Portland, OR, Dec. 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global roofing tiles market garnered $30.40 billion in 2019, and is estimated to reach $41.35 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027. The report offers a detailed analysis of drivers & opportunities, top winning strategies, major segments, top investment pockets, value chain, and competitive landscape.
Rise in urbanization & industrialization in developing countries and surge in spending on home remodeling drive the growth of the global roofing tiles market. However, economic uncertainty and high initial cost hinder the market growth. On the other hand, technological advancements create new opportunities in the coming years.
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Covid-19 Scenario:
- The production activities of clay and concrete roofing tiles have hindered due to lockdown during the Covid-19 pandemic. In addition, there has been raw material shortage and hindrance in distribution.
- As new construction activities, home remodeling activities, and other renovation activities have been postponed. So, the demand for roofing tiles has been reduced considerably.
- The demand would grow steadily as activities in the construction sector begin. In addition, the supply chain will be restored.
The report provides detailed segmentation of the global roofing tiles market based on material type, construction type, end user, and region.
Based on construction type, the new construction segment contributed to the highest market share in 2019, accounting for nearly three-fourths of total share, and will maintain its lead position throughout the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 5.9% from 2020 to 2027. The research also analyzes the renovation and replacement segment.
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Based on end user, the residential segment is estimated to manifest the highest CAGR of 5.8% from 2020 to 2027. Moreover, this segment accounted for the highest share in 2019, contributing to more than two-thirds of the global roofing tiles market, and will maintain its dominance throughout the forecast period.
Regionally, Asia-Pacific held the highest market share in 2019, contributing to for more than two-fifths of the total market share, and will maintain its lead position by 2027. Moreover, this region is expected to witness the fastest CAGR of 6.3% during the forecast period. The report also discusses regions including North America, Europe, and LAMEA.
Leading players of the global roofing tiles market analyzed in the research include Boral Limited, Dachziegelwerke, Crown Roof Tiles, Ecostar LLC, Eagle Roofing, Marley Ltd, Ludowici Roof Tile, Shital Potteries, MCA Clay Roof Tile, and Terreal Malaysia Sdn bhd.
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