Pune, April 19, 2021 (GLOBE NEWSWIRE) -- The roofing tiles market is proliferating on the global platform witnessing increasing installations of different tiles as a roofing solution. Roofing tiles offer a durable, eco-friendly, energy-efficient, aesthetic, and waterproofing solution that gives an appealing finish and extra life to roofing structures. Rapid rise in construction sectors worldwide is a major driving force behind the significant market demand for roofing tiles.
Consumers increasingly pay more attention to add aesthetic value to roofing, preferring low maintenance products suitable to their needs. Resultantly, roofing tiles are widely used in residential, commercial, infrastructural, and industrial sectors worldwide. Moreover, improving standards and extreme hot weathers that demand cool roofing solutions increase the size of the market.
Rapid economic growth and urbanization drive the market demand, increasing consumer purchasing power and changing lifestyles. The COVID 19 disruptions severely hit the construction and roofing tiles industry. Industry players faced several challenges due to the coronavirus-driven lockdowns, such as disrupted supply chains, logistic issues in delivering end products, and attracting workers from quarantines.
However, the industry is projected to regain its momentum, witnessing augmented market demand worldwide. The market is expected to reboot soon, witnessing exponential growth in the building and construction sectors. In this regard, Market Research Future (MRFR) confirms that the global Roofing Tiles Market size is projected to reach USD 42,655 million by 2027 and is expected to witness 6.2% CAGR during the forecast period.
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Overview
The roofing tiles market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, the rise in solar panel installations in commercial, industrial, and residential applications impacts the market growth positively. The growing government initiatives for infrastructure development benefit the roofing tiles market growth.
Also, the rapid uptake of cooling roofing tiles in residential set-ups and commercial and industrial sectors fosters the market demand. Conversely, some roofing tile materials cannot withstand heavy loads and get damaged by sharp objects. Also, extreme temperatures can easily damage them fading away their original colors. Simultaneously, the lack of awareness about emerging trends in roofing hampers the growth of the market.
Industry Trends
The best thing about roofing tiles is that they offer a wide range of solutions for quality and attractive roofing and waterproofing that can last longer. There are many kinds of roofing systems available for residential and commercial sectors these days.
Commercial roofing solutions are mostly used in large building structures like office buildings, shopping malls, hospitals, colleges, and houses. Depending on their designs, most of them employ aluminum, asphalt, fiberglass, wood or another material.
There are many innovations in roofing technologies as well as in tile materials like stone-coated metal roofing tiles, solar roofing, cool roofing tiles, and anti-microbial steel-coated. These tiles garner higher volume traction, witnessing vast adoption in warehousing, cold storage, and hospitals. Cool roofs and anti-microbial steel-coated tiles are widely used by homeowners.
Moreover, global warming issues and scorching summers substantiate the market demand for stone-coated metal roofing tiles and clay tiles, raising temperatures inside the building. Cooling tiles are energy efficient and less reliant on mechanical cooling, powered by an already strained power grid. Cool roofing technology provides substantial energy savings, supporting a greener economy, which increases the market size.
Similarly, stone-coated metal roofing tiles are developed using homogenous stones; therefore, their characteristics are not easily affected by changing weather conditions. Also, these tiles are burglar-proof and fire-resistant and come in a wider variety of color profiles and hence, widely used by homeowners.
Increasing projects to renovate or reconstruct commercial buildings, such as retail stores, office buildings, warehouses, industrial centers, and other such structures, boost the market size. On the other hand, solar tiles market share is growing due to the rising renewable energy and energy-efficient practices offering attainable and low-cost and sustainable energy passive solutions.
On the other hand, high manufacturing costs that increase the overall cost of roofing tiles are a key factor impeding the market growth. Nevertheless, a cool and pleasant indoor environment that roofing tiles offer would support the market growth throughout the review period.
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Segmentation
The roofing tiles market analysis is segmented into type, application, and region. The type segment is sub-segmented into clay, concrete, metal, and others. Among these, the sub-segment clay holds the largest market share, witnessing increasing uses due to its durability, aesthetic appeal, eco-friendliness, and energy efficiency.
The application segment is sub-segmented into residential, commercial, infrastructural, and industrial. Among these, the sub-segment residential holds the largest market share due to the rapid growth of the real estate industry in developing economies.
Besides, considerable growth in residential constructions is further expected to add to the segment's growth. By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global roofing tiles market, heading with the rapid growth in the economy and construction sectors in many regions. Besides, rapid urbanization and industrialization, alongside the changing lifestyle and consumer preference, drive the regional market growth. The region is expected to continue with its leadership throughout the forecast period, witnessing high sales.
North America stands second in the global roofing tiles market, witnessing increasing numbers of construction projects. Additional factors influencing the market rise include the growth in education and commercial industries and technological advancements that help develop novel properties in materials like high durability, hygiene, cost efficiency, and low maintenance.
Competitive Landscape
Fiercely competitive, the roofing tiles market appears fragmented due to the presence of numerous players. Players leading the roofing tiles market include Etex Group (Belgium), Tesla (US), Boral Limited (Australia), Brava Roof Tile (US), Atlas Roofing Corporation (US), Crown Roof Tiles (US), Eagle Roofing (US), Ecostar LLC (US), Red Land Tiles, and Wienerberger AG, among others.
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Innovation/ Industry/ Related News:
April 01, 2021 ---- Tesla launched solar tiles in Australia with a handsome bonus for early adopters. After years of delay, Tesla would begin solar roof installations in July this year. The good news is that the long delay has given Tesla time to improve its offering, allowing Australians to enjoy higher efficiency Phase 2 solar tiles. And even better than, those new tiles are developed utilizing Musk's SpaceX technology First 1,000 solar roof systems sold in Australia would receive free "Satellite Sunshine."
However, the bad news is that these Tesla solar roofing tiles are extremely expensive. Until now, Australia had the lowest rooftop solar installation costs globally. Tesla realized they needed to give extra benefits if they were going to shift any reasonable quantity of roofs. And this is why only Australians are receiving a free 'Satellite Sunshine' deal.
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