The global roofing materials market is expected to reach USD 171.25 billion by 2030, registering a CAGR of 4.0% from 2022 to 2030, as per a new report by Grand View Research Inc. Increasing investments in the renovation and redevelopment of residential and non-residential buildings are expected to drive the market growth.
Roofing Materials Market Report Highlights
- Concrete & clay tiles product segment accounted for USD 35.11 billion in 2021 and is projected to grow at a CAGR of 3.9% from 2022 to 2030. The growth can be attributed to durability, superior aesthetics, and versatility, along with the ease of recycling properties of these products.
- Residential applications accounted for the revenue share of 55.8% in 2021 on account of growing increasing government support for the development of housing infrastructures in emerging economies.
- Asia Pacific is projected to witness substantial market growth of 4.6% from 2022 to 2030. The construction industry in the region is expected to witness significant growth in the coming years owing to the rising per capita income, ongoing urbanization, and growing population.
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Renovating and remodeling are significant factors for the long-term maintenance of properties. Hence, the preference for roof replacements is expected to continue over the forecast period as homeowners are preferring renovating existing buildings instead of new homes.
The COVID-19 pandemic resulted in significant changes in the global construction industry. Growth rate of industry had dropped, shortage of appliances & lumber, supply chain slowdowns and manpower shortages are anticipated to last through 2022, maybe even longer. As production and transportation costs unlikely to ease and material prices will remain high. Delay in new construction activities and intensification of labor shortages, along with an inadequate supply of raw materials have been some effects of the pandemic which had created adverse impact on the market growth.
The initiatives undertaken by governments of various countries for the development of green buildings have also prompted consumers to carry out roof replacements. The demand for roof installations of solar panels surged in 2021 and is expected to continue increasing over the forecast period.
A number of substitutes such as living roofs, solar roofs, green roofs, restoration coatings, and SPF roofs are available in the market, which deliver better performance than common roofing materials. However, factors such as high maintenance and installation costs of substitutes have restricted their demand.
Roofing Materials Market Insights By Demographics
Asia Pacific region led the market and accounted for largest share of global revenue. The expansion of residential, commercial, and industrial sectors due to the sustainable economic growth of countries in region is expected to fuel construction activities. In European Union, increasing efforts to convert old energy-consuming buildings into energy-efficient and sustainable structures is anticipated to fuel the demand for roofing materials over the forecast period. The construction industry in South America mostly remained resilient even after the economic slump caused due to the pandemic. Robust government spending in GCC countries is expected to boost expenditure on construction of hospitals, leisure projects, and schools, which, in turn, is expected to propel the growth.
Competitive Analysis By Major Manufacturers
The industry participants emphasize on expanding their product portfolio by developing innovative solutions and cheaper products with superior properties to cater to the increasing consumer demand. Key manufacturers of roofing materials in the market are focusing on offering suitable and innovative roofing materials that are rigid and durable. Large number of roofing product manufacturers are focused on backward integration in order to keep the product quality under control. The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. Some prominent players in the global roofing materials market include:
- GAF Materials Corporation
- Atlas Roofing Corporation
- Owens Corning
- TAMKO Building Products, Inc.
- CSR Ltd.
- Carlisle Companies Inc.
- Crown Building Products LLC
- Metal Sales Manufacturing Corporation
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Roofing Materials Market Segmentation
Grand View Research has segmented the global roofing materials market on the basis of product, application, and region:
- Product Outlook (Volume, Billion Square Feet; Revenue, USD Billion; 2017 – 2030)
- Application Outlook (Volume, Billion Square Feet; Revenue, USD Billion; 2017 – 2030)
- Regional Outlook (Volume, Billion Square Feet; Revenue, USD Billion; 2017 – 2030)
- List of Key Players in Roofing Materials Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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