Burlingame, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Roofing Materials Market, By Material (Asphalt Shingles, Concrete & Clay Tiles, Metal Roof, Plastic Roof, Others), By Application (Residential, Non-residential), - Size, Share, Outlook, and Opportunity Analysis, 2023–2030.” According to the report, the global roofing materials market is estimated to be valued at US$ 126.24 billion in 2022 and is expected to exhibit a CAGR of 3.8% during the forecast period. Roof of a house is the first line of defense against the elements due to which it should last a lifetime. Roofing materials can be found in variety of textures, colors, and base ingredients. Asphalt shingles for example is a popular budget choice, which is ideal for homes with a low-sloped roof or flat roof and require replacement every 12 to 20 years.
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Key Trends and Analysis of the Global Roofing Materials Market:
Rise in demand for bituminous roofing is a major trend in the global roofing materials market. Bituminous is a highly affordable and a most common roofing material. In this material, plates and shingles are commonly used. Bituminous shingles along with being a cost-effective roofing alternative, it also offers excellent protection. It comes in a wide variety of designs and colors, due to which finding a choice for complementing building’s design and improving its appeal becomes easy. Thus, this trend is expected to propel growth of the global roofing materials market over the forecast period.
Global Roofing Materials Market – Drivers
Increasing renovation and remodeling activities to boost the market growth
The number of renovation and remodeling activities are increasing all over the world. As a result, the demand for roofing materials is increasing rapidly. As per the State of the Industry Report for Roofing Contractors, U.S., in 2020 the share of roof replacements in North America was 94%. Many properties in Europe and North America are 25-30 years old. Due to this, the roof replacements activities are likely to increase in the coming years.
Rising demand for green building to fuel the market pace
Green buildings material help to cut down energy costs, provide insulation to home, and manage stromwater runoff. These materials are also a better choice to reduce carbon footprint, and they offer aesthetic value to a house. As per the International Finance Corporation, by 2030, green buildings are likely to offer a US$ 24.7 trillion investments potential in developing countries. Thus, increasing demand for green building is further expected to accelerate the market growth in the near future.
Roofing Materials Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 126.24 Bn | |
| Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 3.8% | 2030 Value Projection: | US$ 170.03 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, Fletcher Building, Boral Roofing, Eagle Roofing Products, Johns Manville, CertainTeed, Crown Building Products LLC, TAMKO, Building Products, Inc, Atlas Roofing Corporation, GAF, Georgia-Pacific., Metal-Era LLC, MIDWEST ROOFING SUPPLY, IKO Industries Ltd, Paul Bauder GmbH & Co. KG, Bravo Europa, Bilka, and Maxroof | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Roofing Materials Market – Restrain
Growing cost of labor and lack of skilled professionals to limit the market growth
Rise in cost of labor and lack of skilled professionals acts as a major challenge in the market. Along with this, the norms of social distancing posed by governments of countries around the world to control the COVID-19 virus spread is limiting the supply of raw materials and completion of construction projects. This factor is further anticipated to hinder growth of the global roofing materials market over the forecast period.
Global Roofing Materials Market – Opportunities
Growing use of concrete tile as roofing materials is likely to offer multiple growth opportunities in the global roofing materials market over the forecast period. Concrete tiles are one of the popular alternatives for an affordable option with same durability benefits as clay tiles. These are however low cost options than clay tiles and are also heavier, due to which they require support for proper installation. The demand for these concrete tiles is increasing, which is further producing growth opportunities in the global roofing materials market.
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Global Roofing Materials Market - Key Developments
In November 2021, GAF completed the expansion of its fourth polyisocyanurate (polyiso) insulation manufacturing plant. This expansion will strengthen company’s market position in the commercial roofing.
In March 2021, Atlas Roofing Corporation introduced novel shingles StormMaster Hip and Ridge Shingles with the use of Core4 enhanced polymer technology.
In March 2021, TAMKO Building Products, Inc. introduced two novel laminated asphalt shingles under Heritage Proline series named StromFighter IR and Titan XT.
Key Market Takeaways:
Global roofing materials market is expected to exhibit a CAGR of 3.8% during the forecast period. The roofing materials market is growing rapidly in response to the increasing growth of construction industry driving the demand for raw materials of roofing.
On the basis of Material, Asphalt Shingles Segment is expected to dominate the market during the forecast period and this is attributed to the various benefits of these materials such as they are most effective and inexpensive type of roofing material for several homeowners. They are effective, easy to install, and lightweight.
On the basis of Application, Residential Segment is expected to dominate the market during the forecast period and this is attributed to the rising population and growing preference for single-family homes.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in demand for roofing materials, as the region is characterized by heavy storms and winters. Moreover, roofing manufacturers present in the region are focused on development of eco-friendly roofing technology based on changing environmental conditions. Thus, the market is likely to show strong growth in the region.
Competitive Landscape:
Key players operating in the global roofing materials market include Maxroof, Owens Corning, Bilka, CSR Limited, Bravo Europa, Carlisle Companies Inc, Paul Bauder GmbH & Co. KG, Wienerberger AG, IKO Industries Ltd, Etex Group, MIDWEST ROOFING SUPPLY, Fletcher Building, Metal-Era LLC, Boral Roofing, Georgia-Pacific., Eagle Roofing Products, GAF, Johns Manville, Atlas Roofing Corporation, CertainTeed, Building Products, Inc., Crown Building Products LLC, and TAMKO.
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Detailed Segmentation:
- Global Roofing Materials Market, By Material:
- Asphalt Shingles
- Concrete & Clay Tiles
- Metal Roof
- Plastic Roof
- Others
- Global Roofing Materials Market, By Application:
- Residential
- Non-residential
- Global Roofing Materials Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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