New York, United States , Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Global Roofing Materials Market Size is Expected to Grow from USD 128.90 Billion in 2023 to USD 187.10 Billion by 2033, at a CAGR of 3.80% during the forecast period 2023-2033.
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Roofing materials are the outermost layers of a building's roof that are utilized for construction or repair. Roofing materials serve an important function in protecting the structure from weather factors such as rain, snow, and sun, as well as providing insulation and boosting the building's visual appeal. The external layer of a roof varies according to the available materials and the intricacy of the supporting system. Roofing materials range from natural resources like slates and thatches to commercially available solutions like bituminous tiles and plastic roofs. Several factors influence the roofing materials industry, including economic conditions, housing and building patterns, and climate-related demands. Economic growth and stability drive construction and renovation projects, raising demand for roofing materials. Technological advances and breakthroughs in materials boost durability, energy efficiency, and sustainability, shaping market choices. However, the roofing materials market has various constraining factors that might affect its growth and dynamics, including high costs of premium or specialty materials, economic downturns, and fluctuating raw material prices that can limit market access and stability.
Browse key industry insights spread across 201 pages with 110 Market data tables and figures & charts from the report on the "Global Roofing Materials Market Size, Share, and COVID-19 Impact Analysis, By Product (Asphalt Shingles, Concrete & Clay Tiles), By Application (Residential, Non-residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The concrete & clay tiles segment is predicted to hold the largest market share through the forecast period.
Based on the product, the roofing materials market is classified into asphalt shingles, concrete & clay tiles. Among these, the concrete & clay tiles segment is predicted to hold the largest market share through the forecast period. This dominance derives from their superior durability, aesthetic appeal, and energy efficiency, which make them highly attractive for both residential and commercial buildings.
The residential segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the roofing materials market is divided into residential, and non-residential. Among these, the residential segment is anticipated to hold the highest market share during the projected timeframe. This dominance is fueled by high demand for new housing and home renovations, as well as a growing emphasis on home improvement. The need for numerous roofing solutions to fit various architectural styles and climatic circumstances, together with rising disposable incomes and economic growth, reinforces the residential sector's important market position.
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North America is estimated to hold the largest share of the roofing materials market over the forecast period.
North America is estimated to hold the largest share of the roofing materials market over the forecast period. North America dominates the roofing materials market due to its strong construction activity in the residential, commercial, and industrial sectors. The region's diverse weather conditions, which range from heavy snow to searing heat, fuel the demand for long-lasting and high-quality roofing solutions. Furthermore, the growing trend of ecological and energy-efficient roofing alternatives, such as cool roofs and solar-integrated systems, corresponds with the region's emphasis on innovation.
Asia Pacific is predicted to have the highest CAGR growth in the roofing materials market over the forecast period. Rapid urbanization, massive population increase, and continued economic development have fueled market expansion in the Asia Pacific area. The region's burgeoning construction sector, spurred by increasing infrastructure investments and a rising middle class, creates significant demand for roofing materials.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the roofing materials market include GAF, CertainTeed, Johns Manville, Owens Corning, Wienerberger AG, CSR Limited, Owens Corning, Crown Building Products LLC, Atlas Roofing Corporation, Carlisle Companies Inc., TAMKO Building Products LLC., Firestone Building Products Company, LLC, BMI Group, and Others.
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Recent Developments
- In August 2022, Owens Corning announced the completion of its acquisition of Natural Polymers, LLC, a Cortland, Illinois-based manufacturer of spray polyurethane foam insulation for building and construction applications.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the roofing materials market based on the below-mentioned segments:
Global Roofing Materials Market, By Product
- Asphalt Shingles
- Concrete & Clay Tiles
Global Roofing Materials Market, By Application
- Residential
- Non-residential
Global Roofing Materials Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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