by Roofing tiles provide an aesthetically pleasing exterior finish and weatherproof protection to residential and commercial buildings. Manufactured from clay or concrete, roofing tiles come in a variety of colors, textures, sizes and profiles to suit different architectural styles. The global demand for roofing tiles has been rising owing to increasing residential and commercial construction activities worldwide. Technological advancements in material science have led to the development of stronger, more durable and sustainable roofing tile materials like fiber cement.
The Global roofing tiles market is estimated to be valued at US$ 19.77 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the roofing tiles market are IKO Global, Etex, Standard Industries Inc, Trevis Perkins, Boral roofing, BMI group, Wienerberger AG, Fornace Laterizi Vardanega Isidoro, Vande Hey Raleigh, Eagle Roofing Products, TC Roof Tiles, Jindal Mechno, Kerala Tiles Company, Raja Tiles Company, KPG Roofing, Sri Vijaya Lakshmi Tiles, Sirex, AV Roofing, and Simeyon. The key players are focusing on developing innovative and sustainable tile materials to gain a competitive advantage.
The growing Construction industry worldwide is driving demand for roofing tiles. Rapid urbanization and increasing residential housing starts especially in emerging economies of Asia Pacific and Latin America are creating significant opportunities for roof tile manufacturers.
Technological advancements like new concrete tile formulations that are more durable and seamlessly integrated solar roof tiles are gaining popularity. Developing countries are also witnessing increased adoption of fiber cement roof tiles owing to their moisture resistant and fireproof properties.
Market drivers
Growing construction industry worldwide coupled with rapid urbanization is a key growth driver for the Global Roofing Tiles Market Demand. Rise in the number of new residential housing starts especially in developing Asian and Latin American countries with large population will boost demand. Government initiatives and investments in infrastructure development projects also augur well for the market. Focus on green construction and sustainable buildings presents an opportunity for advanced roof tile formulations like fiber cement and solar integrated tiles.
Current challenges in Roofing Tiles Market
The roofing tiles market is facing challenges due to rising prices of raw materials and economic uncertainties caused by the ongoing covid-19 pandemic. The supply chain disruptions have increased raw material procurement costs substantially. Labor shortages and higher wages are also putting upward pressure on production costs. Additionally, declining demand from the commercial sector like office spaces and retail outlets is impacting the market growth negatively. The shift towards more eco-friendly roofing solutions is another major challenge for conventional roof tile manufacturers.
SWOT Analysis
Strength: Wide product portfolio and established brand image of major players. Easy availability and cost effectiveness of roof tiles compared to other roofing materials.
Weakness: Heavy and bulky in nature, require specialized handling and installation. Vulnerable to damages from extreme weather conditions.
Opportunity: Growing demand for aesthetically appealing and durable roofing options from the residential sector. Expanding construction industry in developing regions.
Threats: Stiff competition from emerging substitutes like concrete tiles and metal roofing sheets. Stringent environmental regulations regarding product manufacturing.
Geographical regions with high market concentration
Asia Pacific accounts for the major share in the global roofing tiles market both in terms of production and consumption. Countries like India, China, Indonesia, Philippines, and Japan are the key domestic markets. Europe is another major regional market led by Italy, Spain, France, and UK. North America has also witnessed steady demand growth over the years, driven by roof replacement activities in the US and Canada.
Fastest growing regional market
Latin America is expected to emerge as the fastest growing regional market for roofing tiles during the forecast period. Factors such as rapid urbanization, increasing construction of residential buildings, growing population, rising disposable income levels, and favorable government initiatives will support the market expansion. Brazil, Mexico, Colombia, Peru, Chile and Argentina are recognized as the highly lucrative country-level markets in Latin America.
About Author - Money Singh
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. LinkedIn Profile
