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Roofing market is rapidly changing along with the industry innovations, growing awareness about environmental issues and differentiation of consumer taste. In the past couple of years there was obvious trend towards using environment friendly and ecological roofing materials. Environmental problems now feature in the consciousness of consumer who give weight to products that are not only durable but also sustainable. This has most definitely contributed to the rise of the use of alternative materials such as recycled metal roofing, solar tiles and green roofs.
Besides that, the other major trend which roofing materials market is currently facing is the increased focus on energy efficiency. As increasingly high energy costs will be commonplace, homeowners and also businesses will start looking into roofing alternatives that may make their energy bills to decrease. People have started to use reflection roofs materials more severally since they are able to reflect sunlight and also reduces the amount of heat absorbed ,this in turn prevents the need of the air conditioner and lower the energy bills. It manifests a broader tendency to use green building technologies and energy-efficient solutions in multifamily homes construction.
One of the critical factors in the market structure of the roofing materials is the interface of technological innovations. There is a growing trend of smar technologies being integrated in the roofing systems such as the sensors and monitoring devices as well as nowadays. Technology is a facilitator of such things as up-to-date data about the condition of the roof, which gives an opportunity to do preventive maintenance and makes it possible to prevent big and costly troubles. Furthermore, the advancement of the superior coatings and sealing materials improves the weather resistance and durability of the roofing materials, establishing some chance for the longer life of the roof and reduced costs for maintenance.
The inroads of alternative roofing materials into a previously asphalt shingle dominant market have raised the question. It is mostly the metal roofing with its long lifespan, low maintenance and recyclability that has witnessed greater popularity among professionals and homeowners. There are different types of metal roofing in the market today, including steel, aluminum, and copper, which may satisfy specific needs while having the additional benefits. Moreover, clay and concrete tiles are the favorable decorative materials and their quantities are increasing due to the fact that these materials are combined with the beauty and durability, though they are too heavy and may require additional structural support.
With the global economy, the roofing materials market can not be shielded from the economic environment, and shifts on raw material prices can affect the production cost. The unpredictability in prices of the indispensable components like asphalt, metals and polymers can sometimes have an impact on the manufacturing sector in general. Bankers are strictly watching these movements and implementing means to remain competitive in pricing and product quality the same time.
Roofing Materials Market Highlights:
Global Roofing Materials Market Overview
Roofing Materials Market Size was valued at USD 89.32 billion in 2023. The Roofing Materials industry is projected to grow from USD 92.98 Billion in 2024 to USD 123.18 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.58% during the forecast period (2024 - 2032). Increased demand from residential and non-residential, the fastest growth in the construction industry, and the increased popularity of such systems are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Roofing Materials Market Trends
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Increasing demand for bituminous roofing is driving the market growth
Bituminous is very affordable and among the most common roofing materials. In bituminous, shingles & plates are commonly used. Bituminous shingles are a cost-effective roofing alternative and provide excellent protection. Available in a vast array of colors and designs, it is easy to find a choice to complement the design of the building and improve its appeal. The bituminous shingles are coated with asphalt and then covered with colored mineral granules that help protect the shingles from the elements. Available in different thicknesses or grades, bituminous shingle roofing will normally last from 25 to 30 years, depending on the local climate and how well it is maintained. Bituminous is a durable building material that can easily adapt to almost any environmental condition and withstand even the harshest weather conditions without wear and tear easy to succumb to. Shingles made from bituminous can withstand strong winds. This factor drives the market CAGR.
Additionally, the rise in housing and construction activities with the rising human population are the major factors driving the market growth. This, along with the rising disposable income of people, plays a crucial role in developing the roofing materials market. Nowadays, smart roofing materials that are visually attractive, have sound properties and are eco-friendly are witnessing huge demand. The increasing popularity of roofing materials for waterproofing and the creation of green spaces in residential and commercial buildings is helping the market to expand significantly. These inexpensive materials are highly preferred for the temporary repair of damaged roofs.
Moreover, the heat insulation properties of some roofing materials generate their special demand in different regions. Furthermore, the advancements in roofing technology, like roofing materials with solar collectors, will likely create better market prospects. Thus, driving the Roofing Materials market revenue.
