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APAC Flat Roofs Market Overview
The APAC Flat Roofs Market size is forecasted
to grow at a CAGR of 4.1% during the forecast period 2022-2027 and reach US$12.7
billion by 2027. Flat roofs can be categorized into
various types such as thermoplastic membrane flat roofs including polyvinyl
chloride (PVC) and thermoplastic polyolefin (TPO), rubber membrane flat roofs,
modified bituminous flat roofs, green roofs, metal roof and more. In 2020, the
COVID-19 lockdown had significantly reduced construction activities as a result
of the country-wise shutdown of manufacturing sites, shortage of labor and the
decline of the supply and demand chain all across the Asia-Pacific region,
which temporarily halted construction projects involving residential and
commercial construction. This, in turn, reduced the installation of flat roofs
that are primarily installed and used in commercial and residential buildings,
thus, affecting the APAC
flat roofs industry. However, a steady recovery in
construction activities has been witnessed in the Asia-Pacific since 2021,
which in turn, is driving the demand for flat roofs. For instance, in 2020, the
Ho Chi Minh City Committee in Vietnam commenced the development of a new
commercial center in the Tan Phu District. The project is scheduled for completion
by the end of 2022. Such an increase in construction activities in the
Asia-Pacific is fueling the market growth in the region. An increase in construction activities
along with the increasing demand for flat green roofs is
expected to drive the growth of the APAC
flat roofs market size in the upcoming years. On the other hand, fluctuating
prices of raw materials may confine the growth of the market.
APAC Flat Roofs Market Report Coverage
The “APAC
Flat Roofs Market Report – Forecast (2022-2027)” by IndustryARC, covers an
in-depth analysis of the following segments in the APAC Flat Roofs Market.
By Type: Thermoplastic Membrane Flat Roof (Polyvinyl
Chloride (PVC), Thermoplastic Polyolefin (TPO)), Rubber Membrane Flat Roof, Modified
Bituminous Flat Roof, Spray-On Flat Roof, Metal Flat Roof, Green Flat Roof, Concrete
Flat Roof, Others.
By Application: Residential Construction (Private
Dwellings, Apartments, Row Houses), Commercial Construction (Office, Healthcare
(Hospitals, Long Term Care Facilities, Clinics and Diagnostic Centers, Others),
Hotels and Restaurants, Concert Halls and Museums, Sports Arena (Gym, Training
and Coaching Centers, Sports and Recreation Centers, Others), Educational
Institutes (Schools, Universities and Colleges, Research Center), Transport (Railway
Stations, Airports, Others), Industrial Buildings (Production Space, Warehouse,
Others), Others.
By Country: China, Japan, India, South Korea,
Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of
Asia-Pacific.
Key Takeaways
- The modified bituminous flat roof segment held a significant share in the APAC Flat Roofs Market in 2021. Its wide range of characteristics and excellent tear resistance made it stand out in comparison to other types of flat roofs in the market.
- Commercial
construction application held the largest share in the APAC Flat Roofs Market in
2021, owing to its increasing demand as a roofing system in commercial
buildings. Flat
roofs usually cost less in comparison to sloped roofs and are much safer and
easier to install, which makes them ideal for use in commercial construction.
- China dominated the APAC Flat Roofs Market in 2021, owing to its increasing demand from the construction sectors in the region.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the APAC Flat Roofs Market Report.
Figure: APAC Flat Roofs Market Revenue, 2021-2027 (US$ Billion)
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APAC Flat Roofs Market Segment Analysis – by Type
The modified bituminous flat roof segment held
a significant APAC Flat Roofs Market share of around 22% in 2021, owing to its
increasing demand due to the benefits it offers over other types of materials. For
instance, modified bituminous flat roofs offer excellent resistance to tear and
UV rays in comparison to other types of flat roofs. They also offer higher
durability and has the ability to withstand extreme weather conditions as
compared to polyvinyl chloride (PVC), thermoplastic
polyolefin (TPO), rubber membrane and other types of flat roofs. Moreover, modified bituminous flat roofs require
less maintenance and are much more cost-effective as opposed to other types of
flat roofs. Hence, all of these benefits are driving its demand over other types
of flat roofs, which in turn, is expected to boost the market growth in the
Asia-Pacific region during the forecast period.
APAC Flat Roofs Market Segment Analysis – by Application
The commercial construction application held
the largest APAC Flat Roofs Market share of over 25% in 2021, owing to its
increasing demand as a roofing system in commercial buildings in the region. Flat
roofs are primarily used in commercial buildings as they offer additional space
for business owners who can transform it into a functional area as per the
requirement. Moreover, flat roofs are commonly installed in commercial
buildings, owing to their lower costs in comparison to sloped roofs along with
their ease of installation, maintenance and repair. For
instance, in 2020, the
Ho Chi Minh City Committee in Vietnam announced the commencement of development
of a high-rise commercial-financial service condominium Tower, in Tan Phu
District which is due for delivery at the end of 2022. Furthermore, in 2021,
the construction of two mixed-use towers including commercial towers began in
Australia. The project is scheduled for completion in the fourth quarter of
2025.
In this way, such surging construction
activities associated with the commercial sectors in the Asia-Pacific region are
expected to increase the installation of flat roofs in such buildings, owing to
its above-mentioned benefits. This is expected to expand the APAC flat roofs market
size during the forecast period.
