ID: MRFR/CO/1295-CR | October 2020 | Region: Global | 120 pages
As per the Market Analysis, the Roofing Market is projected to be worth USD 136.9 billion by 2027, registering a CAGR of 4.85% during the forecast period (2021 - 2027), The market was valued at USD 97.2 billion in 2020.
The energy-efficient roofing systems are attractive, durable and reliable for any modern building. Unlike conventional roofing, these roofs come with plenty of benefits. The roofing concepts such as green roofing, solar roofing and other roofing improve the standard of living. Safety, air cooling, ventilation, aesthetic improvements are some of the benefits of having these modern roofs. The roofing market is witnessing massive growth in the forecast period. The roofing industry in the commercial, industrial and residential sector will experience an exponential growth rate.
Roofing is a basic requirement in any system. Today, most of the modern building does not use the conventional plain concrete roofs. With the modern building, the roofing is also high end. The roofing market is a crucial part of any interior market today. Today, energy-efficient roofing systems are highly popular. The rise of industrial buildings, hospitals, education centres and commercial spaces is increasing the requirement of the roofing market.
The outbreak of covid 19 has modified the current market scenarios. The real estate market is experiencing severe loss during the pandemic. The covid 19 has stopped construction works. Also, individuals investing in a property are declining. It is Lessing the demand for the roofing roofing industry. As per the Market Outlook, it will experience a surge in demand post-covid19. All the infrastructural works are resuming that ultimately creates a positive impact on this market. Post covid 19, the Roofing Market Trends will witness a steady flow in demand. The current challenges are temporary for the market. The market resumes its activities and will start receiving high revenue.
The rising infrastructural developments are the crucial driver for the roofing roofing industry. Today, the construction of a modern building is ultimately creating a positive impact on the roofing market. Due to the modular and high-end building with an interior concept, the awareness about roofing system is more. A modern, stylish and efficient roof can enhance the whole outlook of the building. Some of the roofing systems come with energy-saving flights and fans. The rising infrastructural development will keep on fueling the need for the modern roofing system.
Furthermore, the latest construction techniques such as modular construction and smart building construction and building automation construction are some of the aspects that drive demand for the roofing market. Also, the variation in the roofing system is attracting the attention of the customers. The increased use of synthetic roofing is another crucial driver for the market. Synthetic roofing is artificial roofing that can complete the interior look of the building. The synthetic roofing is suitable for a building with a theme. The professional building can choose sophisticated roofing designs and pattern to go with the interior of the building. Systematic roofing offers plenty of roof choices and roof customizations options to the users.
The role of the government in energy efficiency plan is high. Also, Energy efficiency reduces carbon emission in the environment. Carbon emission is a global problem. Most governments support construction that enables energy efficiency. The awareness to reduce carbon emission is higher these days. The government is making several policies to reduce the emission on the atmosphere. These governmental initiatives for energy efficiency will increase more. It provides plenty of Roofing Market growth opportunities for the roofing roofing industry.
The central control system, the fans, lights and other energy-efficient feature are possible through the roofing. The technological advancements in this market may spark more growth opportunities. The adoption of bituminous roofing and other modern roofing will improve development opportunities. Furthermore, the construction of smart cities and building will offer future growth opportunities. Smart cities incorporate modern construction techniques. The roofing system is more suitable for the smart building that will ultimately provide plenty of growth prospects for the market.
The roofing system installation is the restraint of the market. The installation cost fluctuates depending design and work of the roofs. Also, it is a significant issue for residential roofing and commercial roofing. However, the systematic roofing cost and its installation price is an issue for many end-users.
Also, there is a lack of awareness about the cost incurred to deploy the modern roofing system. Lack of awareness about roofing is another crucial restraint. It is essential to inform individuals more about roofing, its benefits and the cost incurred. Due to this restrain, the market demand can affect during the forecast period. The construction and building market is a high-cost project. The concept of roofing adds more cost to the entire project. This limitation can have a declining effect on the overall market.
Then there is no standardization in the roofing market. The construction market is dynamic. The construction design, type and cost vary based on the location and materials used. The roofing roofing industry lacks standardization. There are not standard roofs used in all the regional markets. Every time the design, process and cost are different. It is a major challenge to this market.
The lack of sanitation can cause poor market performance. In some regions, the roofing system may be exceptional. However, in some regions, the roofing may not be up to the mark. The roofing market is highly dependent on the market players, the contractors and location. These factors can create plenty of confusion in the market. Different construction methods are followed and the result may vary massively. It is a factor that can affect the demand and revenue of the market.
The roofing industry is witnessing steady growth in the forecast period. Governmental initiatives are the major factors that promote demand in the market. There is a serious need to fix the cost difficulties and implementation of roofing in various regions. These complexities can restrict the market growth in the upcoming years. Further, awareness of roofing is required in the market. Many are not aware of the types and benefits of roofing system. Even simple roofing comes with plenty of energy efficiency features nowadays. The market will witness a positive trend in the forecast period. The Roofing Market Value and demand will reach the highest rate during the forecast period.
North America holds the largest roofing system market Share. America will lead the roofing industry in the forecast period. The adoption rate of roofing system is high in the commercial, industrial and residential sector. The energy-efficient and interior based roofs are becoming popular in this region. Also, many of eh building is adopting green roofs. The green roofs concept offers plenty of sunlight, natural light and ventilation to any building.
The adoption of green roofs in a commercial building is high in North America. The rise of automation and the smart building is high in America. The country will witness surging demand for energy-efficient roofing that comes with other smart features. Even the residential areas are adopting roofing system at a faster pace. Also, increasing R&D and innovation in North America are crucial reasons for the highest growth rate.
Source: MRFR Analysis
Source: MRFR analysis
By End users
The roofing market analysis suggests that three major regional players will lead the global market. North America, Europe and the Asia Pacific will dominate the roofing market in the forecast period. The investment in roofing system is high in the US and Canada. Also, the vast construction market in the US is adopting the modern roofing system at an exponential pace. Due to this, North America will hold the largest Roofing Market Share.
Furthermore, the crucial market drivers in Europe are the governmental initiative to promote energy-efficient buildings. The Asia Pacific is the fastest-growing market among its competitors. The requirement for modern roofing is high in this region. Due to stringent norms of government on energy efficiency, it is fuelling the overall roofing market growth. The key contributors in the region are India, Japan, china and Korea. The infrastructure market is massive in Asia pacific. Therefore, the demand prospects for the market are immense in the forecast period. Increasing R&D and energy efficiency are the crucial reasons for the surging demand in all these regions. Also, the future of the roofing industry looks promising in these regions.
|Market Size||2027: USD 136.9 billion|
|CAGR||4.85% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Roofing, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||Rise in construction activities and increased use of synthetic roofing products|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Roofing market would attain a CAGR of 4.85% during the forecast period.
The Asia Pacific market fetches maximum revenue for roofing market.
Driving factors would be led by construction activities and a surge in the use of synthetic roofing products.
The applications discussed in roofing market are residential, commercial roofing, and industrial.
The roofing types in discussion for roofing market are tiles, asphalt, concrete, metal, and others.