New York, May 16, 2023 (GLOBE NEWSWIRE) -- The Roofing Materials market size is projected to surpass around USD 177.6 Billion by 2032, and it is poised to reach a registered CAGR of 4.3% from 2023 to 2032. The global roofing materials market size was USD 117.8 Billion in 2022.
The roofing materials provide various options for residential, commercial, and industrial constructions. Roofing materials contain shingles, tiles, metal panels, membranes, etc. The demand for roofing materials is driven by several factors such as construction activity, climate, and government regulations. In past years, the aim of sustainable and eco-friendly roofing solutions increases due to their energy efficiency, durability, and low maintenance costs. The global roofing materials market is estimated to observe substantial growth in the coming years owing to the rising demand for residential and commercial construction projects.
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Key Takeaway:
- By material, in 2022, the roofing materials market was dominated by the concrete & clay tile roofs segment due to increased demand from the construction industry.
- By application, the residential segment dominated the largest market share in application analysis and accounted for the largest revenue share in the roofing materials market in 2022.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 32%.
- APAC is anticipated to have the highest CAGR among all the regions.
- North America & Europe is expected to grow at a greater pace owing to the prevalence of commercial and residential buildings.
Factors affecting the growth of the Roofing Materials industry?
There are several factors that are affecting the growth of the roofing materials industry. These include:
- Economic conditions: Demand for roofing materials is closely related to the health of the overall economy. In a strong economic climate, construction activity increases and roofing materials are in greater demand.
- Population growth: As the population increases, the demand for new homes and buildings commercially also increases. This increases the demand for roofing materials.
- Climate and weather patterns: Excessive weather events such as hurricanes and tornadoes can damage roofs. This may lead to the need for repairs or replacements. Climate change also affects the industry as new materials and technologies are being developed to increase roofs' resistance to changing weather patterns.
- Technological advances: New roofing materials are constantly being developed, including materials that are more durable, energy-efficient, and sustainable. This can create opportunities for growth within the industry.
- Government regulations: Government regulations can also have an impact on the roofing materials industry. For example, incentives to encourage green building practices may drive demand for eco-friendly roofing materials. Changes to building codes could also require the use of specific roofing materials.
- Consumer preferences: Consumers' preferences for roofing materials may also influence the industry. For example, a growing interest in energy-efficient and environmentally-friendly products can create demand for new types of roofing materials.
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Top Trends in Global Roofing Materials Market
Manufacturers and suppliers are persistently adapting to the changing requirements of their customers. The market contains the growing use of recycled materials in roofing products to promote sustainability and waste reduction. The demand for lightweight roofing products is also increasing, as they are easy to install and transport. They also offer customizable roofing options that allow customers to design roofs according to their preferences and needs. Drones and artificial intelligence (AI) are becoming more popular for roof inspections and maintenance. These technological advancements enable vendors to more efficient and cost-effective management of roofs.
Market Growth
The roofing materials market is likely to see significant growth in the future. Market growth of roofing materials is driven by several factors such as population growth, economic conditions, and technological advancements. Also, there is an impact of changes in consumer preferences & government regulations expected to cater to the market expansion. The demand for sustainable and energy-efficient roofing materials is likely to produce the latest opportunities for growth in the industry. With the help of technology, the market drive innovation with new materials and techniques being developed to make roofs more durable and weather-resistant.
Regional Analysis
Asia Pacific is the leading region in terms of value in the global roofing materials market holding a market share of 32% and projecting a CAGR of 4.7% during the forecast period. Residential, commercial, and industrial sectors are growing due to rapid urbanization and increasing construction activities in countries such as China and India. However, North America and Europe witness significant growth due to the prevalence of commercial and residential buildings and strict regulations endorsing sustainable construction practices. Growing tourism, retail trade, and business turnover in the states of the European Union are likely to boost construction activities in the same.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 117.8 Billion |
| Market Size (2032) | USD 177.6 Billion |
| CAGR (from 2023 to 2032) | 4.3% |
| Asia Pacific Revenue Share | 32% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The demand for roofing materials increases as the construction industry expands. The increasing emphasis on energy efficiency is also driving demand for roof materials that can reduce the energy consumed by buildings. The development of roofing materials with superior reflective & insulation properties has been a result. Metal roofing is a long-lasting material that stays for a longer duration than other materials and it is likely to expand at a greater pace due to rising instances of wildfires. Metal roofing is a prominent fire-resistant roofing option that enables modern fire codes & protects their building from fire. The market for roofing materials is likely to grow in the coming years due to these factors.
