Roofing Market is expected to reach the value of US$ 322 Bn by the end of 2031

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Roofing Market is expected to reach the value of US$ 322 Bn by the end of 2031, expanding at a CAGR of 4.9% during the forecast period 2021 - 2031

Roofing adds an extra protection from rain, sun, heat, sand, and other climatic challenges to a building or infrastructure. It is considered an essential part of construction and is used across a wide range of offices, hotels, commercial buildings, and various educational institutes as well. The increasing rate of industrialization and urbanization is projected to serve as key driver augmenting the sales growth for roofing market.

Progression in the construction business, fast urbanization, and innovations in innovation are the key factors that drive the growth of the roofing market. Furthermore, technological innovations like eco-friendly roofing materials, green roofing, and robots for rooftop examinations have expanded the interest for roofing items. Despite this, the high establishment cost of roofing frameworks might hamper the roofing market growth. Nevertheless, the rising advent of innovative materials into the construction category for aesthetic beauty of infrastructures is likely to create new revenue generation opportunities in the roofing market.

The increasing demand from residential sectors will help this market witness numerous growth opportunities in the coming years. According to TMR, the global roofing market is expected to rise at a CAGR of 4.9% and reach a valuation of USD 322 Bn by the end of the forecast period, set between 2021 and 2031.

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Increasing Investments in Capital and Rising Number of RD Activities will Promote Growth

The increasing number of building and construction activities, as mentioned above will serve as significant growth drivers for the global roofing market. Besides this, the upliftment of COVID19 lockdown regulations marked the reopening of businesses, schools, colleges, and thus, there was high demand for renovation as well as new construction activities.

The increasing rate of population, coupled with the adoption of other materials in construction industry such as polycarbonate, glass, fiberglass, sand, metal, clay, and others will serve as recent developments in the roofing industry. Besides this, the use of roofing materials in all commercial, residential, and non-commercial industries will help augment the growth of this market in the forecast period.

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Commercial Sector Obtaining Highest Revenue Owing to Re-opening of businesses in post COVID19 scenario

The global roofing market was earlier witnessing largest share from the residential sector, while the commercial sector will soon overpower this segment in the forecast period. Factors attributing to the growth of the commercial sector include the upliftment of lockdown restrictions post COVDI19 pandemic when a significant portion of the world has been vaccinated.

Asia Pacific to Witness Massive Avenues Owing to Availability of Cheap Labor

Regionwise, the global market for roofing is widespread into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Among these, North America emerged as the largest revenue generator in the roofing market. Factors attributing to this region generating the highest shares include the availability of better construction materials and increasing innovation in building materials.

Asia Pacific is expected to emerge dominant in the forecast period on account of the rising number of new construction activities, further attributed to rapid rate of urbanization, especially in the developing nations.

Roofing Market to Witness Intense Competition with Entry of New Players

The global roofing market is highly competitive in nature on account of the presence of multiple players. Some of the leading players are investing heavily on brand expansion and the use of innovation products for improving the aesthetic beauty of the building. The entry of new players, especially post COVID19 pandemic is further projected to intensify the overall market competition in the future years.

Some of the key players in the global roofing market include Carlise, TAMKO Building Products Inc., Owens Corning, IKO Industries Ltd., Firestone Building Products Company, Johns Manville, Brass Monier Building Group Services S.A., Certain Teed Corporation, Duro-Last Roofing Inc., GAF, Atlas Roofing Corporation, and others.

The global roofing market is segmented as follows:

By Product

  • Bituminous Roofing
  • Metal Roofing
  • Tile Roofing

By Application

  • Residential
  • Commercial
  • Non-Commercial

By Geography

  • North America
  • Europe
  • Latin America
  • Asia Pacific excluding Japan (APEJ)
  • Middle East and Africa (MEA)
  • Japan

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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