Roofing Market

Increasing the amount of construction work is driving the market growth

The roofing market CAGR is a vibrant, quickly expanding business that is essential to the building industry. Worldwide, both new construction projects and rehabilitation and remodelling operations require the use of roofing materials and services. Several important aspects contributed to the market's growth. The demand for roofing goods and services is driven by the expansion of construction activities around the world. New residential, commercial, and industrial structures are required as a result of infrastructure development initiatives, population increase, and urbanisation. Because every building needs a roof for safety and structural integrity, the demand for roofing materials soars.

Renovation and remodelling projects also play a key role in the expansion of the roofing market. In order to improve aesthetics, increase energy efficiency, guarantee durability and safety, and improve aesthetics, homeowners and commercial property owners frequently spend in updating or replacing their roofs. The need to maintain or increase property values as well as the increased awareness of the advantages of roofing upgrades is driving this trend. The roofing market is being shaped primarily by energy efficiency and sustainability.

Energy-efficient roofing materials are being encouraged by green building certifications and regulations as environmental issues and energy conservation strategies come into sharper emphasis. Solar and cool roofs, which produce renewable energy and reflect sunlight to prevent heat absorption, are growing in popularity. Furthermore, the industry is expanding as a result of the rising demand for environmentally acceptable alternatives such recycled materials and green roofs.

The influence of severe weather also drives the roofing industry. Roofing materials that can endure such occurrences are needed in areas that are vulnerable to hurricanes, storms, hail, or wildfires. As a result, there is an increase in demand for roofing systems that are impact-, fire-, and weather-resistant. To meet these demands, producers are creating specialised roofing goods, which are fueling market expansion. The development of technology has a significant impact on the roofing sector. Efficiency, durability, and convenience of installation are all improved by innovations in roofing materials, installation methods, and systems.

Products for roofing that are lightweight and strong are becoming more and more popular since they are simple to handle and take less time to install. The market's growth potential is further increased by the incorporation of smart technology onto roofs, such as solar panels and sensors, which adds new features and energy generating possibilities. The worldwide roofing market is also being driven by urbanisation, government efforts, and rising disposable income levels. The desire for high-quality homes and commercial structures is driven by rising disposable income and urbanisation, which increases the demand for durable and aesthetically pleasing roofing solutions.

Additionally, governments all over the world create incentives and rules to promote sustainable building methods and energy-efficient structures. These programmers promote the use of particular roofing materials and systems, driving market expansion. Thus, driving the Roofing market revenue.

The Global Roofing Market Industry experiences a notable surge due to increasing urbanization. As populations migrate towards urban centers, the demand for residential and commercial buildings escalates, subsequently driving the need for roofing solutions. In 2024, the market is projected to reach 1.31 USD Billion, reflecting the growing necessity for durable and efficient roofing systems. Urban areas often require innovative roofing technologies that can withstand environmental challenges, thus fostering advancements in materials and design. This trend is likely to continue, as urbanization rates are expected to rise, further propelling the Global Roofing Market Industry.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Roofing Market dominated this market in 2022 (45.80%). Impact- and weather-resistant roofing systems are required in some areas due to extreme weather, such as hurricanes in coastal areas. Further, the U.S. Roofing market held the largest market share, and the Canada Armor Materials market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ROOFING MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Roofing market accounts for the second-largest market share. The region's demand for solar roofing options and green roofs is being fueled by the region's growing concentrate on environmental sustainability. Further, the German Roofing market held the largest market share, and the UK Roofing market was the fastest growing market in the European region

The Asia-Pacific Roofing Market is expected to grow at the fastest CAGR from 2023 to 2032. This is a market for roofing that is quickly growing due to urbanisation, population expansion, and infrastructural development. Moreover, China’s Roofing market held the largest market share, and the Indian Roofing market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Roofing market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Roofing industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Roofing industry to benefit clients and increase the market sector. In recent years, the Roofing industry has offered some of the most significant advantages to medicine. Major players in the Roofing market, including Atlas Roofing Corporation, Owens Corning,  Sika AG,  Duro Last Roofing Inc , Braas Monier Building Group, 3M Company,  Dow Chemical Company, Among others, are attempting to increase market demand by investing in research and development operations.

Atlas Roofing Corporation is a prominent player in the roofing market. The business, which is based in the US, has a significant presence and is renowned for its cutting-edge roofing solutions. For both residential and commercial uses, Atlas Roofing Corporation provides a wide selection of roofing systems and materials. Asphalt shingles, which are renowned for their sturdiness, weather resistance, and aesthetic appeal, are the company's area of expertise. In order to accommodate clients' tastes and architectural styles, Atlas Roofing Corporation offers a variety of shingle options, including architectural, three-tab, and designer shingles.

The Atlas Roofing Corporation also produces underlayment, roof insulation, roof ventilation products, and roof accessories in addition to asphalt shingles. The business's eco-friendly roofing alternatives, which include energy-efficient shingles and roof insulation options, demonstrate its dedication to sustainability.

Braas Monier Building Group, is a leading provider of roofing solutions in the market. With a long history dating back more than 180 years, the company has made a name for itself in the roofing sector. The BMI Group provides a wide selection of roofing products and systems for both domestic and industrial use. Concrete and clay roof tiles, metal roofing options, and roofing accessories including underlays, roof vents, and solar panels are all part of the company's product line.

These goods are renowned for their sturdiness, beauty, and resistance to a range of weather conditions.BMI Group has a presence all over the world and provides services to clients in more than 40 nations in Europe, Asia, and Africa. A broad network of manufacturing facilities, sales offices, and distribution centres supports the business' operations and enables it to effectively serve a variety of markets. With regard to its roofing solutions, BMI Group prioritises innovation and sustainability. The business makes ongoing investments in R&D to bring to market new goods and technology that satisfy consumers' changing needs while upholding environmental standards.

BMI Group is dedicated to promoting sustainable building methods, providing energy-efficient roofing solutions, and minimising its activities' carbon footprint.