Wilmington, Delaware, United States, , Dec. 05, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Roofing Market is anticipated to grow at a CAGR of 4.9%, from 2021 to 2031. Roofing adds extra protection from rain, sun, heat, sand, and other climatic challenges to a building or infrastructure. It is considered an essential part of construction and is used across a wide range of offices, hotels, commercial buildings, and various educational institutes. The increasing rate of industrialization and urbanization is anticipated to propel the global market for roofing during the forecast period.
The rise in disposable incomes of people and the willingness to spend on infrastructural development and improve their living standards will increase the rate of construction activities across residential, industrial, and commercial sectors. This is projected to increase the Roofing Market growth in the forecast period. Additionally, the rapid growth of urbanization and the increasing rate of renovation and minor construction activities post the COVID-19 pandemic will help increase the Roofing Market value in the coming years.
The advent of smart technologies in home and office construction such as the use of robots for heavy lifting and other tasks will also promote the Roofing Market growth. The adoption of multiple materials in the construction industry such as glass, metal, polycarbonate, fiberglass, clay, sand, and others will serve as the latest Roofing Market trends.
The increasing popularity and growing acceptance of green roofing techniques, the use of eco-friendly roofing materials, and robots for rooftop inspections will also boost the demand for roofing items in the forecast period. However, the high establishment cost of roofing frameworks might cause market limitations during the forecast period.
As per the Roofing Market report, the industry was valued at US$ 190 Bn in 2021 and is estimated to reach US$ 322 Bn by the end of 2031.
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Key Findings of Study:
- Increase in Rate of Building and Construction Activities to Boost Market Development: Relaxations of COVID-19 lockdown regulations a couple of years back resulted in the reopening of schools, colleges, and multiple businesses, which, increased the demand for new construction and renovation activities. This is expected to drive the Roofing Market size in the future.
- Commercial Sector Held Largest Market Share: Recovery in consumer demand in various end-use industries after the COVID-19 pandemic signifies the resumption of all business and commercial activities. An increase in the number of commercial infrastructural development activities is likely to augment the Roofing Market in terms of revenue in the coming years.
Key Drivers:
- The use of innovative roofing materials such as synthetic wood shakes, solar shingles, metal shingles, louvers, etc., in all commercial, residential, and non-commercial industries is expected to create Roofing Market opportunities during the forecast period
- The rise in the number of immigrants from underdeveloped areas to urban cities will lead to new house-building activities
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Regional Growth Dynamics:
- Asia Pacific held the dominant market share in 2021. This is ascribed to the presence of a large population with growing housing needs. The availability of raw materials at low cost is expected to boost the Roofing Market expansion in the future.
- The Middle East and African market is likely to contribute significantly to global Roofing Market revenue during the forecast period. Countries such as Qatar, Kuwait, Saudi Arabia, and UAE are projected to generate significant revenues in the next few years due to rapid national development activities.
Key Players:
The global Roofing Market is fragmented with the presence of a large number of players. Leading companies focus on expanding geographical outreach and increasing revenues to ensure high brand value. Strategies such as merger &acquisition, joint ventures, and other collaborations will help players to gain a competitive edge in the overall market.
Key players in the Roofing Market are
- Carlisle,
- TAMKO Building Products Inc.,
- Owens Corning,
- IKO Industries Ltd.,
- Forestone Building Products Company,
- Johns Manville,
- Brass Monier Building Group Services S.A.,
- Certain Teed Corporation,
- Duro-Last Roofing Inc.,
- GAF.,
- Atlas Roofing Corporation., and others.
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Roofing Market Segmentation:
Product
- Bituminous Roofing
- Metal Roofing
- Tile Roofing
Application
- Residential
- Commercial
- Non-commercial
Regions
North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
Countries
• U.S.
• Canada
• Germany
• U.K.
• France
• Spain
• Italy
• Russia & CIS
• China
• India
• Japan
• ASEAN
• Brazil
• Mexico
• GCC
• South Africa
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