Pune, India, June 08, 2022 (GLOBE NEWSWIRE) --
The global roofing materials market size is anticipated to expand at a significant CAGR during the forecast period, driven by the growing demand for attractive outer coverings for homes and factories. The average disposable income of people in developed and developing countries is rising at a steady rate, giving them the freedom to splurge on expensive roofing items. The following trends will enhance the adoption of roofing materials across the world:
Asia Pacific (regional valuation will reach USD 62 billion by 2027)
Demand for energy-efficient homes will rise:
Asia Pacific roofing materials market size from residential construction will record a notable growth rate through 2027. The region is observing a consistent rise in residential construction projects due to urbanization. The concept of smart homes is picking up pace among customers because they want to positively contribute to the environment.
Interior designers are closely working with customers to incorporate eco-friendly products in interior as well as exterior blueprints. Green roofing materials will not only enhance the appearance of their homes but also reduce energy consumption, further supporting their demand.
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Metal roofing materials will offer many benefits:
The regional market revenue from metal roofing materials will touch USD 13 billion by 2027. This type of roofing offers several advantages, such as a longer life expectancy, high strength, enhanced aesthetics, and eco-friendliness. Scrapped metals are being brought back into production to recycle them and create new and unique roofing designs. These efforts will minimize landfill waste and create a greener production process across factories.
Construction of new buildings will increase:
APAC market size from new building construction will record around 5% CAGR through 2027. Urbanization and industrialization across developed and developing regions are some of the major factors favoring the need for new buildings.
India, China, and other countries across the region are promoting the construction of new residential and commercial buildings through customer-centric campaigns and affordable housing plans. Housing loans are also available at lower interest rates, which will support the demand for new buildings.
Europe (regional valuation will touch USD 36.5 billion by 2027)
Reroofing will pick up pace in remodeling projects:
Europe roofing materials market share from reroofing activities will be valued at USD 25 billion by 2027 due to the increasing need to renovate old buildings. Since new construction can be a costly affair, renovations become a cost-effective alternative. Many structures across the region are aging, which will greatly improve the demand for reroofing.
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France roofing materials market will show promising growth:
France industry will exceed USD 5.3 billion in valuation by 2027. The country is witnessing a notable uptick in tourism and retail trade. The business landscape has also improved significantly in recent years. There is a robust presence of reputed product manufacturers who are expanding their network to cater to the high demand for smart and energy efficient building structures.
Demand for bituminous materials will rise:
The regional market size from bituminous roofing materials will showcase a 3.8% CAGR through 2027. Asphalt shingles are one of the most widely preferred materials across Europe because of their widespread availability, strong fire & wind protection capabilities, durability, and superior aesthetics. They can also bear heavy impact during accidents, further influencing their demand.
North America (regional valuation will exceed USD 40 billion by 2027)
Introduction of bioplastics will favor product adoption:
Bioplastics will capture a sizeable share of North America roofing materials market by 2027. Customers are attending awareness campaigns launched by regional governments to understand the harmful effects of plastic waste and are bringing positive changes in their daily habits. Since bioplastics are made from plant-based materials, they can greatly reduce the carbon footprint of structures and decrease a manufacturer’s dependence on petroleum and other fossil fuels.
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Canada market trends will improve:
Canada industry will grow at an appreciable rate in the future because of the rising commercial construction activities. The growing presence of domestic roofing material manufacturers and the rising residential construction projects are some of the many factors backing the product adoption.
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