Single-Ply Membrane Roofing Market

Market Overview

The global single-ply membrane roofing market size was valued at USD 4.3 billion in 2023 and is projected to reach a value of USD 10.4 billion by 2032, registering a CAGR of 10.2% during the forecast period (2024–2022). Single-ply membrane roofing is a system in which a single layer of flexible membrane is the primary waterproofing material. This roofing solution is popular in commercial, industrial, and residential construction due to its durability, simplicity of installation, and versatility. The primary single-ply membrane materials are thermoplastic olefin (TPO), polyvinyl chloride (PVC), and ethylene propylene diene terpolymer (EPDM). Each type has unique advantages and is suitable for a variety of applications.

The global single-ply membrane roofing market share is rapidly expanding due to widespread adoption in the construction industry. The roofing systems' ease of installation, durability, and energy efficiency drive the market. Single-ply membranes meet a wide range of requirements due to their UV resistance, chemical resistance, and flexibility. The commercial sector, mainly, is a large consumer, drawn to the membranes' reflective properties and long lifespan. While the initial costs may be higher, the long-term benefits of reduced maintenance and energy efficiency contribute to the overall appeal of single-ply membrane roofing in the global market.

Market Dynamics

Single-Ply Membrane Roofing Market Drivers

Rising Construction Activities

The global increase in construction activity contributes significantly to the growing demand for roofing materials, with single-ply membrane roofing systems gaining popularity. As cities expand and economies grow, there is an ongoing demand for new infrastructure, commercial buildings, and residential developments. The construction industry's rapid growth fuels the demand for dependable, efficient, and adaptable roofing solutions such as single-ply membranes. For example, the Chinese construction industry is expected to expand by more than 4% annually between 2024 and 2027. This expansion results from investment in infrastructure projects such as transportation, energy, water systems, and new urbanization as part of the 14th Five-Year Plan. 

In addition, the residential construction sector, including new builds and renovations, contributes to the increased use of single-ply membrane roofing. Homeowners look for roofing solutions that provide durability, energy efficiency, and long-term cost savings. The National Association of Home Builders (NAHB) predicts that residential construction will fall by 3.4% in 2024. The NAHB also expects single-family housing starts to rise 4.6% in 2024 to 946,000 permits, following a 21.2% decline over the previous two years. 

Furthermore, government initiatives and investments in infrastructure projects such as roads, bridges, and public facilities help to drive overall growth in the construction industry. These projects frequently necessitate dependable roofing solutions to ensure the longevity and efficiency of the structures. According to the Indian Brand Equity Foundation, infrastructure development is critical to meeting India's goal of becoming a USD 5 trillion economy by 2025. To boost infrastructure growth, the government has launched the National Infrastructure Pipeline (NIP) and other initiatives such as 'Make in India' and the production-linked incentives (PLI) scheme. Hence, large-scale infrastructure projects, such as the construction of airports or public transportation hubs, are supported by government funding. Influence Single-Ply Membrane Roofing Market Trend.

Single-Ply Membrane Roofing Market Restraints

Competition from Alternate Roofing Systems

Single-ply membrane roofing faces stiff competition from alternative roofing systems, each with distinct characteristics catering to specific project requirements. Traditional roofing materials, advanced systems, and innovative technologies help to create a diverse landscape of options for builders and property owners. This competition influences the choice of roofing materials for various construction projects. Built-up roofing, often made of asphalt, competes with single-ply membranes. BUR systems comprise multiple layers of asphalt and reinforcing fabrics, ensuring durability and weather resistance. As of January 2024, the basic cost of installing built-up roofing ranges from USD 6.96 to USD 8.62 per square foot. As of October 2023, single-ply roofing costs are between USD 4.25 and USD 12 per square foot.  

Furthermore, green roofing systems are also gaining popularity, thanks to increased environmental awareness and regulations encouraging sustainable building practices. The green roofing market is expected to grow as more building owners seek environmentally friendly roofing solutions. Single-ply membrane roofing can last between 25 and 40 years, comparable to most commercial buildings' service lives. Green roofs can last 40–50 years if properly maintained. The green roof membrane's life expectancy can be increased by 2-4 times the typical 15–25-year warranty regular membrane manufacturers provide. 

