Global TPO Roofing Membrane Market Expected to Hit $2.2 Billion by 2024
DALLAS — A new report says the global TPO roofing membrane market is expected to reach an estimated $2.2 billion by 2024 with a compound annual growth rate of 3.7 percent from 2019 to 2024.
Lucintel, a leading global strategic consulting and market research firm, produced the report entitled “Growth Opportunities in the Global TPO Roofing Membrane Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The report was created through analysis of the global TPO roofing membrane market by end use industry, membrane thickness, application, and region.
It generally indicates the future of the global TPO roofing membrane market looks promising with opportunities in the commercial, residential, and industrial markets.
The major drivers for this market are growth in the building and construction industry and increasing demand for green roofing solutions.
Lucintel forecasts that 45 mil thickness TPO roofing membrane will remain the largest segment due to their low cost and is ideal choice for buildings which needs 10-15 years of service life. TPO roofing membranes with 80 mil thickness are expected to witness highest growth over the forecast period due to growing demand for materials with greater strength, energy efficiency, durability, and performance.
North America will remain the largest region over the forecast period due to stringent government regulations and building codes for energy efficiency. Asia Pacific is expected to witness the highest growth over the forecast period due to increasing construction activities and growing awareness about cost effective building solutions.
In this market, 45 mil, 60 mil, and 80 mil thick TPO roofing membranes are used as water proofing, heat resistance, and damage resistance solutions in residential and non-residential buildings.