Rockville, March 16, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global roofing market is valued at US$ 82.2 billion in 2023 and is forecasted to expand at a CAGR of 5.5% from 2023 to 2033.
Roofs protect from the sun, rain, and other environmental factors. The materials used to construct the roofs of homes and commercial structures including offices, hotels, and educational institutions include asphalt shingles, metal, elastomeric, roofing tiles, modified bitumen, and plastic.
The primary factors anticipated to propel the growth of the roofing market are technological advancements, rising urbanization, and developments in the construction industry. Demand for roofing products is also increasing as a result of technological improvements including eco-friendly roofing materials, green roofing, and drones for roof inspections.
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Government assistance for construction projects in the form of subsidies and tax incentives in developing economies is anticipated to lead the roofing market to rise significantly throughout the projected period. Governments in both developing and developed nations intend to offer incentives to citizens to replace old, inefficient roofs with new ones that use less energy. Thus, all such aspects are boosting sales growth.
Key Takeaways from Market Study
- Sales of roofing materials are expected to reach US$ 140.4 billion by 2033.
- The roofing market in China is predicted to expand at a CAGR of 7% during the forecast period.
- Demand for metal roofing materials is expected to rise at a CAGR of 6.5% during the next 10 years.
- Germany’s roofing market is predicted to progress at a CAGR of 5% from 2023 to 2033.
“Rapidly increasing rate of the global population and rising infrastructural developments across the world are pushing the sales of roofing materials,” says a Fact.MR analyst.
Key Segments Covered in Roofing Industry Research
- By Product :
- Asphalt Shingles
- Metal
- Elastomeric
- Roofing Tiles
- Modified Bitumen
- Plastic
- By Roofing Type :
- Flat Roofs
- Slope Roofs
- By Application :
- Residential
- Commercial
- Industrial
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Recent Market Developments
- Tesla unveiled a new kind of solar roof tiles in October 2019 to boost its renewable energy business. Solar Roof version 3 makes use of various materials and a few components from the prior generation to ensure that it is installed more quickly than other roofing shingles.
- ProVia introduced a series of metal roofing solutions in January 2021 that combines the beautiful appearance of slate or cedar shakes with the sturdiness and durability of a highly engineered, galvanised steel roof system.
Key Companies Profiled
- Carlisle Companies, Inc.
- Atlas Roofing Corporation
- American Hydrotech, Inc.
- Axter Ltd.
- ARTWOOD SRL
- Alton Industrial Pty Limited
- Arkistruct Pty Ltd
- Blachotrapez
- Architectural Panels Pty Ltd
- Asc Profiles, Inc.
- Bilka Steel SRL
- Alliance Design and Development Group, Inc.
- Agway Metals Inc.
- Boato International S.P.A. Con Socio Unico
- Aluform System GmbH & Company KG
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global roofing market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (asphalt shingles, metal, elastomeric, roofing tiles, modified bitumen, plastic), roofing type (flat roofs, slope roofs), and application (residential, commercial, industrial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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