Global Residential and Commercial Roofing Material Market Overview:
As per MRFR analysis, the Residential and Commercial Roofing Material Market Size was estimated at 105.27 (USD Billion) in 2022. The Residential and Commercial Roofing Material Market Industry is expected to grow from 107.63(USD Billion) in 2023 to 131.4 (USD Billion) by 2032. The Residential and Commercial Roofing Material Market CAGR (growth rate) is expected to be around 2.24% during the forecast period (2024 - 2032).
Key Residential and Commercial Roofing Material Market Trends Highlighted
Key market drivers of the Residential and Commercial Roofing Material Market include increasing urbanization, rising disposable income, and government initiatives promoting sustainable construction. Opportunities for growth lie in the adoption of innovative materials such as solar roofing, green roofing, and cool roofing, as well as the expansion of the renewable energy sector.
In recent times, trends in the market have been marked by the growing demand for energy-efficient materials, the use of advanced manufacturing technologies, and the increasing adoption of digital solutions to enhance customer experience and optimize operations. With these factors shaping the market landscape, manufacturers are focusing on developing roofing materials that are durable, sustainable, and aligned with evolving regulatory standards.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential and Commercial Roofing Material Market Drivers
Rising Demand for Sustainable Roofing Materials
The increasing awareness of environmental concerns and the need for sustainable construction practices has led to a growing demand for environmentally friendly roofing materials. Residential and commercial property owners are becoming more conscious of the impact their roofing choices have on the environment and are opting for materials that minimize their carbon footprint. Sustainable roofing materials, such as metal roofing, solar tiles, and green roofs, offer numerous environmental benefits, including energy efficiency, reduced waste, and improved air quality.The growing adoption of sustainable roofing materials is expected to drive the growth of the Residential and Commercial Roofing Material Market Industry in the coming years.
Increasing Infrastructure Development
The rapid urbanization and growing population worldwide are driving the need for new infrastructure, including residential and commercial buildings. This increased construction activity is creating a strong demand for roofing materials. Developing countries, in particular, are experiencing a surge in infrastructure development driven by government initiatives and economic growth. The expanding construction sector is expected to provide significant growth opportunities for the Residential and Commercial Roofing Material Market Industry.
Technological Advancements
The roofing industry is witnessing advancements in materials and technologies, leading to the development of innovative roofing solutions. Manufacturers are continuously investing in research and development to improve the performance, durability, and aesthetics of roofing materials. New technologies, such as cool roofing systems, self-cleaning coatings, and smart roofing systems, are gaining popularity due to their energy-saving capabilities, low maintenance requirements, and enhanced functionality.These technological advancements are expected to shape the future of the Residential and Commercial Roofing Material Market Industry.
Residential and Commercial Roofing Material Market Segment Insights:
Residential and Commercial Roofing Material Market Type Insights
The Residential and Commercial Roofing Material Market is segmented by type into Membrane Roofing, Metal Roofing, Asphalt Shingles, Ceramic and Concrete Tiles, and Green Roofing. Membrane Roofing is a type of roofing material that is made from a flexible, waterproof material, such as PVC, TPO, or EPDM. Membrane roofing is often used on commercial buildings because it is durable, weather-resistant, and relatively easy to install. The Residential and Commercial Roofing Material Market revenue for Membrane Roofing is expected to reach $30.4 billion by 2024, growing at a CAGR of 3.5%.Metal Roofing is a type of roofing material that is made from metal, such as steel, aluminum, or copper. Metal roofing is often used on residential and commercial buildings because it is durable, fire-resistant, and energy-efficient. The Residential and Commercial Roofing Material Market revenue for Metal Roofing is expected to reach $25.2 billion by 2024, growing at a CAGR of 4.2%. Asphalt Shingles are a type of roofing material that is made from asphalt and fiberglass. Asphalt shingles are often used in residential buildings because they are affordable, easy to install, and durable.The Residential and Commercial Roofing Material Market revenue for Asphalt Shingles is expected to reach $20.1 billion by 2024, growing at a CAGR of 2.8%. Ceramic and Concrete Tiles are a type of roofing material that is made from clay or concrete. Ceramic and concrete tiles are often used on commercial and residential buildings because they are durable, weather-resistant, and fire-resistant. The Residential and Commercial Roofing Material Market revenue for Ceramic and Concrete Tiles is expected to reach $15.3 billion by 2024, growing at a CAGR of 3.1%.Green Roofing is a type of roofing material that is made from plants or other natural materials. Green roofing is often used on commercial and residential buildings because it can help to reduce energy costs, improve air quality, and reduce stormwater runoff. Green roofing is also growing in popularity as a way to create a more sustainable building. The Residential and Commercial Roofing Material Market revenue for Green Roofing is expected to reach $6.4 billion by 2024, growing at a CAGR of 6.2%. The Residential and Commercial Roofing Material Market is expected to grow at a CAGR of 3.2% from 2024 to 2032, reaching a total market value of $131.4 billion by 2032.The growth of the market is being driven by the increasing demand for roofing materials in the construction industry, as well as the rising popularity of sustainable roofing materials.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential and Commercial Roofing Material Market Material Insights
The Residential and Commercial Roofing Material Market is segmented based on material into polyvinyl chloride (PVC), thermoplastic polyolefin (TPO), ethylene propylene diene monomer (EPDM), metal, and asphalt. The metal segment accounted for the largest market share in 2023, owing to its durability, strength, and fire resistance. The PVC segment is expected to witness the highest growth rate during the forecast period due to its cost-effectiveness and ease of installation. The TPO segment is expected to grow steadily, driven by its resistance to UV radiation and chemicals.The EPDM segment is expected to account for a significant market share owing to its low maintenance requirements and long lifespan. The asphalt segment is expected to remain stable due to its low cost and ease of repair.
Residential and Commercial Roofing Material Market Application Insights
The Residential and Commercial Roofing Material Market segmentation by Application is broadly classified into Residential, Commercial, Industrial, and Institutional. Residing at the forefront, the residential application segment held the largest market share in 2023 and is projected to retain its dominance throughout the forecast period. This remarkable growth can be attributed to the rising demand for new residential constructions and renovation projects, coupled with the increasing disposable income of homeowners. Additionally, government initiatives promoting energy efficiency and sustainable building practices are further driving the growth of this segment.However, the commercial application segment is anticipated to witness a significant growth rate during the forecast period. The rising construction of commercial buildings, such as offices, retail complexes, and hospitality venues, is fueling the demand for roofing materials. Furthermore, advancements in roofing technology and the development of innovative materials are creating new opportunities for the growth of the Residential and Commercial Roofing Material Market.
Residential and Commercial Roofing Material Market Installation Type Insights
The Residential and Commercial Roofing Material Market is segmented by Installation Type into New Construction, Re-roofing, and Repair. The New Construction segment accounted for the largest share of the market in 2023 and is projected to continue to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing number of new construction projects, particularly in developing countries. The Re-roofing segment is expected to experience steady growth over the forecast period, as older roofs require replacement or repair.The Repair segment is expected to grow at a slower pace, as it is dependent on the condition of existing roofs and the frequency of weather events that can damage roofs.
Residential and Commercial Roofing Material Market End-Use Insights
The Residential and Commercial Roofing Material Market segmentation by End Use covers 'Private', 'Commercial', and 'Government' sectors. Private homes account for a significant market share due to ongoing construction activities and home renovations. The commercial sector follows, driven by the rise in non-residential buildings such as offices, retail stores, and industrial facilities. The government segment holds a smaller share but presents growth opportunities for roofing projects in public infrastructure, educational institutions, and healthcare facilities.These statistics highlight the increasing demand for roofing materials across various end-use sectors worldwide.
