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Roofing Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: April, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 263
Forecast Year: 2024-2032
SKU 9a7e07792a75 Category

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$3,450.00

Roofing is an essential component of a building’s structure, providing protection against external weather conditions. The roofing industry has seen significant growth over the past few years due to an increase in construction activities, rising urbanization, and growing awareness about the importance of energy-efficient roofing solutions. The global roofing market was valued at USD 109.72 billion in 2020 and is expected to grow at a CAGR of 4.8% from 2021 to 2028.

Roofing is the process of installing or repairing a roof on a building, which can be made from various materials such as metal, concrete, clay, and asphalt shingles. The type of roofing material used depends on the building’s location, climate, and budget. Roofing is an essential part of building construction, as it provides structural stability and protection against external weather conditions.

Executive Summary

The global roofing market is expected to grow at a significant rate over the next few years due to the rising demand for energy-efficient roofing solutions, increased construction activities, and growing awareness about the importance of sustainable roofing materials. Asia Pacific is expected to be the fastest-growing region due to the rise in construction activities and urbanization in countries such as China and India.

Roofing Market

Key Market Insights

  • The global roofing market was valued at USD 109.72 billion in 2020 and is expected to grow at a CAGR of 4.8% from 2021 to 2028.
  • The rising demand for energy-efficient roofing solutions and sustainable roofing materials is driving market growth.
  • The Asia Pacific region is expected to be the fastest-growing region due to the rise in construction activities and urbanization in countries such as China and India.
  • The roofing market is highly competitive, with major players such as Owens Corning, GAF Materials Corporation, and CertainTeed Corporation dominating the market.

Market Drivers

  1. Increasing construction activities: The rising demand for housing and commercial buildings is driving the growth of the roofing market. The construction industry is witnessing significant growth, particularly in emerging economies, due to urbanization and industrialization.
  2. Growing awareness about energy-efficient roofing solutions: Consumers are becoming more aware of the benefits of energy-efficient roofing solutions, such as reduced energy bills and increased comfort levels. This is driving the demand for energy-efficient roofing materials such as cool roofs, which reflect sunlight and reduce heat absorption.
  3. Rising demand for sustainable roofing materials: The increasing awareness about sustainability and environmental concerns is driving the demand for sustainable roofing materials such as metal roofs, which are recyclable and long-lasting.

Market Restraints

  1. High initial cost: The high initial cost of installing energy-efficient and sustainable roofing materials can be a significant barrier to market growth. These materials are often more expensive than traditional roofing materials, making them unaffordable for some consumers.
  2. Lack of awareness: The lack of awareness about the benefits of energy-efficient and sustainable roofing solutions among consumers is a major restraint for market growth. Many consumers are not aware of the long-term cost savings and environmental benefits of these materials.

Market Opportunities

  1. Adoption of new technologies: The adoption of new technologies such as 3D printing and smart roofing systems can provide significant opportunities for market growth. These technologies can improve the efficiency and durability of roofing systems and reduce the overall cost of installation and maintenance.
  2. Expansion into emerging markets: The roofing market has significant growth opportunities in emerging economies such as China, India, and Brazil, where the construction industry is witnessing significant growth.

Market Dynamics

The roofing market is highly competitive, with major players such as Owens Corning, GAF Materials Corporation, and CertainTeed Corporation dominating the market. The market is also fragmented, with several small and medium-sized players operating in the market.

Regional Analysis

The roofing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to be the fastest-growing region due to the rise in construction activities and urbanization in countries such as China and India. North America and Europe are also expected to see significant growth due to the increasing demand for energy-efficient and sustainable roofing solutions.

Competitive Landscape

The roofing market is highly competitive, with major players such as Owens Corning, GAF Materials Corporation, and CertainTeed Corporation dominating the market. These companies focus on product innovation, partnerships, and acquisitions to gain a competitive advantage in the market. Small and medium-sized players also operate in the market, providing specialized roofing solutions to customers.

Segmentation

The roofing market is segmented based on material type, roofing type, application, and end-use industry. Based on material type, the market is segmented into asphalt shingles, metal roofing, tile roofing, and others. Based on roofing type, the market is segmented into flat roofing and sloped roofing. Based on application, the market is segmented into new construction and renovation. Based on end-use industry, the market is segmented into residential, commercial, and industrial.

Category-wise Insights

  1. Asphalt Shingles: Asphalt shingles are the most commonly used roofing material in North America due to their low cost and ease of installation. The demand for asphalt shingles is expected to remain strong due to the rise in residential construction activities.
  2. Metal Roofing: Metal roofing is gaining popularity due to its durability, energy efficiency, and aesthetic appeal. The demand for metal roofing is expected to grow due to the increasing awareness about sustainable roofing materials.
  3. Flat Roofing: Flat roofing is commonly used in commercial and industrial buildings. The demand for flat roofing is expected to grow due to the rise in commercial construction activities.

