Roofing Materials Market to Hit US$ 145.23 Million By 2030 | Analysis Report

New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global Roofing Materials Market is expected to witness significant growth at a CAGR of 3.9% during the forecast period of 2023-2030. This growth is attributed to technological advancement in roofing technology and increasing roofing demand in developing countries.

According to a recent report by Consegic Business Intelligence, the roofing materials market is poised for strong expansion and is expected to reach USD 145.23 million by 2030. The market, which was valued at USD 107.15 million in 2022, is projected to grow at a compound annual growth rate of 3.9% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the roofing materials market.

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Roofing materials are products used to cover and protect the top of a structure or building. The price of roof renovations may vary widely. Some of the major factors on which price varies are the type of roofing material you choose, the price of labor, and the size and shape of your roof. Numerous types of roofing materials are commercialized in the market namely asphalt shingles, metal roofing, solar roof tiles, stone-coated steel, concrete & clay tile roofs, and slate, among others.

Global Roofing Materials Market: Report Attributes

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Global Roofing Materials Market Segmentation Details:

Based on Type, in 2022, the asphalt shingles segment contributed the largest market share in the roofing materials market. Asphalt shingles are the most common type of roofing material. They are relatively inexpensive and easy to install. However, they are not as durable as some other roofing materials and may need to be replaced more often.

Based on Construction Type, in 2022, the reroofing segment contributed the largest market shares in the roofing materials market, this is owing to the growing focus on increasing aesthetics and ambiance through modern design as well as texture has resulted in a rise in restoration and renovation of residential and commercial construction.

Based on End-User, in 2022, the residential segment contributed the largest market shares in the roofing materials market. This is owing to several factors such as the rising global population and growing preference of consumers for single-family housing structures.

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Based on Region, in 2022, North America accounted for the largest share contribution of 35.18% to the market growth. Technological advancements such as green roofing and eco-friendly roofing material have increased the demand for roofing products in the region Therefore, the aforementioned factors are contributing to the growing demand for roofing materials in the region.

Competitive Landscape

GAF Materials Corporation, IKO Industries Ltd., and Owens Corning among others are the major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the roofing materials market is expected to grow considerably due to increasing construction activities all around the world. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.

Recent Developments

• In February 2022, Johns Manville, launched two new products namely DynaSet 1K and 1-Part PermaFlash for bituminous roofing systems to help improve productivity on the roof.
• In January 2021, ProVia launched the company’s new metal roofing product line, which combines the luxury as well as the beauty of slate or cedar shakes with the durability and longevity of a galvanized, highly-engineered steel roof system.

Key Market Takeaways

• Based on type, the asphalt shingles segment accounted for the highest market share in the roofing materials market statistics in 2022.
• Based on construction type, the reroofing segment accounted for the highest market share in the roofing materials market statistics in 2022.
• Based on end-user, the residential segment accounted for the highest market share in the roofing materials market statistics in 2022.
• Asia Pacific is expected to grow at the fastest CAGR of 4.3% during the forecast period as most of the players operating in the market are looking to invest in emerging countries such as India and China.
• North America accounted for the highest market share of 35.18% and was valued at USD 107.15 million and is expected to reach USD 145.23 million in 2030.

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List of Major Global Roofing Materials Market:

• GAF Materials Corporation
• Atlas Roofing Corporation
• Owens Corning
• TAMKO Building Products, Inc.
• Carlisle Companies Inc.
• Metal Sales Manufacturing Corporation
• Wienerberger AG
• CertainTeed Corporation
• Boral Roofing
• IKO Industries Ltd.

Global Roofing Materials Market Segmentation: 

• By Type
  • Asphalt Shingles
  • Metal Roofing
  • Solar Roof Tiles
  • Stone-coated steel
  • Concrete & Clay Tile Roofs
  • Slate
  • Others
• By Construction Type
  • New Roofing
  • Reroofing
• By End-User
  • Residential
  • Commercial
  • Industrial

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Frequently Asked Questions in the Roofing Materials Market Report

• What was the market size of roofing materials in 2022?
  • In 2022, the market size of roofing materials was USD 107.15 million.
• What will be the potential market valuation for roofing materials by 2030?
  • In 2030, the market size of roofing materials is expected to reach 145.23 million.
• What is the key restraint hampering the growth of the roofing materials market?
  • The high costs of construction materials is restricting the market growth.
• What is the dominant segment in the roofing materials market, by type?
  • In 2022, the asphalt shingles segment accounted for the highest market share in the overall roofing materials market.
• Based on current market trends, which geographical region contributed the largest share of the market?
  • North America accounted for the largest market share in the roofing materials market.

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