Furthermore, the Metal Roofing Alliance reports that demand for metal roofing has been steadily increasing, with metal roofing's market share in the residential sector expanding. This suggests a competitive landscape in which metal roofing competes with other materials, like single-ply membranes.

Single-Ply Membrane Roofing Market Opportunity

Technological Advancement in Coatings and Additives

Investing in R&D to improve the technological aspects of single-ply membrane roofing, such as new coatings and additives, represents a significant opportunity. Advanced formulations can provide increased durability, weather resistance, and other performance benefits, meeting the changing needs of the construction industry. Coatings that improve resistance to harsh weather conditions, such as UV radiation, extreme temperatures, and heavy rainfall, can help extend the life of single-ply membrane roofing systems. This improves long-term durability and lowers maintenance costs for building owners. Some manufacturers are investing in nanotechnology to develop weatherproof coatings. When mixed into coatings, nanoparticles can improve UV resistance and prevent material degradation, resulting in roofs that can withstand environmental stressors.

Developing reflective coatings to create "cool roofs" can improve energy efficiency by reducing heat absorption. Cool roofs can reduce building cooling costs, making them both environmentally friendly and economically beneficial. For example, With urban heat islands raising concerns, the Telangana government launched a Cool Roof Policy in 2023 to lower temperatures in Hyderabad and other state urban areas.

Regional Analysis

North America Dominates the Global Market

The global single-ply membrane roofing market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America is the most significant global single-ply membrane roofing market shareholder and is estimated to grow at a CAGR of 10.4% over the forecast period. The demand for these roofing membranes grows with the growing construction industry and the use of lightweight and faster construction techniques in countries such as the United States, Canada, and Mexico. Construction is gradually increasing yearly, with many new homes and public buildings. The US economy is the world's largest. Residential and non-residential sectors expanded as private construction spending increased over time.

Additionally, construction is a significant contributor to the US economy. The sector employs over 7.6 million people, has over 745,000 employers, and builds structures worth nearly USD 1.4 trillion annually. Furthermore, commercial construction recovered to pre-recession levels, with a value of USD 115 billion in 2022, after a significant drop during the recession. The most common types of commercial construction begun in the United States were warehouses and private offices. Demand for single-ply membrane roofing is expected to rise rapidly during the forecast period, driven by increased demand from the residential and non-residential construction industries.

Asia-Pacific is anticipated to exhibit a CAGR of 10.6% over the forecast period. Asia Pacific is expected to have a faster CAGR over the forecast period. With a growing construction industry and rising demand for lightweight and speedier construction techniques in countries such as China, India, and South Korea, demand for these roofing membranes is rising. The Asia-Pacific region is also expected to see increased airport infrastructure. China intends to increase the number of airports to 450 by 2035, while India plans to add 100 airports in Tier II cities through the UDAN scheme over the next three years.

Europe holds a significant market share. The United Kingdom dominated Europe with a sizable market share, and it is expected to maintain this dominance during the forecast period. The primary driver of the target industry's growth is the significant increase in construction activity. Britain has a significant competitive advantage over other European countries in the construction sector. The United Kingdom has world-class design, architecture, and engineering capabilities. British companies are also at the forefront of sustainable construction solutions. According to the United Kingdom's Office of National Statistics, monthly construction output increased by 1.5% in volume terms in May 2022, setting a new monthly record (EUR 15,053 million) since records began in January 2010.

Furthermore, the Global Gateway is a European project launched by the European Union to create new infrastructure. The European Commission has announced that the European Fund for Sustainable Development will provide up to EUR 135 billion (~USD 159.23 billion) for guaranteed infrastructure investments between 2021 and 2027. The European Investment Bank Group invested EUR 99 million (~USD 117.13 million) in Hemsö Fastighets AB to improve energy efficiency in Swedish and Finnish social infrastructure. Nine buildings for social services will be constructed, including nursing homes, a medical facility, preschools, and school services.

Segmental Analysis

The global single-ply membrane roofing market is segmented based on membrane type, application, installation, and region.

The market is further segmented by membrane type into thermoplastic, TPO, and PVC.

Thermoplastics account for the largest share of the market.

