New York, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The roof is protected from the elements, including rain, hail, heat, and cold, by roofing tiles. There are many kinds of roof tiles, including clay roof tiles, concrete roof tiles, metal roof tiles, solar roof tiles, plastic roof tiles, and others. The use of roof tiles in residential buildings is expected because of their durability, fire resistance, and other benefits.
Improvement in the Building Industry Drives the Global Market
According to Straits Research, “The global roofing tiles market was valued at USD 31.96 billion in 2022. It is projected to reach USD 49.58 billion by 2031, growing at a CAGR of 5% during the forecast period (2023-2031).” The market for roofing tiles is anticipated to be driven by the expansion of the building industry. The government's objective to complete several infrastructure projects will probably cause the construction industry to expand across Asia-Pacific and LAMEA. These projects entail building regional companies, houses, and other buildings. For instance, in October 2019, the South Korean government and the Inter-American Development Bank (IDB) collaborated to invest more than USD 1.30 billion in Latin American smart city programs. The construction sector is predicted to restart its rising trend in most emerging countries in 2021 after enduring a period of sluggishness brought on by low consumer confidence and a lack of investment over the past few years. As a result, the construction sector has recovered, especially in Brazil, Colombia, and Peru, which is projected to promote market expansion.
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Technological Progress Creates Tremendous Opportunities
Manufacturers' technical advancements, such as green roofing, energy-efficient roofing, solar roofing tiles, eco-friendly roofing materials, and drones for roof inspections, have increased the demand for roofing tiles. In reaction to rising air pollution, declining biodiversity, and urban heat islands, green and environmentally friendly roofs help slow environmental deterioration. Due to the lack of a physical inspection required by drone technology for checking roofs, a significant increase in demand was also seen. For instance, in October 2019, the American clean energy business Tesla, Inc. unveiled the Solar Roof tiles V3. The essential advantage of solar roof tiles is that they offer an alternative to conventional solar panels.
Report Scope
| Study Period | 2019-2031 | CAGR | 5% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 31.96 billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 49.58 billion |
| Largest Market | Asia Pacific | Fastest Growing Market | Europe |
Regional Analysis
Asia-Pacific roofing tiles market shareholder is expected to grow at a CAGR of 6.3% during the forecast period. Asia-Pacific is currently the world's largest market for roofing tiles due to the region's general economic growth and the highest adoption of flat refurbishment and replacement products in countries like China, Japan, and India. Increases in industrialization, urbanization, and numerous infrastructure projects are the main drivers of market expansion. Additionally, the market grows due to population expansion and new commercial and residential infrastructure construction.
Europe is expected to grow at a CAGR of 4.80% during the forecast period. The roofing tile market in Europe is established, and moderate expansion is predicted throughout the projection period. In Europe, the construction industry is an essential economic driver. Europe's exports had already been falling due to the global recession and bank lending had already been declining due to a lack of liquidity before the financial crisis hit. Construction enterprises experienced financial difficulties due to the economic and financial crisis, with some declaring bankruptcy. The slow post-recession recovery of the European building sector is expected to benefit the market for roofing tiles.
Key Highlights
- Based on material type, the global roofing tiles market is bifurcated into clay roof tile, concrete roof tile, and others. The concrete roof tile segment is the highest contributor to the market and is expected to grow at a CAGR of 6.10% during the forecast period.
- Based on construction type, the global roofing tiles market is bifurcated into new construction and renovation and replacement. The new construction segment owns the highest market share and is expected to grow at a CAGR of 6.10% during the forecast period.
- Based on the end-user industry, the global roofing tiles market is bifurcated into residential and non-residential. The residential segment owns the highest market share and is expected to grow at a CAGR of 5.95% during the forecast period.
- Asia-Pacific is the most significant global roofing tiles market shareholder and is expected to grow at a CAGR of 6.3% during the forecast period.
Competitive Players
The global roofing tiles market's major key players are Boral Limited, Crown Roof Tiles, Dachziegelwerke, Eagle Roofing, Ecostar LLC, Ludowici Roof Tile, Marley Ltd, MCA Clay Roof Tile, Shital Potteries, and Terreal Malaysia Sdn Bhd.
Market News
- In November 2022, Uganda Baati launched Orientile steel roof tile.
- In December 2022, GAF Energy, a Standard Industries company and a leading provider of solar roofing in North America, announced the launch of its Timberline Solar™ roof in New Jersey.
Global Roofing Tiles Market: Segmentation
By Material Type
- Clay Roof Tile
- Concrete Roof Tile
- Others
By Construction Type
- New Construction
- Renovation and Replacement
By End-User Industry
- Residential
- Non-residential
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/roofing-tiles-market/segmentation
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