by Roofing materials refers to various construction materials that are used in roofing systems for buildings and structures. Some common roofing materials include asphalt shingles, cement tiles, metal roofing, clay roof tiles, single-ply roofing membranes, and rolled roofing. Roofing materials are required to make roofs weatherproof and durable to protect the building structure from sun, rain, snow and other external elements. Asphalt shingles are the most commonly used roofing material in residential construction in developed economies owing to their affordability and ease of installation.
The 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 Dynamics:
The growth of the roofing materials market is driven by rising construction activities across residential and non-residential sectors globally. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Renovation and repair of aging infrastructure is another key driver. Furthermore, rising adoption of green roofing technologies that improves energy efficiency of buildings through solar reflectance, thermal emittance, and vegetation is expected to present new opportunities over the forecast period. Some key benefits of green roofs include reduced heat absorption, improved air quality, longer roof lifespan, sound insulation, and stormwater runoff management.
Segment Analysis
The global roofing materials market is segmented on the basis of type and application. Based on type, the market is segmented into asphalt shingles, concrete & clay tile, metal roofing, plastic roofing (PVC, TPO, HPR), and others. Asphalt shingles dominates the type segment and accounts for more than 40% share of the global roofing materials market. Asphalt shingles are cost effective as compared to other roofing materials and provide durability of 20-30 years, thereby making it a preferred choice for residential roofing.
PEST Analysis
Political: Regulations related to use of eco-friendly materials in construction industry are driving the demand for sustainable roofing materials.
Economic: Growing construction activities particularly in developing countries due to rapid urbanization and rising disposable income is fueling the growth of roofing materials market.
Social: Changing consumer preferences towards aesthetically appealing and durable roofing solutions is positively impacting the market.
Technological: Introduction of advanced polymer and composite roofing materials with self-cleaning, eco-friendly, and light weight properties are gaining traction.
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 residential and non-residential construction activities across the globe.
Regional analysis: Asia Pacific roofing materials market is estimated to reach over US$ 100 Bn by 2030 owing to rapid growth in residential construction activities in China, India, Indonesia, and Vietnam. China dominates the regional market with over 30% market share.
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.
