Pune, India, May 19, 2022 (GLOBE NEWSWIRE) — The global roofing materials market size was USD 86.56 billion in 2021 and reached USD 88.85 billion in 2022. The market is expected to reach USD 112.47 billion by 2029, exhibiting a CAGR of 3.4% during the forecast period. Significant investments in residential and commercial buildings and strong demand for bituminous roofs are expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled “Roofing Materials Market, 2022-2029.”
List of Key Players Profiled in the Roofing Materials Market Report
- 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.)
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Supply Chain Disruptions to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic due to supply chain disruptions. Further, the alarming spike in COVID infections is expected to impede market progress. Moreover, the restrictions on construction activities may result in a lack of demand. Also, the restrictions imposed on transportation led to a lack of raw materials required for production. However, the resumption of manufacturing and the adoption of reduced capacities, automated production techniques, and part-time shifts is expected to enhance the market growth.
Strong Adoption of Bituminous Material from Residential Construction to Boost Segmental Growth
By material analysis, the market is segmented into bituminous, tile, metal, elastomeric, and others.
The bituminous segment is expected to face major growth due to the rising demand for the product from residential construction. The inexpensive and simple-to-install nature of the product is expected to enhance the segmental growth.
|Market size value in 2021||USD 86.56 billion|
|Revenue forecast in 2029||USD 112.47 billion|
|Growth Rate||CAGR of almost 3.4% 2022-2029|
|Historic Years||2018 – 2020|
|Forecast Years||2022 – 2029|
|Segments Covered||By Product Type, By Application, and By Geography|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2022 to 2029|
|Regions Covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World|
|Countries Covered||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||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.)|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Residential Segment to Grow Rapidly Owing to Rising Infrastructure Projects
By end-use industries it is classified into residential, non-residential, and industrial.
The residential segment is the dominating segment owing to rising infrastructure projects globally. The rising investments in the renovation and development of infrastructural facilities, buildings, and other commercial spaces may drive segmental growth.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Rapid Developments in the Construction Industry to Foster Industry Progress
Roofing materials comprise the outermost layers of a building and are used to repair and construct roofs. The rapidly progressing construction industry is expected to enhance the demand for the product. Further, the rising demand for the product due to its ability to deflect UV rays and maintain a cool living environment is expected to enhance roofing materials’ demand. Moreover, the increasing adoption of roofing materials from residential and commercial construction remodeling is expected to boost sales. In addition, robust infrastructure development is expected to enhance sales. These factors may propel the roofing materials market growth.
However, the high prices of the materials are expected to hinder the market’s progress.
Rising Population and Increasing Disposable Incomes to Enhance Market Growth in Asia Pacific
Asia Pacific is expected to dominate the roofing materials market share because of the rising population and increasing disposable incomes. The market in Asia Pacific stood at USD 32.03 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Further, rising industrial operations in India and China are expected to enhance the demand for materials. These factors may propel market progress.
In North America, the rising number of roofing projects for residential, commercial, and industrial projects is expected to enhance the demand for the product. Furthermore, rising construction projects are expected to enhance roofing materials’ demand. These factors may elevate roofing materials demand.
Companies Devise Acquisition Strategies to Enhance Brand Image
The prominent companies operating in the market engage in acquisitions to enhance their brand image globally. For example, in February 2022, Carlisle Companies Incorporated completed the acquisition of MBTechnology, Inc. (MBT). This acquisition shall enable the company to expand its CWT’s modified bitumen roofing offerings and offer more capacity for roofing underlayments. Further, major players incorporate mergers, partnerships, novel product launches, expansions and automated production techniques to enhance their market stance globally.
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Notable Industry Development
- July 2021: Silka completed the acquisition of American Hydrotech Inc. in the U.S. and its affiliate Hydrotech Membrane Corporation in Canada.
Table of Contents
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Roofing Materials Market Analysis, Insights and Forecast, By Material, 2016-2027
- Key Findings / Summary
- Global Roofing MaterialsMarket Analysis, Insights and Forecast – By Material
- Global Roofing Materials Market Analysis, Insights and Forecast, By End-Use, 2016-2027
- Key Findings / Summary
- Global Roofing MaterialsMarket Analysis, Insights and Forecast – By End-Use
- Global Roofing Materials Market Analysis, Insights and Forecast, By Region, 2016-2027
- Key Findings / Summary
- Global Roofing MaterialsMarket Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Latin America
- Middle East & Africa
- TOC Continued…!
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