Roofing Underlayment Market size has been forecast to surpass a valuation of USD 45 billion by 2024. As the competition in Roofing Underlayment Market soars to superlative heights, companies constituting this combative business space would be seen adopting highly strategic measures to sustain their position.Furthermore, with the masses being more aware of the significance of roofing components in construction, Driven by the dire need for these components across coastal areas, in the face of hazardous climatic mishaps, and the adoption of building codes by contractors for installing flame-resistant and water-resistant underlays in commercial zones.
For instance, a year ago, Owens Corning, one of the most prominent roofing underlayment market players, inked a deal with the Canada-based roofing underlayment manufacturer, InterWrap, for a valuation of USD 450 million. The transaction, post receiving regulatory clearance, attained closure in the second quarter of 2016, and is expected to prove mutually beneficial for both the parties.
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While InterWrap’s brands would help Owens expand its presence further in roofing underlayment market, the latter’s innovations in building technology is expected to help InterWrap penetrate newer markets and expand its consumer base. The agreement was touted by experts to be one of most reciprocally advantageous deals of 2016 witnessed in roofing underlayment industry.
A vital factor that has come to the fore lately, is the critical role that roofing underlays play in hurricane-prone areas. Residential homes in coastal regions, often prone to storms and hurricanes, necessitate the requirement of strong roofing components to sustain the hazardous weather calamities.
Hurricane Irma, for instance, a category 5 hurricane, had fiercely destroyed the British Virgin Islands with a rather palpable retribution, damaging several coastal properties. While the destruction scale was being compiled, it was noted that the cost to repair damaged roofs accounted for most of the overall repair expenditure. On these grounds, it was suggested that the building codes be modified to sustain storms and other calamities, which has provided a rather lucrative avenue for roofing underlayment market players.
Hurricane Irma also prompted several companies partaking in roofing underlayment industry share, to come up with a range of strong, hurricane-proof underlays and related components. In consequence, the 3 in 1 Construction company introduced the 3 in 1 Roof – embossed with a patented, easily installable 100% durable foam embodiment inclusive of renewable solar modules, with a foam core that protects underlays from hot and cold temperature cycles. The company aims to popularize its star product across roofing underlayment market, to the extent of wanting every value oriented homeowner to choose 3 in 1 Roof as their sole option for re-roofing.
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Roofing underlayment industry, being an essential vertical of the construction sphere, is governed by the laws applicable for this rapidly expanding sector. However, recently, four major roofing companies aiming to expand the reach of roofing underlayment market in the overall construction space and manufacture cutting-edge underlayment products for building envelope applications, have formed the Asphalt Underlayment Council (AUC). This association, the first of its kind, focuses exclusively on underlays and identifies the need for a council that helps standardize the quality and performance of underlayment products. In the years to come, this association would focus on bringing forth regulatory issues to the fore by means of outreach programs and educational initiatives, that would have a considerable impact on the overall roofing underlayment industry trends.