APAC Flat Roofs Market Segment Analysis – by Country
China held a dominant APAC Flat Roofs Market share
of around 28% in the year 2021.The consumption of flat roofs is particularly
high in this region due to its increasing demand from the construction sector. For
instance, in 2021, the development of a new Fosun Bund Commercial Center
commenced in China. The project is scheduled to be completed by 2025 and aims
at providing better commercial facilities in the country. Furthermore,
the government of China approved 695 building and construction projects with a
total investment of 3 trillion yuan (US$471 billion) in January 2022.
The properties of flat roofs such as excellent resistance to tearing and UV rays, higher durability and the ability to withstand extreme weather conditions make them ideal for use in commercial or residential buildings. Thus, such surging development associated with the construction sector in the country is expected to increase the demand for flat roofs, owing to its above-mentioned properties. This is expected to accelerate the growth of the APAC flat roofs market during the forecast period.
APAC Flat Roofs Market Drivers
An increase in construction activities
Flat roofs such as rubber membrane flat roofs, modified bituminous flat roofs, green roofs and more are primarily installed in residential or commercial buildings. Its properties such as excellent durability, weather resistance, lower cost along with ease of maintenance make them ideal for use as roofing systems in such buildings. The factors such as urbanization and the rapid pace of development to aid the economic growth of the Asia-Pacific countries are driving the construction activities in the region. In August 2020, the government of Vietnam announced the beginning of operations to develop new buildings combined with commercial services, offices and hotels in Thao Dien Ward. The project includes 33 buildings and 17 low-rises, which are scheduled to be completed by the end of 2022. Similarly, another construction of a high-rise condominium and Trade-Service-Office in Cat Lai Ward is estimated to be completed in 2024. Furthermore, in 2021, the development of a 550,000 square meter mixed-use complex commenced in Minato City, Japan. The development is expected to be completed by the fourth quarter of 2030 and aims at providing better commercial and leisure facilities in the region. Thus, such increasing construction activities in the region are expected to increase the adoption of flat roofs in such buildings. This is anticipated to drive the growth of the market in the Asia-Pacific region in the upcoming years.
Increasing demand for flat green roofs
The inclusion of flat green roofs in
residential and commercial buildings offers a range of economic and ecological
benefits. For instance, installing a flat green roof is more cost-effective and
reduces the ambient temperature of the building as plants absorb 50% of the
sunlight. It also offers pleasing aesthetics and aromas while creating a
fire-resistant layer on the residential or commercial building. Moreover, the
presence of flat green roofs in a building can act as natural coolants and air
cleaners, as they play a significant role in absorbing carbon dioxide, dust and
other pollutants while producing oxygen and improving the overall air quality.
Moreover, plants can considerably reduce noise pollution and are capable of
reducing noise levels by 20% to 30%. Furthermore, flat green roofs help in
preventing erosion and protecting the water quality by absorbing the excess
runoff during rainfall. Owing to these benefits, the demand for the
installation of flat green roofs in residential and commercial buildings has
been increasing in recent years. For instance, Maris installed flat green roofs
as a part of its green roof waterproofing project in a housing complex in
Gunawan, Indonesia, owing to its environmental benefits and the ability to save
energy costs. Thus,
such increasing adoption of flat green roofs in residential and commercial
buildings in the Asia-Pacific region is expected to drive the market growth in
the region in the upcoming years.
APAC Flat Roofs Market Challenges
Fluctuating prices of raw materials may confine the growth of the market
Primary raw materials including rubber,
bitumen and more utilized in flat roofs are derived from crude oil. As a
result, fluctuations in the prices of crude oil in the Asia-Pacific region may
hinder the growth of the market. For instance, the Brent crude prices across
the world including the Asia-Pacific region decreased to US$9.12 per barrel on
April 21, 2020, which was the lowest record since December 10, 1998. In April
2020, India’s Crude Oil Basket (COB) reached US$19.90 per barrel, which was the
lowest record since February 2002. During the first 11 months of the year
2020-21, the average annual price of India’s COB was around US$42.72 per
barrel, which decreased by 30% than the average COB price in 2019-20. Likewise,
as per revised estimates for 2020-21, the COB has increased by around 35% from
its initial budget estimate. Since October 2021, Vietnam has also witnessed
a spike in demand for crude oil. According to the oil price, the price of light
crude oil exceeded US$94.38 per barrel in February 2022, an increase of 3.63%
that is equivalent to US$3.3, the highest record since November 2014.
Similarly, the price of Brent crude oil also increased and reached up to US$95.39
per barrel, an increase of 1.98% which is equivalent to US$1.85. Thus, such
instability and fluctuating prices of materials used in flat roofs may confine
the growth of the APAC flat roofs industry during the forecast period.
APAC Flat Roofs Industry Outlook
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the APAC Flat Roofs Market.
The top companies in APAC Flat Roofs Market are:
- 3M Company
- Dow Inc.
- Holcim Group
- Owens Corning
- BMI Group
- IKO Group
- Bauder Ltd
- Sika AG
- Alliance Roofing
- Duro-Last Inc.
Recent Development
- In April 2021, Esdec launched its new flat roof solution specifically targeting the Indian market. The main motive of this launch was to enhance the company’s product portfolio and strengthen its position in the Indian market.
Relevant Reports
Report Code: CMR 1148
Report Code: CMR 0708
Report Code: CMR 0222
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