New York, USA, June 29, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global roofing materials market is anticipated to generate a revenue of $186.7 billion and rise at a CAGR of 4.3% over the forecast period from 2022 to 2031.
As per our analysts, the rising population, increasing housing and building activities across the globe, and the growing demand for waterproofing roofing materials are expected to propel the growth of the roofing materials market over the analysis timeframe. Besides, the growing expansion of green spaces to both residential and commercial constructions is expected to foster the growth of the market during the forecast period. Moreover, rapid urbanization and booming industrial activities all around the world are expected to create expansive growth opportunities for the roofing materials market throughout the estimated timeframe. However, the high price of roofing materials may hamper the growth of the market over the analysis period.
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Segments of the Roofing Materials Market
The report has divided the market into segments based on material, construction type, application, and region.
Material: Metal Roofs Sub-Segment to be Most Productive
The metal roofs sub-segment is predicted to have the fastest growth over the estimated period. This is mainly because of the rising demand for metal roofs in new building operations due to their greater durability and fire resistance. Moreover, metal roofs are easy to install compared to other roofing materials and can reduce labor costs and lessen construction timelines which are expected to uplift the growth of the market sub-segment during the analysis timeframe.
Construction Type: Re-Roofing Sub-Segment to be Most Profitable
The re-roofing sub-segment held the largest market share in 2021. The increasing demand for re-roofing in the residential sector owing to the bad climatic conditions in various locations is predicted to fortify the growth of the roofing materials market sub-segment over the estimated period.
Application: Residential Sub-Segment to be Most Lucrative
The residential sub-segment registered the highest market share in 2021. This is mainly due to the rising regulatory and institutional backing for constructing housing infrastructure in emerging nations. Furthermore, the rising expenditures on green buildings by several homeowners are expected to fuel the growth of the market sub-segment in the coming period.
Region: Asia-Pacific Market Held the Highest Market Share
The Asia-Pacific region of the roofing materials market held the maximum market share in 2021. This is mainly due to the growing population and increasing industrial activities across the region. Additionally, the growing residential, commercial, and non-commercial construction projects across the region, along with the rising government initiatives for infrastructure development are expected to boost the regional growth of the market over the forecast period.
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Covid-19 Impact on the Roofing Materials Market
The rise of the Covid-19 pandemic has brought numerous uncertainties across various industries, including the roofing materials market. This is mainly due to the government-imposed lockdowns which have further resulted in disruption in supply chains. Moreover, the shortage of labor in enterprises and the mobility restrictions have further created logistics challenges and hence, affected the production of raw materials. Moreover, as roofing is a hands-on industry that requires personal worker interaction, the social distancing measures imposed by governments have badly affected the growth of the market throughout the crisis.
Key Players of the Roofing Materials Market
The major players of the market include
- E. I. Du Pont De Nemours Inc.
- Duro-Last Inc.
- Owens Corning
- Johns Manville
- Sika AG
- BASF SE
- Standard Industries Inc.
- Atlas Roofing Corporation
- The Dow Chemical Company
- 3M Company
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in September 2022, Solvay, a science company whose technologies deliver benefits to many aspects of daily life announced its collaboration with 3TREES, a leading provider of green construction materials and services. With this collaboration, the companies aimed to develop building-integrated photovoltaic (BIPV) thermoplastic polyolefin roofing membranes that could adapt to new 25-year weathering requirements.
Further, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Roofing Materials Market:
- A Brief Overview of the 4 Popular Roofing Materials Available in the Market in 2023
- Global Roofing Materials Market to Generate $186.7 Billion by 2031, Owing to Higher Expenditure on Commercial and Residential Building Renovations
