NEW YORK, Nov. 22, 2018 (GLOBE NEWSWIRE) -- The global roofing materials market is expected to witness a CAGR of 3.13% and is projected to reach USD 138.91 billion by 2024. Rise in demand for energy efficient roofs has given impetus to the market. Moreover, growth in construction industry and urbanization of rural areas is expected to drive the growth of this market in the coming years.
The market is driven by tandem growth in the construction industry, moreover, repair and maintenance further drives the growths. Shingles are the most commonly used roofing materials and held the largest share of the market in 2017 due to their cost effectiveness and easy installation. Furthermore, new energy efficient innovations, such as the Tesla solar glass roof which generates its own energy are expected to drive the market over the forecast period.
Shingles segment held the largest share of the market in 2017
Shingles segment offers a wide variety of roofing materials, such as asphalt, wooden, tiles, and slate shingles. Among these, asphalt shingles held the largest share of the market in 2017. Asphalt shingles are mostly used for residential applications as they are easy to install and the installation cost incurred is affordable. A wide variety of shingles offer unique properties suitable for the protection of roofs based on slope, water resistance and temperature fluctuations. Shingles segment is expected to continue to hold the largest segment of roofing material market over the forecast period.
Roofing materials market – Regional Insight
Asia Pacific held the largest market share of the global market in 2017.Roofing materials market has gained fast traction in this region owing to APAC holding the largest share of the global construction industry. China, India and Japan hold the major share of the market in this region. Urbanization of rural areas along with demand for residential accommodations catering to increasing population is expected to continue to propel the growth of this market in this region.
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Key findings from the report:
- The global roofing materials market is likely to reach USD 138.91billion by 2024
- Metal roof segment is expected to witness the highest CAGR over the forecast period. This growth is attributed to their high durability, affordable cost, and easy installation. Metal roofs are expected to dominate in non-residential applications
- Residential segment held the largest market in 2017 owing to increasing urbanization and re-roofing demand
- Asia-Pacific held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to this region’s largest share of construction industry across the globe
- The key players of this market are 3M; The Dow Chemical Company; GAF; Owens Corning; North American Roofing Services, Inc.; Etex; Atlas Roofing Corporation;TAMKO Buildings Products, Inc.; Johns Manville; and CertainTeed among others
By Product Type
- Metal roofs
- Asphalt shingles
- Tile roofs
- Slate roofs
- Liquid roofing
- Others
By Application
- Residential
- Non-Residential
Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
- Central and South America
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