Dublin, May 27, 2022 (GLOBE NEWSWIRE) -- The "Global Flat Roofing Systems Market: Analysis By Material Type, By Application, By Technology, By Construction Type, By Region Size and Trends and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global flat roofing systems market in 2021 was valued at US$52.50 billion. The market is expected to reach US$62.72 billion by 2026. Flat roofs are mostly used in arid climates and allow the roof space to be used as a living space.
There has been a significant shift in the designs of modern buildings. Especially in the past few decades, flat roofing design has become extremely popular in business hubs. The main reason for such rapid adoption is its numerous benefits. Unlike the sloped roof design, the flat roof is more durable and aesthetically pleasing. It eliminates the problem of space issues on the top floors of the buildings, and the rooftop can be utilized for the activities. Therefore, the flat roofing systems market is expected to flourish in the coming years, at a CAGR of 3.62% during the forecast period of 2022-2026.
Market Segmentation Analysis:
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By Material Type: The report provides the bifurcation of the flat roofing systems market into four segments based on material types: Bituminous, Tiles, Metal, and Others. In 2021, the bituminous segment lead the flat roofing market, accounted for around 50% 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.
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By Technology: On the basis of technology, the report includes the segmentation into six parts namely 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.
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By Construction Type: The global flat roofing systems market can be divided into two segments based on construction type: New Construction and Re-roofing. The new construction segment is expected to grow at a significant CAGR of around 4% in the coming years owing to the growing industrialization in emerging countries and rapid urbanization.
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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 CAGR of approximately 5% 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.
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By Region: 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. Asia Pacific dominated the market in 2021 with almost 40% share of the global market. Asia Pacific is anticipated to lead the global flat roofing systems market during the forecast period, owing to an increase in reconstruction activities in countries such as Malaysia, Singapore, Nepal, and Sri Lanka.