Roofing systems are structural elements designed to protect indoor spaces from outdoor elements such as rain, snow, wind, and heat. Roofing systems are available in various forms such as shingles, tiles, sheets or rolls depending on the type of material used such as asphalt, wood shakes, clay/concrete tiles, metal, or other synthetic materials. They provide weatherproofing and insulation to both residential and commercial buildings. Rapid urbanization and industrialization have boosted commercial construction activities around the world. This is fuelling demand for various roofing materials to construct residential buildings, industrial facilities, warehouses, and commercial infrastructure. The global roofing systems market is estimated to be valued at US$ 133.67 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends witnessed in the roofing systems market is growing prominence of green roofing systems. Green roofs utilize growing media and vegetation to cover all or a portion of a roof surface. They provide various environmental benefits such as protection from heat island effect, better stormwater management, increased biodiversity, and energy conservation. Rising focus on sustainability and environment protection has boosted adoption of green roofs across residential as well as commercial sectors. Furthermore, introduction of cool roof coatings is another trend gaining traction in the market. Cool roof coatings consist of special pigments that reflect more sunlight and absorb less heat compared to traditional ones. They help reduce air conditioning costs by maintaining roof surface at lower temperatures.

Porter’s Analysis

Threat of new entrants: The roofing systems market requires high investment in machinery and production facilities. Established players have considerable economies of scale and brand reputation which act as barriers for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however established roofing system brands create product differentiation.

Bargaining power of suppliers: Unique material and technology requirements provide suppliers with some bargaining power over roofing system manufacturers.

Threat of new substitutes: Alternative roofing materials pose threat however systems with enhanced durability and insulation drive customer acceptance.

Competitive rivalry: The global market is consolidated with few global players catering to differentiated customer segments.

Key Takeaways

The global Roofing Systems Market Growth is expected to witness high growth over the forecast period. The Asia Pacific region currently dominates the market and is expected to continue its lead owing to rapid infrastructure development and growth in construction activities in China and India.

The key players operating in the roofing systems market include Waifair LLC,Westminster Teak Inc.,Polyteak,Bajanusa Furniture,Frontgate,Gloster Furniture GMBH,Nusantara Teak,Teak Heirlooms,Raft Furniture,Wihardja,Artisera,Teak & Mahogany,Dania Furniture,Danish Teak Classics,Casateak Teak wood furniture,Teak Vogue Sdn Bhd,CV.Jepara Crafter Furniture,Wisanka Indonesia,Kalingga Jati Furniture,Republic Furniture Group. Key players focus on product innovation and collaboration for extending their product portfolio and geographical reach.

The global roofing systems market provides opportunities for manufacturers to cater to the replacement demand and focus on sustainable product offerings including solar roofing systems. Developing economies in Asia and Latin America provide huge untapped potential for market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it