Market Trends of North America Single-ply Membrane Industry
This section covers the major market trends shaping the North America Single-ply Membrane Market according to our research experts:
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.
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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.
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