Published On: October 2022
Advancements in sustainable construction and development methods allow urban developers to significantly overcome challenges such as increased energy consumption and greenhouse gas emissions, urban runoff, urban heat island effect, and other environmental problems caused by buildings. The new solution to these urban environmental problems is new forms of green infrastructure, including alternative roofing such as green roofs and solar BIPV systems. However, the roofing market is seeing limitations to growth due to several practical and socioeconomic factors.
The industry's major companies and roofing manufacturers concentrate on creating effective roofing systems to guarantee excellent quality and long-term performance in all-weather situations. When catastrophes or unfavorable natural disasters occur, the worst weather conditions often present growth prospects for the roofing industry. The rising demand for roofing in the building and construction sector drives the roofing market value. The number of firms active in the world market is enormous. To match customer demands, these roofing manufacturing companies are raising their capital investments and emphasizing R&D activities and higher-quality products. The expansion of residential, commercial, and non-commercial construction projects worldwide drives the roofing market. However, one of the main factors hampering the growth of the global roofing industry is the high cost of roofing materials. Commercial roofing manufacturers should hasten the creation of new products to gain an advantage over competitors. International roofing market participants are expanding their service offerings to obtain a competitive edge.
The primary force behind the growth of the infrastructure is the roofing sector. The creation of a modern structure today positively affects the roofing market. The high-end, modular buildings with interior concepts are to blame for raising awareness of roofing systems. A contemporary, fashionable, and practical roof can improve the building's overall appearance. Some of the roofing systems include fans and energy-efficient fans. The demand for a modern roofing system will continue to be fueled by the expansion of infrastructure.
The demand for roofing products is also influenced by the newest construction methods, including modular construction, intelligent building construction, and building automation construction. Customers are also being drawn in by the difference in roofing systems. Another significant force in the roofing industry is the growing popularity of synthetic roofing. Artificial roofing is known as synthetic roofing that can complete a building's interior design. The artificial roofing is appropriate for a themed building. Professional installations can select elaborate roofing patterns and designs to match their interiors. The users of systematic roofing have a wide variety of roof alternatives and customization options.
The worldwide roofing industry is analyzed regarding roofing, application, and end-users. In-depth market dynamics and trends related to several market segments are presented in this study, along with information on how those trends affect the global roofing market's growth prospects. Based on roofing, the market is divided into Asphalt, Tiles, Metal, Concrete, and Others. Commercial Roofing, Residential, and Industrial are the three types of application-based market segmentation.
The construction industry is expanding, supporting market expansion in emerging economies where urbanization occurs quickly. There has been an increase in demand for new energy-efficient goods, such as green roofing, which decreases power waste by reducing air conditioning usage over time, improves air quality, and lengthens the roof's life. These green roofs are in great demand in North America and Europe's industrialized nations, particularly for the development of green buildings. The roofing market is also driven by programs focusing on energy-efficient projects, such as remodeling old buildings and installing new roofs.
Due to shifting lifestyles and rising urbanization in the developing nations of Asia-Pacific, Latin America, and Africa, the construction of commercial buildings like shopping malls and multiplexes has assisted market expansion. Asia-Pacific is the largest market, with increasing residential and commercial development activities, particularly in nations like India, China, Indonesia, and Vietnam. Due to growing government spending on commercial and industrial construction projects in the UAE and Qatar, the Middle East is another important region for roofing sales.
Additionally, the European government's initiative to support energy-efficient buildings is one of the key market drivers. The Asia-Pacific region's market is expanding at the highest rate among its rivals. In this area, much contemporary roofing is needed. The government's strict energy efficiency regulations promote the expansion of the entire roofing business. India, Japan, China, and Korea are the major donors in the area. The Asia-Pacific region has a sizable infrastructure market. As a result, the market has enormous demand potential during the predicted period. The main drivers of the rising demand in each location are escalating R&D and energy efficiency. Additionally, these areas appear to have a bright future for the roofing business.
Along with the roofing industries’ regional powers, some key roofing material manufacturers are Atlas Roofing Corporation (US), BMI Group Services GmbH (US), Carlisle Companies Inc. (US), CertainTeed Corporation (US), Duro-Last, Inc. (US), Etex SA (Belgium), Firestone Building Products Company (US), GAF Materials Corporation (US), North American Roofing Services, Inc. (US), Owens Corning (US), TAMKO Building Products, Inc. (Tamko)(US), and Wienerberger AG (Austria).