to touch USD 12850 million by 2029, exhibiting a CAGR of 5.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Bitumen is a substance composed of hydrocarbons and elements such as hydrogen, calcium, iron, and sulfur. It is in very refined form and is spread across the roof of a building to get the best results which prevents it from water logging. The roofing system consists of base piles and cap sheets which helps in keeping the roof of a building strong since the water does not penetrate in the structure. It also includes the durability of the roof as the cool roof coatings and granules used in the composition of cap sheets reflect back the UV rays which increases the durability of the roof.

COVID-19-Impact - Pandemic Negatively Affected the Market Owing To The Imposed Limitations

COVID-19 had a negative impact on most sectors especially construction due to lockdown and government limitations on transportation. Since it had restrictions it was difficult to transport raw materials from the factories for construction work. Contractors were also unable to arrange for the labors due to social distancing and other rules of pandemic to curb the spread of viruses. Since the supply chain of raw materials had disrupted the sale of the product was also affected greatly in turn.

LATEST TRENDS

"Increase In The Demand Of Bio-Asphalt Fuel The Market Growth"

The growing awareness about using eco-friendly products and substances has led to the increase in utilization of bitumen roofing systems. Since petroleum based products have degrading effects on the health of consumers, the shift towards alternatives such as bio-asphalt, a binding driver by several companies, has increased the demand for such systems. Bio-asphalt does not include petroleum in its composition, instead it is made up of viable sources such as biomass made up of natural latex, trees, lignin, starch and molasses. All these properties of bio-asphalt have helped to drive the demand for it in the market.

SEGMENTS

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By Type

Based on type the market is divided into SBS Modified Bitumen Roofing System and APP Modified Bitumen Roofing System.

By Application

Based on application, the market is classified into commercial building and industrial building

DRIVING FACTORS

"High Resistance To Physical Damages to Lead the Market Growth"

Modified Bitumen roofing system is useful in the areas of extreme weather conditions as it helps in protecting from severe hailstorms or harmful UV rays. It also prevents water from collecting on the roof, which would help in any kind of roof damage. The sloped design helped in cleaning of any kind of waste materials falling from trees such as fruits and branches. These factors together fuel the modified bitumen roofing system market growth.

"Affordable Maintenance of The Roof To Propel The Market"

Modified Bitumen roofing is a very affordable waterproofing system in the market. It can last up to 20 years if it is installed properly by the professionals otherwise it can be expensive. The maintenance cost of the sheet is also less. The bitumen has adjustable strength to withstand or prevent occurrence of any kind of cracks on the roof.

RESTRAINING FACTOR

"Lack Of Proper Insulation Coating Hampers The Market Growth"

The bitumen roofing is of black color which absorbs the heat and does not reflect it back can cause heating of the structure. It can make the people living or working in the building uncomfortable and distract them from working or living. Proper insulation and in addition to it coating with cold roof or granules is needed during the installation of the sheet.

REGIONAL INSIGHTS

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"Asia Pacific Dominates the Market Owing To Increase in Population And Urbanization"

Asia Pacific to hold the largest modified bitumen roofing system market share globally. Countries such as China and India are the major contributors of the market owing to its developing economies and increased demand for this system. Moreover, the increase in the population and construction for rapid development of urbanization also contributes to fuel the market growth in this region over the forecasted period.

KEY INDUSTRY PLAYERS

"Advance Technologies for Modification Of The Roofing System By Major Companies Leads To Market Growth"

Johns Manville, Firestone Building Products Company LLC, GAF Materials Corporation, CSR Roofing Contractors Inc., are some of the key players in the construction industry. These manufacturers aim at providing innovative and suitable roofing materials that would be durable and rigid. The company’s focus on coming up with novel strategies on solution and cost worthy products to make their portfolio strong enough to establish themselves firmly in the market.

List of Key Players Profiled

• Johns Manville (U.S.)
• Firestone Building Products Company LLC (U.S.)
• GAF Materials Corporation (U.S.)
• CSR Roofing Contractors Inc. (U.S.)
• Henry Company LLC (U.S.)
• Tremco Roofing (U.S.)
• IKO Industries Ltd (Canada)
• Nations Roof LLC (U.S.)
• Siplast (U.S.)
• Best RoofingC (U.S.)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.