Roofing Materials Market to Hit USD 173.23 Billion by 2030 | With a 3.6% CAGR
The global roofing materials market covered major segments by Material (Bituminous, Tile, Metal, Elastomeric, and Others), By End-use Industry (Residential, Non-Residential, and Industrial), and Regional Forecast, 2023-2030.
Pune, India, Sept. 19, 2023 (GLOBE NEWSWIRE) — The global roofing materials market size was valued at USD 138.43 billion in 2022 and is projected to grow from USD 135.08 billion in 2023 to USD 173.23 billion by 2030, exhibiting a CAGR of 3.6% during the forecast period. Significant investments in residential and commercial buildings and strong demand for bituminous roofs are expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled “Roofing Materials Market, 2023-2030.”
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List of Key Players Profiled in the Roofing Materials Market Report:
- Owens Corning (U.S.)
- CertainTeed Corporation (U.S.)
- Atlas Roofing Corporation (U.S.)
- BMI Group (U.K.)
- Johns Manville (U.S.)
- IKO Industries Ltd. (U.S.)
- GAF (U.S.)
- TAMKO Building Products, Inc. (U.S.)
- Carlisle Companies Incorporated (U.S.)
- Firestone Building Products Company, LLC (U.S.)
Report Scope & Segmentation:
|2030 Value Projection||USD 173.23 Billion|
|Market Size in 2022||USD 138.43 Billion|
|No. of Pages||300|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Roofing Materials Market Growth Drivers||Growing Demand for Bituminous Products in Residential Construction Drives Growth|
|Rising Demand for UV Protection, Energy Efficiency, and Infrastructure Development Fuel Market Growth|
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Growing Demand for Bituminous Products in Residential Construction Drives Growth
By material, the market for roofing materials is segmented into bituminous, tile, metal, elastomeric, and others. The bituminous segment is expected to hold the dominant market share due to the rising demand for the product from residential construction. The inexpensive and simple-to-install nature of the product is expected to enhance segmental growth.
Residential Segment Leads with Investments in Infrastructure Projects and Renovations
By end-use industry, the market is classified into residential, non-residential, and industrial. The residential segment is the dominating segment owing to rising infrastructure projects globally. The rising investments in the renovation and development of infrastructural facilities, buildings, and other commercial spaces may drive segmental growth.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Pandemic Slowed Market Growth due to Supply Chain Disruptions
This market is expected to be negatively affected during the COVID-19 pandemic due to supply chain disruptions. Further, the alarming spike in COVID-19 infections is expected to impede market progress. Moreover, restrictions on construction activities may result in a lack of demand. Also, the restrictions imposed on transportation led to a lack of raw materials required for production. However, the resumption of manufacturing and the adoption of reduced capacities, automated production techniques, and part-time shifts are expected to enhance the market growth.
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The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
Rising Demand for UV Protection, Energy Efficiency, and Infrastructure Development Fuel Market Growth
Roofing materials comprise the outermost layers of a building and are used to repair and construct roofs. The rapidly progressing construction industry is expected to enhance the demand for the product. Further, the rising demand for the product due to its ability to deflect UV rays and maintain a cool living environment is expected to enhance roofing products’ demand. Moreover, the increasing adoption of these materials from residential and commercial construction remodeling is expected to boost sales. In addition, robust infrastructure development is expected to enhance sales. These factors may propel the roofing materials market growth.
However, the high prices of the materials are expected to hinder the market’s progress.
Asia Pacific Market Growth Driven by Population Surge and Industrial Expansion
Asia Pacific is expected to dominate the roofing materials market share due to rising population and increasing disposable incomes. The market in Asia Pacific is expected to gain a huge portion of the global market share in the coming years. Further, rising industrial operations in India and China are expected to enhance the demand for materials. These factors may propel market progress.
In North America, the rising number of roofing projects for residential, commercial, and industrial projects is expected to enhance the demand for the product. Furthermore, rising construction projects are expected to enhance roofing products’ demand. These factors may elevate roofing materials demand.
Fragmented Market Driven by Price Competition and Strategic Alliances
The roofing materials market is fragmented, with competition based on price and product application. Global players integrate raw material production and sales for quality control and regional expansion. They also collaborate with certified contractors for high-quality installations and employ backward integration to manage production costs.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Emerging Trends
- Key Industry Developments
- Porters Five Forces Analysis
- Insights on Regulatory Scenario
- Latest Technological Advancement
- Qualitative Insights – Impact of COVID-19 on Global Roofing Materials Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Roofing Materials Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Material
- By End-use Industry
- By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Industry Development
- December 2021: ABC Supply Co. Inc. and GAF collaborated to integrate aerial roof measurements into the myABCsupply app, allowing contractors to order GAF QuickMeasure reports and place materials orders with ABC Supply directly through the app.
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