Market Restraints
Consumers have low disposable income to spend on home repairs or renovations at the time of economic downturns. The market has seen huge competition with new potential entrants which disrupts existing players. The resurfacing of worn-out roofs elaborates a huge investment of time, electricity, and money. Environmental regulations can also rise manufacturing costs and limit demand for roofing materials. Adverse climatic conditions may alter product quality such as some of the materials cannot survive excessive heat and ultraviolet emission from sunlight but easily invalidate extended freeze-thaw cycles.
Market Opportunities
The market is endorsing a huge demand for energy-efficient and sustainable roofing materials such as solar shingles, cool roofs, and green roofs. Also, the development of smart roofing materials which have self-regulate temperature and moisture is likely to further drive demand. Government regulations across the world promote sustainable construction practices which are likely to propel market growth.
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Report Segmentation of the Roofing Materials Market
Material Insight
The material further divides the market into asphalt shingles, concrete & clay tile roofs, metal roofs, plastic roofs, and other materials. Concrete & Clay Tile Roofs are expected to be the most lucrative segment in 2022, with a market share of 30% and a projected CAGR of 4.8% through 2022. Concrete and clay tile roofs include a variety of styles & colors which makes them a prevalent option for both residential and commercial buildings. However, the Asphalt shingles segment is likely to register the highest CAGR of 5.2% in terms of value during the forecast period.
Application Insight
Based on application, the market for roofing materials is separated into residential, commercial, and industrial. The residential segment is projected to be the most lucrative in the global roofing materials market boasting a projected CAGR of 4.4% through 2022. In 2022, its total revenue share will reach 55%. Residential roofing consists of the installation of roofs on individual homes or apartments. The need for safe & comfortable housing increases the demand for residential roofing at this pace. The factors such as durability, strength, aesthetics, and energy efficiency play an important role when choosing roofing materials for homeowners and builders. The residential segment is expected to enlarge as the construction industry continues to grow at a greater pace in the future.
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Market Segmentation
Based on Material
- Asphalt Shingles
- Concrete & Clay Tile Roofs
- Metal Roofs
- Plastic Roofs
- Other Materials
Based on the Application
- Residential
- Commercial
- Industrial
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Companies are investing heavily in integrated raw material production and sales activities to excel in product quality and market demand. To boost global revenues for roofing materials companies are employing merger and acquisition tactics. Also, the companies make a strong network of qualified contractors to ensure the quality of the roof installation for a better customer experience.
Some of the major players include:
- GAF Materials Corporation
- Atlas Roofing Corporation
- Owens Corning
- TAMKO Building Products, Inc.
- CSR Ltd.
- Carlisle Companies Inc.
- Crown Building Products LLC
- Metal Sales Manufacturing Corporation
- Wienerberger AG
- Etex
- CertainTeed Corporation
- Johns Manville
- Fletcher Building Limited
- Eagle Roofing Products
- Boral Roofing
- Other Key Players
Recent Development of the Roofing Materials Market
- In February 2021, CSR Ltd. Revealed the acquisition of AFS Systems which is a leading producer of pre-fabricated building systems in Australia. This acquisition is likely to expand companies’ product portfolio and strengthen its position in the Australian building materials market.
- In November 2020, Johns Manville revealed the acquisition of ITW Insulation Systems a leading manufacturer of insulation and waterproofing products for the commercial and industrial markets. This results in the expansion of Johns Manville’s product portfolio and strengthens its position in the commercial roofing market.
Browse More Related Reports:
- Cool Roof Coating Market was valued at USD 4.8 Bn in 2022 and is projected to reach USD 10.97 Bn by 2032, at a CAGR of 7.8%.
- Concrete Cooling Market is valued at USD 1.2 billion in 2022 and is anticipated to grow at a 5.6% CAGR between 2023 and 2032.
- Green Cement Market is expected to index a valuation of USD 61.93 Billion in 2032 from a value of USD 26.16 Billion registered in 2021. Over the course of this forecast timeline, the global green cement market is slated to index a CAGR of 9.0%.
- Insulated Concrete Form Market size valued at US$ 854.8 million in 2021 growing at a CAGR, of 4.3% between 2023-2032.
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