Roofing Materials Market is Anticipated to Reach USD 1,18,391.40 Million by 2030 with a CAGR of 4.10{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7}

Roofing Materials Market Information by Product (Tile Roof, Metal Roof, Plastic Roof, Others), By Application (Residential, Non-Residential) and By Region – Forecast To 2030

New York (US), April 10, 2023 (GLOBE NEWSWIRE) — Roofing Materials Market Overview

The MRFR analysis reports predict that the “Roofing Materials Market Research Report, by Product, Region, and Application – Forecast Till 2030”, the global market for Roofing Materials is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 4.10{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7}. The reports anticipate the market acquiring a valuation of around USD 1,18,391.40 million by the end of 2030. As per the reports, the market was worth around USD 121.5 billion in 2020.

Market Scope

Roofing materials refer to the light & thin coverings on building roofs to protect them from damage by natural elements such as sun rays, rain, etc. These materials are inexpensive and have sun-protective waterproofing and other properties. The global market for Roofing Materials has displayed massive development in recent times. The rise in demand for smart and affordable roof construction materials across the globe is considered the main aspect causing a rise in the global market performance for roofing materials. Furthermore, the aesthetic and technological benefits these materials provide are another crucial reason for the rapidly growing popularity of these materials across the globe. Moreover, the rapidly growing construction activities across the globe, along with rural & urban housing, are also projected to impact the performance of the market worldwide positively. In addition, the market has witnessed a major surge in the launch of new and advanced products and properties such as smart, affordable, and eco-friendly roofing materials, which in turn is also predicted to positively impact the growth of the market over the coming years.

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Competitive Analysis

The listing of the prominent leaders across the global market for Roofing Materials includes players such as:

• GAF Materials Corporation (U.S.)

• Etex (Belgium)

• Atlas Roofing Corporation (U.S.)

• Fletcher Building Limited (New Zealand)

• CertainTeed Corporation (U.S.)

• TAMKO Building Products, Inc. (U.S.)

• Owens Corning Corp.(U.S.)

• Icopal Holding Aps (Denmark)

• Braas Monier Building Group S.A. (Europe)

• North American Roofing (U.S.)

• Among others.

Report Scope:

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Market USP Covered

Market Drivers

The global market for Roofing Materials has displayed massive development in recent times. The rise in demand for smart and affordable roof construction materials across the globe is considered the main aspect causing a rise in the global market performance for roofing materials. Furthermore, the aesthetic and technological benefits these materials provide are another crucial reason for the rapidly growing popularity of these materials across the globe. Moreover, the rapidly growing construction activities across the globe, along with rural & urban housing, are also projected to impact the performance of the market worldwide positively. In addition, the market has witnessed a major surge in the launch of new and advanced products and properties such as smart, affordable, and eco-friendly roofing materials, which in turn is also predicted to positively impact the growth of the market over the coming years.

Market Restraints

On the other hand, certain aspects may impede the market’s growth. The primary parameter restricting the market’s growth is the lower durability of most roofing materials used worldwide. Furthermore, the lack of proper roofing material offering collective benefits is also considered to be one of the major parameters restricting market development across the globe. In addition, the ecological impact of some roofing materials is also predicted to impact the market performance negatively.

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COVID-19 Impact

Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Roofing Materials market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.

Segment Analysis

Among all the products, the asphalt shingles segment is predicted to dominate the global market for roofing materials over the assessment era. Asphalt shingles are known to be durable and give a good aesthetic appearance to the roof; thus are very famous.

Among all the application areas, the residential sector is predicted to hold the top position across the global market over the coming years, mainly due to the rise in residential construction and the increasing population.

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Regional Analysis

The global Roofing Materials market is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.

The MRFR analysis reports suggest that the Asia-Pacific region is predicted to showcase the maximum expansion across the global market for Roofing Materials over the assessment period, given the massive surge in residential & Commercial building construction activities along with the increasing disposable income.

The North American region is anticipated to grow substantially over the coming years owing to the aspects such as high investment in housing construction & roofing and technological advancements.

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