Residential and Commercial Roofing Material Market Regional Insights
The Residential and Commercial Roofing Material Market is segmented by region into North America, Europe, APAC, South America, and MEA. The North American region held the largest market share in 2023, with a significant contribution from the United States and Canada. The region is characterized by a high demand for residential and commercial roofing materials due to the increasing construction activities and the presence of a large number of residential and commercial buildings. The European region is projected to witness steady growth in the market over the forecast period, driven by the increasing demand for sustainable and energy-efficient roofing materials.The APAC region is anticipated to exhibit the highest growth rate during the forecast period due to the growing construction industry and the increasing disposable income of consumers. The South American and MEA regions are expected to witness moderate growth in the market, supported by increasing urbanization and the rising demand for roofing materials for infrastructure development.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential and Commercial Roofing Material Market Key Players And Competitive Insights:
Major players in the Residential and Commercial Roofing Material Market industry are constantly striving to gain a competitive advantage by investing in research and development, expanding their product portfolios, and strengthening their distribution networks. Leading Residential and Commercial Roofing Material Market players are also focusing on sustainability initiatives to reduce their environmental impact and meet the growing demand for eco-friendly products. The Residential and Commercial Roofing Material Market industry is characterized by intense competition, with numerous established and emerging players vying for market share. Key industry participants include CertainTeed, Owens Corning, GAF, Johns Manville, and Atlas Roofing Corporation. These companies have a strong global presence and offer a wide range of roofing materials to meet diverse customer needs.A leading company in the Residential and Commercial Roofing Material Market is CertainTeed. The company is known for its innovative roofing solutions, including asphalt shingles, metal roofing, and solar roofing systems. CertainTeed has a strong focus on research and development, which has resulted in the development of advanced roofing technologies. The company also has a wide distribution network, which allows it to reach customers in various regions. CertainTeed's commitment to sustainability has earned it recognition as an industry leader in this area.A competitor company in the Residential and Commercial Roofing Material Market is GAF. The company is a leading manufacturer of roofing materials, including asphalt shingles, metal roofing, and roofing accessories. GAF has a strong presence in North America and Europe and is known for its high-quality products and customer service. The company has a well-established distribution network and offers a wide range of roofing solutions to meet the needs of residential and commercial customers. GAF is also committed to sustainability and has implemented various initiatives to reduce its environmental impact.
Key Companies in the Residential and Commercial Roofing Material Market Include:
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Carlisle Companies Incorporated
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IKO
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BMI Group
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GAF
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TAMKO Building Products Inc.
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Owens Corning
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Westlake Chemical Corporation
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CertainTeed
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Firestone Building Products Company
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NCI Building Systems
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Boral Limited
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Onduline
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Johns Manville
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SaintGobain
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Atlas Roofing Corporation
Residential and Commercial Roofing Material Market Industry Developments
The Residential and Commercial Roofing Material Market is poised to grow significantly over the next decade, driven by rising construction activities, increasing urbanization, and growing demand for sustainable building materials. In 2023, the market is valued at USD 107.63 billion and is projected to reach USD 131.4 billion by 2032, exhibiting a CAGR of 2.24%.Recent developments in the market include the growing adoption of advanced roofing materials such as metal roofing and solar panels. Metal roofing is gaining popularity due to its durability, energy efficiency, and low maintenance requirements. Solar panels are increasingly being installed on commercial and residential buildings to generate renewable energy and reduce energy costs.Furthermore, government initiatives and regulations promoting energy efficiency in buildings are expected to drive demand for energy-efficient roofing materials. The increasing focus on sustainability and environmental concerns is also driving the adoption of eco-friendly roofing materials such as recycled materials and green roofs.
Residential and Commercial Roofing Material Market Segmentation Insights
| Report Attribute/Metric |
Details |
| Market Size 2022 |
105.27(USD Billion) |
| Market Size 2023 |
107.63(USD Billion) |
| Market Size 2032 |
131.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.24% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Carlisle Companies Incorporated, IKO, BMI Group, GAF, TAMKO Building Products Inc., Owens Corning, Westlake Chemical Corporation, CertainTeed, Firestone Building Products Company, NCI Building Systems, Boral Limited, Onduline, Johns Manville, SaintGobain, Atlas Roofing Corporation |
| Segments Covered |
Type, Material, Application, Installation Type, End Use, Regional |
| Key Market Opportunities |
Sustainable roofing materials Smart roofing systems Roofing as a service Energy-efficient roofing Pre-fabricated roofing systems |
| Key Market Dynamics |
Rising urbanization, increasing disposable income, growing construction industry, government regulations, and technological advancements. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Residential and Commercial Roofing Material Market is projected to reach a valuation of USD 131.4 billion by 2032, exhibiting a CAGR of 2.24% during the forecast period.
Factors such as increasing residential and commercial construction activities, rising disposable income, and growing awareness of sustainable roofing solutions are driving the market's growth.
Roofing materials are primarily used in residential and commercial buildings, with applications including pitched roofs, flat roofs, and wall cladding.
Major players in the market include CertainTeed, Owens Corning, GAF, Johns Manville, and Carlisle Companies.
Challenges include fluctuating raw material prices, labor shortages, and the need for sustainable and eco-friendly roofing solutions.
Trends include the adoption of smart roofing systems, the use of recycled and sustainable materials, and the growing popularity of metal roofing.
The market is projected to register a CAGR of 2.24% from 2023 to 2032.
The market size in 2023 is valued at USD 107.63 billion.
The projected market size in 2032 is USD 131.4 billion.
