The roofing materials market is witnessing growth with the rise in demand for smart and affordable roof construction materials. The global roofing materials market share was valued at USD 121.5 billion in 2020. The aesthetic and technological benefits offered by roofing materials are increasing their popularity worldwide.
Roofing materials are thin and light coverings on building roofs to protect them from damage by natural elements like rain, sun rays, etc. These materials are inexpensive and have waterproofing, sun-protective and other properties. The global roofing materials market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.2% over the current forecast period ( 2021-2028 ).
There has been a boom in construction activities globally and rural & urban housing account for the largest market share. This growth has in turn increased the demand for roofing materials. The market is likely to expand further with the development of eco-friendly, smart, and affordable roofing materials. The global roofing materials market value is expected to be worth USD 257 billion by the end of the forecast period in 2028.
Covid-19 had a negative impact on the global roofing materials market. Halt in construction activities during the period led to a sharp decline in demand for roofing materials. On the other hand, The closure of production units to curb the virus spread also led to an irregular supply of roofing materials. Moreover, restrictions on travel and the movement of goods caused disruptions in the supply chain. However, the market is showing rapid recovery with the resumption of construction activities.
The major global companies playing a key role in the roofing materials market are :
The global rise in housing and construction activities with the rising in the human population are the major factors driving the market growth. This along with the rising disposable income of people are the factors playing a crucial role in the development of the roofing materials market. Nowadays, smart roofing materials that are visually attractive, have sound properties, and are eco-friendly are witnessing huge demand.
The increasing popularity of roofing materials for waterproofing and the creation of green spaces in residential and commercial buildings is helping the market to expand significantly. These materials being inexpensive are highly preferred for temporary repair of damaged roofs. Moreover, the heat insulation properties of some roofing materials generate their special demand in different regions. Furthermore, the advancements in roofing technology like roofing materials with solar collectors are likely to create better market prospects.
Although most of the roofing materials are meant for temporary use their less durability is a major factor restricting the market growth. The lack of proper roofing material offering collective benefits is also hindering the expansion of the market. The ecological impact of some roofing materials is also a matter of concern for the global roofing materials market.
Roofing materials are coverings on the roof to protect the underlying structure from damage by natural elements. These materials are light in weight and provide thin roof covering on all different types of roofs. These materials protect roofs from damage by rain, sun exposure, wind and also ensure waterproofing and insulation. They also act as a cheap temporary replacement for damaged sections of the roof.
Good roofing materials must fulfill different technical requirements like water impermeability, resistance to frost, low expansibility, low combustibility, etc. Moreover, these materials should also have economical advantages over costly roofing. Furthermore, the development of innovative roofing materials like roofing materials with solar collectors is gaining huge popularity. There are different roofing materials available in the market like Metal Roof, Plastic Roof, Concrete & Clay Tiles, Asphalt Shingles, etc.
The specific objectives of this market report on the roofing materials market are given below:
Segmentation of the global roofing materials market by product
Asphalt shingles dominate the product segment of the roofing materials market. Asphalt shingles are durable and give a good aesthetic appearance to the roof therefore, are very popular. These shingles account for about 80 % of the total house roofing in North America. Moreover, they are easy to install and give a good performance as compared to others.
Segmentation of the global roofing materials market by application
The residential sector is the leading market segment owing to the rise in residential construction with the increasing population. The rapid economic growth in developing countries and the rising urbanization are also helping the segment to expand. The roofing materials being inexpensive are most favored as waterproofing in residential buildings to have more green space.
The different regional markets for the global roofing materials market are:
Asia-Pacific is the fastest-growing regional market segment of the Global roofing materials market. This dominance is due to the massive surge in residential and Commercial buildings construction activities in this region. This region houses many of the fastest developing economies which are leading to rising in the disposable income of people. Therefore with the development of the housing sector, the demand for quality roofing materials has also gone up.
America is the major market for roofing materials. According to a study, almost 80% of American homes have shingle roofs. High investment in housing construction and roofing are positive factors for the growth of the roofing materials market here. Roofing materials like Asphalt Shingles are very beneficial for the American climate.
Europe also accounts for a significant share in the global roofing materials market. The use of roofing materials to protect against weather elements and to preserve the region's architectural heritage is on the rise. Clay roofing tiles are in huge demand in this region. The market in Africa and the Middle East is expected to have moderate growth over the forecast period. Insulating roof materials are in demand in the middle east region.
This report will be beneficial for every stakeholder of the roofing materials market such as :
The report for the global roofing materials market of Market Research Future comprises extensive primary research by renowned Industry experts and key opinion leaders. This report provides an in-depth analysis of the roofing materials market in terms of current value and future forecast. This report also highlights the problems and prospects of the given market. Moreover, the technological analysis section of this report greatly helps in knowing the product and its market prospects Furthermore, this report contains a detailed analysis of every segment including regional markets of the given market for the current forecast period. This report has also identified the key players and the current developments in the roofing materials market.
|Market Size||2030: Significant Value|
|CAGR||3% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GAF Materials Corporation (U.S.), Atlas Roofing Corporation (U.S.), CertainTeed Corporation (U.S.), Owens Corning Corp.(U.S.), Braas Monier Building Group S.A. (Europe), Etex (Belgium), Fletcher Building Limited (New Zealand), TAMKO Building Products, Inc. (U.S.), Icopal Holding Aps (Denmark), North American Roofing (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Roofing materials market is projected to grow at a 3% CAGR between 2022-2030.
Asia-Pacific is the fastest-growing regional market segment owing to the massive surge in the construction of residential and commercial buildings in this region.
The residential sector will dominate the roofing materials market.
Growing construction sector and supportive government regulations are the key factors driving the roofing materials market.
Lack of awareness may limit the roofing materials market growth.
The global rise in housing and construction activities with the rising in the human population are the major factors driving the market growth.