Roofing Materials Market Is Expected To Reach around USD
Farmington, Feb. 15, 2023 (GLOBE NEWSWIRE) — The Global Roofing Materials Market Size Was Valued At USD 86.56 Billion In 2021. The Market Is Projected To Grow From USD 88.85 Billion In 2022 To USD 112.47 Billion By 2030, Exhibiting A CAGR Of 3.4{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} During The Forecast Period. The COVID-19 pandemic has had unprecedented and devastating impacts around the world, and demand for roofing materials and solutions has been lower than expected in all regions relative to pre-pandemic levels. The study found that the global market in 2020 decreased by 29.5{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} compared to 2019.
Roofing materials are used to create or repair the top layer of a building’s roof. The roof of a house, which protects it from the effects of the elements and the weather, is an essential component of its construction. The thickness of the outer layer of the roof depends on the materials available and the complexity of the support system. Roofing materials range from natural items like slate and thatch to manufactured items like bituminous shingles, plastic roofing, and more. The expansion of the roofing materials market will be fuelled by increased investment in the construction and remodeling of commercial and residential buildings.
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Recent Developments:
- February 2022 – Johns Manville, a Berkshire Hathaway company, has announced two new products for bituminous roofing systems that help improve productivity on the roof.
- February 2022 – Carlisle Companies Incorporated acquires MBTechnology, Inc. (MBT). The acquisition will expand CWT’s modified bituminous roofing products and provide additional capacity for roofing underlayments.
Segment Overview
Material Insights
The category of bitumen has been a big part of the market and is likely to stay that way during the forecast period. Bituminous shingles are the most common type of residential roof because they are cheap and easy to put on. These shingles can be made stronger with fibreglass or man-made materials without changing their shape.
Clay and concrete are used to cover the building, giving it texture and a nice look. Clay tiles with flat surfaces and ridges are recommended for mounting because they are very strong and heavy. Even though concrete tiles are heavy, they are flexible and cost less than clay tiles.
End-use Industry Insights
The residential sector controls a big part of the global market right now, and it is expected to grow quickly in the years to come. This sector is growing because more institutions and laws are helping to build up the housing infrastructure in emerging countries. Residential roofing is becoming more important as the population grows and more people want to live in single-family homes. The general demand for building homes is also strongly affected by how easy it is to get loans and how low interest rates are.
Regional Outlook:
The Asia-Pacific market for roofing materials is expected to be worth $32.03 billion in 2021. The demand for products in the Asia-Pacific region is being driven by the growth of the construction industry. This includes both new construction and renovation jobs. Increasing disposable income and a growing population, along with the growth of industrial operations, especially in China and India, have led to a higher demand for construction and construction-related activities. This has helped fuel industrial growth in these areas. The most important part of the Indian construction market is building homes. The government of India plans to build 20 million cheap homes by 2022. This will have a huge effect on the local market.
The North American market is growing because there are more commercial, industrial, and residential roofing projects in the United States. The US and Canada will build more homes and businesses, and the government will put money into new infrastructure projects. This will make the market grow. During the COVID-19 pandemic, the US construction industry slowed down because of a lack of workers and because the government shut down several industrial facilities.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 3.4{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 112.47 Billion |
| By Material | Bituminous, Tile, Metal, Elastomeric, Others |
| By End-use Industry | Residential, Non-residential, Industrial, Others |
| By Companies | Owens Corning (U.S.), CertainTeed Corporation (U.S.), Atlas Roofing Corporation (U.S.), BMI Group (U.K.), Johns Manville (U.S.), IKO Industries Ltd. (U.S.), GAF (U.S.), TAMKO Building Products, Inc. (U.S.), Carlisle Companies Incorporated (U.S.), Firestone Building Products Company, LLC (U.S.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Increasing consumer demand will fuel the increase in demand for bituminous roofing.
Bitumen is among the most widely used and reasonably priced roofing materials. Bitumen is frequently used to make plates and shingles. Bituminous shingles offer superior safety in addition to being a more cost-effective roofing solution. It is simple to choose glass that complements the architecture of your building and enhances its beauty because they come in a broad variety of colours and patterns. Then, to further shield them from the elements, colourful mineral granules are applied to the asphalt-coated bituminous tiles. Depending on the local temperature and how well they hold up, bituminous shingle roofs, which come in a variety of thicknesses or grades, often last 25 to 30 years. Bitumen is a sturdy building material that can withstand even the toughest weather conditions without quickly wearing or deforming, and it can be easily adapted to practically any environmental circumstance. Asphalt shingles can endure powerful winds.
Driving Factors:
Metal roofs’ exceptional fire resistance is fueling industry expansion.
It is anticipated that the demand for metal roofing would expand quickly as wildfires become more frequent. To comply with current fire rules and demonstrate structures through fire, many people have employed metal roofing, a great alternative for fire resistance. They are constructed of copper, aluminium, stainless steel, and zinc and come in the two forms of panels and tiles. The most popular and cost-effective metals are aluminium and galvanised steel.
Restraining Factors:
It will be tough to grow the industry because roofing materials are becoming more expensive.
It takes a lot of time, electricity, and money to resurface an old, deteriorated roof. Weather conditions might impact product quality. Several materials, for instance, can tolerate high temperatures and UV light from the sun, but they are swiftly damaged by repeated freezing and thawing. Installing asphalt shingles in temperatures below zero might degrade them. They are less resistant to wear and tear than other materials, making them more fragile in various climates and susceptible to wind. Compared to other types of roofs, metal roofs frequently have greater upfront costs.
Key Segments Covered:
Top Market Players:
Owens Corning (U.S.), CertainTeed Corporation (U.S.), Atlas Roofing Corporation (U.S.), BMI Group (U.K.), Johns Manville (U.S.), IKO Industries Ltd. (U.S.), GAF (U.S.), TAMKO Building Products, Inc. (U.S.), Carlisle Companies Incorporated (U.S.), Firestone Building Products Company, LLC (U.S.), and others.
By Material
- Bituminous
- Tile
- Metal
- Elastomeric
- Others
By End-use Industry
- Residential
- Non-residential
- Industrial
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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