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A Roofing Materials Market sizes at USD 85.8 billion in 2022. The Roofing Materials market segment is going to be growing from USD 89.3178 billion by 2023 to USD 123.1810363 billion by 2032 at a compound annual growth rate (CAGR) of 4.10%.
A number of factors that, when considered as a whole, dictate the relationship between market and its dynamics impact the roofing materials market. One of the major factors is the economical framework in this case. Economic conditions, including interest rates and integral financial state, have a direct influence on construction activities, and thus they are the main cases of roofing material demand. There will probably be an increase in the number of construction projects in periods of economic growth, thus, leading to a high demand for roofing supplies. While economic contractions can lead to a stagnation in the construction which can be a negative to this market.
Finally, another important market factor is the advancement in technological. The growth of innovations in roofing materials, for example, the production of energy-efficient and sustainable roofing products, can affect the market size. Consumer awareness is growing towards environmental issues and they consider roofing products which are eco-friendly to be the best choice. Therefore, companies may obtain an advantage by investing in research and development for the design of environment-friendly low-energy materials.
It goes without saying that governmental regulation and regulations take a very important place in defining roofing materials sector. The existing government regulations in building codes, safety standards, and environment related topics affect the types of materials that can be applied in construction. An example of this is regulations that greatly promote energy efficiency would then lead to the demand for insulated roofing material. Environmental regulations on the other hand would favor the application of recyclable materials or option that are environmentally friendly.
Climate and weather-related factors are base market factors which have massive implications on this industry. Regions that are subjected to severe weather conditions like hurricanes, heavy snow or excessive heat will have an increased demand for reliable and resistant materials. While a harsh climate may require more protective materials that offer aesthetic appeal, milder climates may result in materials being chosen for their aesthetic qualities without the need of extensive weather protection.
The market dynamics are also affected by the consumer tastes, fashion, and habits. With the advent of more sophisticated design-conscious owners and the desire for their property to also be visually appealing, the market is flooded with the demand for roofing materials that offer both functionality and aesthetics. It has become a trend that materials in different colors, textures or with different designs frequently change influencing producers to add diversity to their products.
Roofing Materials Market Highlights:
Global Roofing Materials Market Overview
Roofing Materials Market Size was valued at USD 85.8 billion in 2022. The Roofing Materials industry is projected to grow from USD 89.3178 Billion in 2023 to USD 123.1810363 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.10%during the forecast period (2023 - 2032). Increased demand from residential and non-residential, the fastest growth in the construction industry, and the increased popularity of such systems are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Roofing Materials Market Trends
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Increasing demand for bituminous roofing is driving the market growth
Bituminous is very affordable and among the most common roofing materials. In bituminous, shingles & plates are commonly used. Bituminous shingles are a cost-effective roofing alternative and provide excellent protection. Available in a vast array of colors and designs, it is easy to find a choice to complement the design of the building and improve its appeal. The bituminous shingles are coated with asphalt and then covered with colored mineral granules that help protect the shingles from the elements. Available in different thicknesses or grades, bituminous shingle roofing will normally last from 25 to 30 years, depending on the local climate and how well it is maintained. Bituminous is a durable building material that can easily adapt to almost any environmental condition and withstand even the harshest weather conditions without wear and tear easy to succumb to. Shingles made from bituminous can withstand strong winds. This factor drives the market CAGR.
Additionally, the rise in housing and construction activities with the rising human population are the major factors driving the market growth. This, along with the rising disposable income of people, plays a crucial role in developing 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 inexpensive materials are highly preferred for the 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, will likely create better market prospects. Thus, driving the Roofing Materials market revenue.
Roofing Materials Market Segment Insights
Roofing Materials Product Insights
Based on Product, the Roofing Materials market segmentation includes Tile Roofs, Metal Roofs, and Plastic Roofs. The tile roof segment dominated the market because tile roofs are a popular choice for residential and commercial applications due to their durability, longevity, and aesthetic appeal. Tile roofs are a popular choice for residential and commercial applications. Tile roofs are durable and can last for many years. Tile roofs are aesthetically appealing and can add value to a property.
Roofing Materials Application Insights
The Roofing Materials market segmentation, based on Application, includes Residential, Non-Residential. The residential segment dominated the market, owing to the rise in residential construction with the increasing population. The rapid economic growth in developing countries and rising urbanization are also helping the segment to expand. The inexpensive roofing materials are most favored as waterproofing in residential buildings to have more green space.
Figure1: Global Roofing Materials Market, by Application, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewÂ
Roofing Materials Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Roofing Materials market will dominate this market; owing to high investment in housing construction and roofing are positive factors for the growth of the roofing materials market in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLOBAL ROOFING MATERIALS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Roofing Materials market accounts for the second-largest market share due to 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. Further, the German Roofing Materials market held the largest market share, and the UK Roofing Materials market was the fastest-growing market in the European Region
The Asia-Pacific Roofing Materials Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the massive surge in residential and commercial building construction activities in this Region. Moreover, China’s Roofing Materials market held the largest market share, and the Indian Roofing Materials market was the fastest-growing market in the Asia-Pacific region.October 2023: saw advancements in roofing materials with the introduction of new technologies. These included self-healing materials that can repair minor damage automatically, and cool roofing materials that reflect sunlight and heat, reducing energy consumption for cooling buildings.
Roofing Materials Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Roofing Materials market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Roofing Materials products industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s use in the Roofing Materials industry to benefit clients and increase the market sector. In recent years, the Roofing Materials industry has offered some of the most significant advantages to medicine. Major players in the Roofing Materials market, including 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)., and others, are attempting to increase market demand by investing in research and development operations.
Johns Manville is an American company based in Denver, Colorado that manufactures insulation, roofing materials and engineered products. Johns Manville, a Berkshire Hathaway company, announced two new products for bituminous roofing systems to help improve productivity on the roof.
Carlisle Companies Incorporated is an American diversified company that designs, manufactures, and markets a wide range of products that serve a broad range of niche markets to customers worldwide. Carlisle Companies Incorporated acquired MBTechnology, Inc. (MBT). This acquisition will expand CWT's modified bitumen roofing offerings and provide additional capacity for roofing underlayment.
Key Companies in the Roofing Materials market include
- GAF Materials Corporation (U.S.)
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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.)Â
Roofing Materials Industry Developments
February 2022: Johns Manville, a Berkshire Hathaway company, announced two new products for bituminous roofing systems to help improve productivity on the roof.
February 2022: Carlisle Companies Incorporated acquired MBTechnology, Inc. (MBT). This acquisition will expand CWT's modified bitumen roofing offerings and provide additional capacity for roofing underlayment.
Roofing Materials Market Segmentation
Roofing Materials Product Outlook
- Tile Roof
- Metal Roof
- Plastic Roof
Roofing Materials Application Outlook
- Residential
- Non-Residential
Roofing Materials Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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