by Roofing materials are construction materials used to waterproof a roof. Common roofing materials include asphalt shingles, clay and concrete tile, slate, metal, polyethylene (PE), and elastomeric roof coatings. Asphalt shingles are the most widely used roofing material for residential construction due to low installation and material cost. Clay and concrete tiles offer durability and aesthetic appeal but have higher costs. Slate and metal roofs have high durability and lifespan but are also more expensive. New technologies in roofing materials development focus on sustainability and energy-efficiency. Greater use of green roofing materials like PE, rubber, and cool roof coatings help reduce the urban heat-island effect and building energy consumption.
The global Roofing Materials Market is estimated to be valued at US$ 170.03 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.
Market key trends:
Growing demand for green and eco-friendly roofing solutions is a key trend in the global roofing materials market. Rising environmental awareness and implementation of green building standards in new constructions are driving the use of sustainable roofing materials. Asphalt has been increasingly replaced by recycled materials in shingle production. Clay and concrete tiles are being manufactured using less energy-intensive processes. Cool roof coatings made from recycled rubber and cool pigments that reflect sunlight are gaining popularity. Lightweight roofing materials like PE and rubber membranes provide superior durability and are 100% recyclable at the end of lifespan. Their higher elasticity also improves impact resistance against extreme weather events.
Porter’s Analysis
Threat of new entrants: The roofing materials market requires large capital investments and established supply networks. Stringent regulations and standards also pose barriers for new players.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of substitute materials and options from various manufacturers.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to the availability of raw materials from various sources and less product differentiation.
Threat of new substitutes: The threat of substitutes is low as roofing materials have well established demand and limited substitutes available.
Competitive rivalry: Low as major players have strong brand presence and market reach globally.
Key Takeaways
The global roofing materials market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing infrastructure development and repair & rehabilitation activities across developing nations.
Regional analysis: The Asia Pacific region dominates the global roofing materials market owing to rapid urbanization and infrastructure developments in major countries like China and India. The region accounts for over 35% of the total roofing materials demand and is expected to witness the fastest growth during the forecast period.
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.
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.
