by Market Overview:
Roofing materials are composed of various materials such as asphalt shingles, concrete & clay tile, metal, plastic, and elastomeric (Rubber and Modified bitumen). Asphalt shingles are the most commonly used roofing material in residential construction in the U.S., accounting for over 70% of new residential roofing. Metal roofing systems are increasingly being used for both new construction and re-roofing of residential and commercial buildings due to benefits such as fire resistance, lifespan and durability. Plastic and elastomeric roofing systems are primarily used in non-residential applications such as warehouses and manufacturing facilities.
Market Dynamics:
The growth of the roofing materials market is driven by increasing construction activities across residential and non-residential sectors globally. According to Global Construction 2030, the global construction industry output is projected to grow by 85% to USD 15.5 trillion worldwide by 2030. Rise in building and construction activities mainly in Asia Pacific and Middle East & Africa is contributing to the demand for roofing materials. Secondly, repair and renovation of existing building roofs is another major drivers. Asphalt shingle has an average lifespan of 15-20 years requiring frequent repair and replacement, thus supporting continued demand in mature markets such as North America and Europe.
The global Roofing Materials Market Demand is estimated to be valued at US$ 131.04 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global roofing materials market can be segmented based on material type into asphalt shingles, concrete & clay tile, metal roofing, plastic roofing, and others. Among these, the asphalt shingles segment dominates the market and accounts for over 60% of the total market share. Asphalt shingles are the most commonly used roofing material across the residential sector owing to their affordable price as compared to other roofing materials.
PEST Analysis
Political: Several governments across regions are focusing on green building initiatives and providing subsidies for use of eco-friendly materials like metal roofing which is positively impacting the market growth.
Economic: Growing construction industry driven by increasing infrastructure development and residential construction projects is spurring the demand for roofing materials globally.
Social: Changing consumer preferences towards aesthetically appealing and durable roofing solutions are fueling the adoption of advanced materials like concrete tiles and metal roofing.
Technological: Introduction of new technologies and availability of thin film solar roofing materials are providing growth opportunities in the market.
Key Takeaways
The global roofing materials market size was valued at US$ 131.04 Bn in 2023 and is expected to reach US$ 184.32 Bn by 2030, expanding at a CAGR of 3.8% during the forecast period. Factors such as rapid urbanization and growing re-roofing activities are expected to drive the market over the next seven years.
Regional analysis: North America dominated the roofing materials market accounting for over 30% of global demand in 2023. Increasing residential repair and remodeling activities in the US is driving the roofing materials consumption in the region. Asia Pacific roofing materials market is projected to witness the fastest growth during the forecast period, with China and India being the major countries.
Key players: Key players operating in the roofing materials market are Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, Fletcher Building, Boral Roofing, Eagle Roofing Products, Johns Manville, CertainTeed, Crown Building Products LLC, TAMKO, Building Products, Inc, Atlas Roofing Corporation, GAF, Georgia-Pacific., Metal-Era LLC, MIDWEST ROOFING SUPPLY, IKO Industries Ltd, Paul Bauder GmbH & Co. KG, Bravo Europa, Bilka, and Maxroof. Major players are focusing on expanding their product portfolio and global footprint through strategic partnerships and mergers & acquisitions.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