Key Benefits for Industry Participants and Stakeholders

  1. Increased demand for energy-efficient and sustainable roofing solutions provides significant growth opportunities for industry participants.
  2. The adoption of new technologies such as 3D printing and smart roofing systems can improve the efficiency and durability of roofing systems, reducing the overall cost of installation and maintenance.
  3. Expansion into emerging markets such as China, India, and Brazil provides significant growth opportunities for industry participants.

SWOT Analysis

Strengths:

  • Growing demand for energy-efficient and sustainable roofing solutions
  • Increasing adoption of new technologies
  • Expansion into emerging markets

Weaknesses:

  • High initial cost of energy-efficient and sustainable roofing materials
  • Lack of awareness about the benefits of these materials among consumers

Opportunities:

  • Adoption of new technologies such as 3D printing and smart roofing systems
  • Expansion into emerging markets

Threats:

  • Competition from existing players in the market
  • Volatility in raw material prices

Market Key Trends

  1. Rising demand for energy-efficient and sustainable roofing solutions
  2. Increasing adoption of new technologies such as 3D printing and smart roofing systems
  3. Expansion into emerging markets

Covid-19 Impact

The COVID-19 pandemic has had a significant impact on the roofing market, with disruptions in the supply chain and reduced demand for construction activities. However, the demand for energy-efficient and sustainable roofing solutions has remained strong, providing opportunities for market growth.

Key Industry Developments

  1. Owens Corning launched a new line of shingles with a unique blend of copper-coated granules that can help inhibit the growth of algae and improve the overall appearance of the roof.
  2. CertainTeed Corporation launched a new line of solar roofing solutions that can help homeowners save on energy bills while reducing their carbon footprint.

Analyst Suggestions

  1. Industry players should focus on developing innovative and sustainable roofing solutions to meet the increasing demand for energy-efficient and eco-friendly materials.
  2. Industry players should focus on expanding their presence in emerging markets such as China, India, and Brazil to tap into the significant growth opportunities in these regions.
  3. Industry players should adopt new technologies such as 3D printing and smart roofing systems to improve the efficiency and durability of roofing systems.

Future Outlook

The global roofing market is expected to continue growing at a significant rate over the next few years due to the rising demand for energy-efficient and sustainable roofing solutions. The adoption of new technologies such as 3D printing and smart roofing systems will provide significant growth opportunities for industry players. Asia Pacific is expected to be the fastest-growing region due to the rise in construction activities and urbanization in countries such as China and India.

Conclusion

The roofing market is witnessing significant growth due to the rising demand for energy-efficient and sustainable roofing solutions. Industry players should focus on developing innovative and eco-friendly roofing materials and expanding their presence in emerging markets to tap into the significant growth opportunities in these regions.

The adoption of new technologies such as 3D printing and smart roofing systems will also provide significant growth opportunities for industry players. Overall, the future outlook for the roofing market is positive, with strong growth expected in the coming years.

Roofing Market:

Segmentation Details
Product Asphalt Shingles, Metal Roofing, Tile Roofing, Others
Material Bitumen, Metal, Concrete, Clay, Others
Application Residential, Commercial, Industrial
Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Leading Companies in the Roofing Market:

  1. Owens Corning
  2. CertainTeed Corporation
  3. BMI Group
  4. Atlas Roofing Corporation
  5. GAF Materials Corporation
  6. Braas Monier Building Group
  7. TAMKO Building Products, Inc.
  8. IKO Industries Ltd.
  9. Carlisle Companies Incorporated
  10. Sika AG

North America
o US
o Canada
o Mexico

Europe
o Germany
o Italy
o France
o UK
o Spain
o Denmark
o Sweden
o Austria
o Belgium
o Finland
o Turkey
o Poland
o Russia
o Greece
o Switzerland
o Netherlands
o Norway
o Portugal
o Rest of Europe

Asia Pacific
o China
o Japan
o India
o South Korea
o Indonesia
o Malaysia
o Kazakhstan
o Taiwan
o Vietnam
o Thailand
o Philippines
o Singapore
o Australia
o New Zealand
o Rest of Asia Pacific

South America
o Brazil
o Argentina
o Colombia
o Chile
o Peru
o Rest of South America

The Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Israel
o Kuwait
o Oman
o North Africa
o West Africa
o Rest of MEA

Important Questions Covered in this Study

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