Roofing Materials Market Segment Insights
Roofing Materials Product Insights
Based on Product, the Roofing Materials market segmentation includes Tile Roofs, Metal Roofs, and Plastic Roofs. The tile roof segment dominated the market because tile roofs are a popular choice for residential and commercial applications due to their durability, longevity, and aesthetic appeal. Tile roofs are a popular choice for residential and commercial applications. Tile roofs are durable and can last for many years. Tile roofs are aesthetically appealing and can add value to a property.
Roofing Materials Application Insights
The Roofing Materials market segmentation, based on Application, includes Residential, Non-Residential. The residential segment dominated the market, owing to the rise in residential construction with the increasing population. The rapid economic growth in developing countries and rising urbanization are also helping the segment to expand. The inexpensive roofing materials are most favored as waterproofing in residential buildings to have more green space.
Figure1: Global Roofing Materials Market, by Application, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Roofing Materials Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Roofing Materials market will dominate this market; owing to high investment in housing construction and roofing are positive factors for the growth of the roofing materials market in this 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.
Figure2: GLOBAL ROOFING MATERIALS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Roofing Materials market accounts for the second-largest market share due to the use of roofing materials to protect against weather elements and to preserve the Region's architectural heritage is on the rise. Clay roofing tiles are in huge demand in this Region. Further, the German Roofing Materials market held the largest market share, and the UK Roofing Materials market was the fastest-growing market in the European Region
The Asia-Pacific Roofing Materials Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the massive surge in residential and commercial building construction activities in this Region. Moreover, China’s Roofing Materials market held the largest market share, and the Indian Roofing Materials market was the fastest-growing market in the Asia-Pacific region.October 2023: saw advancements in roofing materials with the introduction of new technologies. These included self-healing materials that can repair minor damage automatically, and cool roofing materials that reflect sunlight and heat, reducing energy consumption for cooling buildings.
Roofing Materials Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Roofing Materials market, grow even more. Market participants are also undertaking various 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. The Roofing Materials products industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s use in the Roofing Materials industry to benefit clients and increase the market sector. In recent years, the Roofing Materials industry has offered some of the most significant advantages to medicine. Major players in the Roofing Materials market, including Materials Corporation (U.S.), Atlas Roofing Corporation (U.S.), CertainTeed Corporation (U.S.), Owens Corning Corp. (U.S.), Braas Monier Building Group S.A. (Europe), Etex (Belgium), Fletcher Building Limited (New Zealand), TAMKO Building Products, Inc. (U.S.), Icopal Holding Aps (Denmark)., and others, are attempting to increase market demand by investing in research and development operations.
Johns Manville is an American company based in Denver, Colorado that manufactures insulation, roofing materials and engineered products. Johns Manville, a Berkshire Hathaway company, announced two new products for bituminous roofing systems to help improve productivity on the roof.
Carlisle Companies Incorporated is an American diversified company that designs, manufactures, and markets a wide range of products that serve a broad range of niche markets to customers worldwide. Carlisle Companies Incorporated acquired MBTechnology, Inc. (MBT). This acquisition will expand CWT's modified bitumen roofing offerings and provide additional capacity for roofing underlayment.
Key Companies in the Roofing Materials market include
- GAF Materials Corporation (U.S.)
- Atlas Roofing Corporation (U.S.)
- CertainTeed Corporation (U.S.)
- Owens Corning Corp. (U.S.)
- Braas Monier Building Group S.A. (Europe)
- Etex (Belgium)
- Fletcher Building Limited (New Zealand)
- TAMKO Building Products, Inc. (U.S.)
- Icopal Holding Aps (Denmark)
- North American Roofing (U.S.)
Roofing Materials Industry Developments
February 2022: Johns Manville, a Berkshire Hathaway company, announced two new products for bituminous roofing systems to help improve productivity on the roof.
February 2022: Carlisle Companies Incorporated acquired MBTechnology, Inc. (MBT). This acquisition will expand CWT's modified bitumen roofing offerings and provide additional capacity for roofing underlayment.
Roofing Materials Market Segmentation
Roofing Materials Product Outlook
- Tile Roof
- Metal Roof
- Plastic Roof
Roofing Materials Application Outlook
- Residential
- Non-Residential
Roofing Materials Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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