NEWARK, Del, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The global roofing material market size reached USD 141.1 billion in 2023. Over the forecast period 2024 to 2034, sales are anticipated to rise at 4.6% CAGR. The total market value is predicted to increase from USD 147.1 billion in 2024 to USD 231.1 billion by 2034.
The roofing material market is poised for significant growth, driven by increasing construction activities across the globe and high demand for energy-efficient roofing solutions. Innovations such as advanced composite materials that do not have an environmental impact are projected to boost sales.
Advances in technology have transformed the industry with the introduction of durable and weather-resistant materials such as composite shingles. Integrating smart technology into roof systems, including sensors for leak detection and energy monitoring, increases productivity and efficiency.
North America has a strong construction industry supported by steady economic growth, particularly in the United States and Canada. Roofing solutions are required due to high demand from residential, commercial, and industrial sectors.
Technological innovations in materials science and architectural construction have resulted in the development of more efficient roofing solutions for specific needs. The construction industry in North America is subject to stringent building codes aimed at ensuring safety, sustainability, and energy efficiency. These codes mandate the use of quality roofing materials that meet or exceed industry standards.
This has further led to the development of green roofing products such as solar panels and recycled materials. These would help meet environmental concerns and energy efficiency requirements.
Key Industry Highlights
Environmental Sustainability Considerations in the Production of Roofing Materials
Green roofing practices, such as the adoption of green roofs and plant roofs, are a key contributor to growth globally. Cool roofing solutions are set to be immensely popular as these are used to reduce heat absorption, cooling costs, and urban heat island effects.
These products are typically made of circular materials to reflect sunlight and UV rays. These are projected to be popular in areas with hot climates due to the growing need for energy savings.
Vegetation or life cover is another characteristic of a permanent roof. These solutions incorporate vegetation such as grass, shrubs, or trees into the roof system. Plant roofs have several advantages, including natural insulation, stormwater management, and improved ventilation.
These rooftops are not only environmentally friendly but also beautiful and contribute to urban ecosystems. Hence, demand is anticipated to skyrocket through 2034.
Emergence of Smart, Safe, and Energy-efficient Solutions Revolutionize the Industry
Smart roof systems are gaining impetus worldwide as these incorporate sensors, automation, and remote sensing capabilities. These features allow building owners and facility managers to monitor roof conditions, detect problems early, and improve energy efficiency.
Smart roofing systems also improve predictive maintenance, reduce roof maintenance costs, and increase roof life, thereby augmenting demand.
The Internet of Things (IoT) plays an important role in roof technology for novel monitoring systems, including heating and humidity. These systems provide real-time information that helps building owners make informed decisions and proactively address potential roofing problems.
Coating technology has also advanced dramatically, which is one of the market trends in roofing materials. Cool roof coatings reflect UV rays and reduce thermal absorption, thereby extending the life of the underlying roof materials. These coatings increase energy efficiency and reduce aging due to UV exposure, which is set to boost demand.
Companies Develop Flexible and Sustainable Roofing Solutions to Surge Sales
High demand for flexible and durable roofing solutions is a key driver of the roofing material market growth. Building owners, architects, and contractors are projected to use roofing systems that offer exceptional longevity, strength, and zero to low emissions.
Several key players are leading the way in this evolving business environment with innovative roofing solutions. Companies such as Owens Corning, CertainTeed Corporation, and GAF Materials Corp. are constantly developing flexible and sustainable roofing products that meet the demands of today’s consumers.
Key factors contributing to the growth of the roofing material market include:
- Urbanization and Infrastructure Development: Rapid urbanization, especially in emerging economies, is leading to an increase in residential and commercial construction projects, boosting the demand for roofing materials.
- Sustainability and Energy Efficiency: The shift towards green building materials and energy-efficient solutions is driving the adoption of innovative roofing materials, such as cool roofs, which reflect more sunlight and absorb less heat.
- Technological Advancements: The development of advanced roofing materials, including synthetic options that offer enhanced durability and weather resistance, is fueling market growth.
- Government Regulations: Stricter building codes and regulations aimed at improving building safety and energy efficiency are also pushing the adoption of modern roofing materials.
Key Takeaways from the Roofing Material Market Report
- Sales of roofing materials grew at a CAGR of 2% between 2019 and 2023.
- Chile and ASEAN are set to record high CAGRs of 7.6% and 5.4%, respectively, through 2034.
- The residential segment is anticipated to be lead-based on end-use, showcasing a 4.4% CAGR between 2024 and 2034.
- By product type, the metal roofing segment is forecast to thrive at 5.5% CAGR through 2034.
- The United States roofing material industry is projected to reach USD 29 billion by 2034.
"The roofing material market is poised for significant growth, driven by increasing construction activities across the globe. Rising demand for energy-efficient roofing solutions is also set to aid growth. Innovations, such as advanced composite materials, are reshaping the market scenario." - Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
Key players operating in the global roofing material market are investing in unique facilities and entering into partnerships. A few roofing material manufacturers are acquiring small-scale companies to broaden regional presence.
For instance,
- In March 2024, PABCO Roofing Products, headquartered in the United States, started shipping the latest version of ridge cap called Shadow Cap Wide. This would act as the ideal shingle option for vented ridge, color matching, and coverage applications.
Discover Detailed Findings in the Complete Report! https://www.futuremarketinsights.com/reports/roofing-materials-market
Leading Roofing Material Market Players
- CertainTeed
- Mapei SpA
- Braas Monier Building Group
- Atlas Roofing Corporation
- ETEX
- Carlisle Companies Inc.
- IKO Industries Inc.
- TAMKO Building Products
- Alumasc Group PLC
- DECRA Roofing Systems Inc.
- Bauder Ltd.
- Worthouse
- Carlisle Companies Inc.
- ETEX
Key Segments of Market Report
By Product Type:
A few leading product types include asphalt shingles, concrete tiles, clay tiles, synthetic tiles, metal roofing, membrane roofing, green roofs, and others.
By End-use:
Two key end-uses include residential and non-residential. Both segments are bifurcated into new construction and renovation.
By Region:
North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East Africa
Get More Insights into the Roofing Material Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global roofing material industry, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented into product type, end-use, and region.
Things to Know:
- Market Growth Projection: The global roofing material market is forecast to expand from USD 147.1 billion in 2024 to USD 231.1 billion by 2034, growing at a CAGR of 4.6%.
- Top Roofing Materials: Asphalt shingles, concrete tile, clay tiles, synthetic tiles, and metal roofing remain the dominant materials driving the market.
- Key Industry Players: Leading companies like Owens Corning Inc., Johns Manville Corporation, Mapei SpA, and Braas Monier Building Group are shaping the market landscape.
- Innovative Roofing Solutions: Advances in roofing technology, including durable composite shingles and smart roof systems with leak detection and energy monitoring, are revolutionizing the industry.
- Emerging Trends: Metal roofing, green roofing, and composite Spanish barrel tiles are among the latest trends gaining traction in the market.
- Regional Dominance: Chile is poised to lead the market with a strong CAGR of 7.6% over the forecast period, reflecting its growing demand for advanced roofing solutions.
- North America's Construction Impact: The robust construction industry in North America, particularly in the USA and Canada, continues to drive high demand for quality roofing materials, supported by strict building codes.
Refer Old Source: https://finance.yahoo.com/news/roofing-material-market-reach-usd-144500802.html
About the Chemical & Material Division at Future Market Insights
The chemical & material team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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