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Report
North America Single-Ply Membrane Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 100 Pages I Mordor Intelligence
The North American single-ply membrane market is expected to reach 347.41 million square meters by the end of this year. It is projected to register a CAGR of over 4% during the forecast period.
The disruption of various construction activities in 2020, owing to COVID-19, slowed the market growth for single-ply membranes. The supply chain disruption and labor shortage for ongoing construction projects had an impact on the expansion of the market. The market for the single-ply membrane returned to normal conditions in curbing the spread of the virus and is expected to benefit the market expansion during the forecast period in light of the new government regulations and the reopening of various sectors.
Key Highlights
Over the medium term, the major factors driving the market are the growing construction industry, and innovations in technology, along with rising demand for eco-friendly roofing.
On the flip side, a shortage of skilled labor in the construction sector is the key factor anticipated to restrain the growth of the target industry over the forecast period.
Nevertheless, rising emphasis on the use of sustainable building materials is likely to create lucrative growth opportunities in the studied market.
The United States dominated the market across North America with the most substantial usage of single-ply membranes.
North America Single-ply Membrane Market Trends
Increasing Consumption of Single-ply Membranes in the Infrastructural End-use Industry
Single-ply membranes are used in infrastructural construction projects such as airports, subway stations, and others. They serve the purposes of weatherproofing, waterproofing, and UV exposure protection, among other activities.
Thermoplastic polyolefin (TPO) single-ply membranes are used in infrastructural projects where the membrane is exposed to the environment due to its reflective properties. The reflective properties of the TPO membrane are utilized for protection from UV rays exposure and solar radiation.
Polyvinyl chloride (PVC) membranes are used in places where underground construction is performed. The purpose of these PVC membranes is waterproofing and protection from microorganisms, as these are resistant to bacterial and fungal growth. The life expectancy for these PVC membranes is 20-25 years compared to 10-15 for bituminous membranes.
The investments in Canada bounced back in 2021 for residential and non-residential construction, and in the first half of 2022, there was an adequate availability of work for the construction sector.
In the second quarter of 2022, there were around 24,000 more new houses constructed in Canada as compared to the previous quarter. Also, in the first quarter of 2022, the lowest output level since early 2020 was reached.
According to FMI Corporation, the total value for the new constructions put in place in Canada was valued at CAD 270.53 billion (USD 197.98 billion) in 2020 and registered growth of CAD 316.08 billion (USD 231.32 billion) in 2021
The increase in investment in infrastructure projects is a key factor that can boost the growth of demand for single-ply membranes in the forecast period. The major projects commenced in 2022 are Buffalo Bills Stadium in New York, The Grand Ethiopian Renaissance Dam in Ethiopia, Laguardia International Airport in New York, etc.
Considering all the above facts and factors, the usage and demand of single-ply membranes for infrastructural applications are expected to grow in the forecast period.
United States to Dominate the North America Market
The United States has one of the world's largest construction industries. According to FMI Corporation, the new constructions put in place in the United States in 2021 were valued at almost USD 1.6 trillion, and it is projected to reach over USD 2 trillion in 2025. Construction spending has been growing steadily over the last couple of years.
However, the value of construction put in place in the United States was around USD 1,777.3 billion in July 2022, compared to USD 1,784.3 billion in June 2022, registering a decline of 0.4%, as per the US Census Bureau. Nevertheless, compared with the previous year, in July, the construction sector witnessed a growth of 8.5%. This happened due to the fear of the recession in the construction industry.
According to the US Census Bureau, the value of construction spending was valued at USD 19.51 trillion in 2021 and registered growth when compared to USD 17.99 trillion in 2020.
As per the US Census Bureau, the residential construction industry in the United States was valued at USD 929.7 billion in July 2022, compared to USD 815.5 billion in July 2021, registering a growth of 14%. The aging houses signal a growing remodeling market, as old structures normally need to add new amenities or repair/replace old components. Rising home prices in the country have also encouraged homeowners to spend more on home improvements.
In addition, the country is involved in many renovation activities, which is anticipated to drive the demand for single-ply membranes. According to the Harvard Joint Center for Housing Studies, it is estimated that Americans alone spend more than USD 400 billion a year on residential renovations and repairs, which is expected to create a major market for construction materials, including single-ply membranes in the country.
The United States is one of the most powerful nations with strong economic growth. Being home to the world's giant companies, like Google, Facebook, Apple, Microsoft, and Amazon, there has been an increased investment in constructing new offices and data centers in the United States.
According to the AIA Construction Consensus Forecast Panel, nonresidential building construction spending is expected to expand by 5.4% in 2022 and is likely to witness a growth of 6.1% in 2023. By 2023, all the major commercial, industrial, and institutional categories are projected to witness at least reasonably healthy gains.
All the above-mentioned factors are likely to fuel the growth of the single-ply membrane market in the United States over the forecast period.
North America Single-ply Membrane Market Competitor Analysis
The North American single-ply membrane market is consolidated in nature. The top five players dominated North American production with a significant share in 2021. Some of the major companies (in no particular order) are Carlisle Construction Materials, Kingspan Group, Standard Industries Inc., DOW, and IKO Industries Inc.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 The Rise in the Construction Industry and Innovations in Technology
4.1.2 Rising demand for Eco-friendly Roofing
4.2 Restraints
4.2.1 Shortage of Skilled Labor in the Construction Sector
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Revenue)
5.1 Type
5.1.1 Ethylene Propylene Diene Monomer (EPDM)
5.1.2 Thermoplastic Polyolefin (TPO)
5.1.3 Polyvinyl Chloride (PVC)
5.1.4 Modified Bitumen
5.1.5 Other Types (Chlorinated Polyethylene (CPE), Chlorosulfonate-Polyethylene (CSPE), Polyisobutylene (PIB), Neoprene (CR))
5.2 End-use Industry
5.2.1 Residential
5.2.2 Commercial
5.2.3 Industrial and Institutional
5.2.4 Infrastructure
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Carlisle Construction Materials
6.4.2 Carney Roofing Company
6.4.3 DOW
6.4.4 DuDURO-LAST INC.pont
6.4.5 GAF CA | GAF U.S.
6.4.6 Godfrey Roofing Inc.
6.4.7 IKO Industries Inc.
6.4.8 Johns Manville
6.4.9 Kingspan Group
6.4.10 Owens Corning
6.4.11 Roof Lux
6.4.12 Standard Industries Inc.
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