Thermoplastic

Thermoplastic membranes are a type of single-ply roofing material known for its versatility, durability, and ease of installation. These membranes are made of polymer-based compounds, which soften when heated and solidify when cooled. Thermoplastic roofing materials include TPO (thermoplastic olefin) and PVC (polyvinyl chloride). Thermoplastic membranes are widely used in commercial and industrial roofing applications because of their UV radiation and chemical and environmental resistance. They are known for their weldability, allowing efficient and secure seam connections during installation. The versatility of thermoplastic membranes makes them suitable for a wide range of roof designs and structures, which adds to their popularity in the roofing industry.

TPO

TPO, or thermoplastic olefin, is a thermoplastic membrane commonly used in single-ply roofing systems. It combines polypropylene and ethylene propylene polymers reinforced with filler materials. TPO roofing membranes balance durability, energy efficiency, and cost-effectiveness. They are known for their reflective properties, which help buildings absorb less heat and have lower cooling costs. TPO membranes resist UV radiation, chemicals, and punctures, making them suitable for various climates and uses. TPO's white reflective surface improves energy efficiency, making it an attractive option for environmentally conscious construction projects.

The market can be bifurcated by application into industrial, commercial, residential, and institutional.

The industrial application generates the highest revenue in the market.

Industrial

The term industrial application refers to using these roofing systems in structures associated with industrial activities. Industrial buildings, including manufacturing plants, warehouses, and facilities, frequently have specific roofing requirements. Single-ply membranes, whether thermoplastic (TPO, PVC) or other types, are preferred for their durability, environmental resistance, and versatility. These membranes offer dependable protection against weathering, chemical exposure, and other hazards common in industrial settings. Using single-ply membranes in the industrial sector ensures the longevity and performance of roofs requiring strong and resilient roofing solutions.

Commercial

Commercial applications include the use of single-ply membrane roofing systems in a variety of non-industrial, business-related buildings. This encompasses commercial complexes, retail outlets, office buildings, and shopping malls. Single-ply membranes, such as TPO and PVC, are popular in commercial settings due to their adaptability to various roof designs, ease of installation, and energy-efficient properties. These membranes' white and reflective surfaces help to keep the interior cooler, lowering cooling costs and increasing energy efficiency. Using single-ply membranes in commercial applications addresses the need for cost-effective, long-lasting, and visually appealing roofing solutions for businesses and retail spaces.

Based on the installation, the market is fragmented into Mechanically Attached Systems, Fully Adhered Systems, and Induction-Welded Roof Installation Systems.

Mechanically attached systems influenced market growth.

Mechanically Attached System

The Mechanically Attached System is a method of installing single-ply membrane roofing that involves fastening the membrane to the roof substrate with screws, plates, or other mechanical fasteners. This installation method provides a secure and stable roof attachment with a structural deck. The membrane is laid over the roof surface, and mechanical fasteners are installed regularly to keep it in place. This method is well-known for its efficiency and cost-effectiveness, making it an attractive option for various applications, including commercial and industrial roofing projects. The Mechanically Attached System simplifies installation, completing roofing projects quickly while ensuring membrane stability and resistance to wind uplift.

Fully Adhered System

The Fully Adhered System involves applying an adhesive or bonding agent to the single-ply membrane and the roof substrate. This installation consists of rolling out the membrane over the roof surface and using a specially formulated adhesive to form a strong bond between the membrane and the substrate. Fully adhered systems are known for superior wind uplift resistance and smooth, aesthetically pleasing appearance. This method is commonly used for roofs with limited mechanical fastening options or for increased resistance to uplift forces. The Fully Adhered System is famous for low-slope roofs in commercial, residential, and institutional applications because it provides durability and a seamless, visually appealing finish.

Impact of covid-19

The COVID-19 pandemic had a significant impact on the on trade segment and Industry. - Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their sales channels as well as product innovation. - The duration of the virus outbreak remains a key factor in assessing the overall impact of the pandemic. However, the global mechanical encoder industry is expected to stabilize after 2021. - The liquor industry was not impacted severely due to the pandemic.

Recent Developments

January 2024: Dow will obtain ISCC PLUS certification for PO/PG and polyol manufacturing in Freeport, Texas.

November 2023: Kingspan launches the HemKor range, which includes its first bio-based insulation product.

July 2023: Duro-Last® expands its roofing solutions with Duro-Last EV 80 Mil and Duro-Last EV Fleece Membranes.