The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Liquid Applied Roofing Market.
It was estimated prior to this unanticipated outbreak that the Liquid Applied Roofing Market will reach CAGR of 7.5 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Liquid Applied Roofing Market Insights
Liquid Applied Roofing Market is likely to witness an impressive CAGR of 7.5% during the forecast period. Liquid applied membranes in comparison to traditional systems deliver better planning and overall concrete protection at reduced cost. Flexibility makes them highly suitable for their growing applications in both, water and waste management systems.
Factors driving the liquid applied roofing market are the boom in construction industry, escalating demand for energy-efficient buildings, and constant innovation coupled with new product launches. Their superior physical and chemical properties along with growing development of infrastructure across the globe are likely to drive the global liquid applied roofing market during the forecast period.
Market Share Analysis
Liquid Applied Roofing Market Share: By Type
Based on the type, the market is segmented as polyurethane coatings, acrylic coatings, PU/acrylic hybrids, bituminous coatings, silicone coatings, modified silane polymers, EPDM rubbers, elastomeric membranes, cementitious membranes, and epoxy coatings. Elastomeric membranes and silicone coatings are expected to offer the highest growth potential in the global liquid applied roofing market. Wide use in the construction industry to water proof and safe guard surfaces from abrasion and chemicals are some of the prime factors driving the demand for the elastomeric membranes market. On the other hand, cementitious membranes hold a fair share as polymer-reinforced membranes are increasingly obtainable with excellent quality at reasonable cost. These membranes have the capability to bear high negative and positive hydrostatic pressures. Further, they provide outstanding concrete-bonding leading to superior water proofing.
Liquid Applied Roofing Market Share: By End-Use Type
Based on the end-use type, the market is segmented as residential buildings, commercial buildings, public infrastructure, and industrial facilities. Residential buildings offer the fastest growth in the global liquid applied roofing market. One of the major drivers is the rapid urbanization of the developing economies.
Liquid Applied Roofing Market Share: By Region
In terms of regions, Asia-Pacific holds the largest share of the global liquid applied roofing market and is expected to witness the highest CAGR during the forecast period, owing to significant economic development in the region. Further, rapidly growing urbanization along with significant investment by government to improve the infrastructure is acting as the major catalysts towards the high growth of the region.
Ongoing recovery in the construction industry of Europe and North America is likely to provide significant growth potential to the industry players. Further, increasing disposable income of consumers, economic growth, and expanding tourism industry in the Middle East are providing new avenues to expand business in the region.