July 16, 2024
Roofing Materials Market

Roofing Materials Market Is Estimated To Witness High Growth Owing To Increasing Construction Activities and Growing Demand for Energy-Efficient Buildings

The Roofing Materials Market is estimated to be valued at US$ 126.24 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The roofing materials market encompasses various materials used for constructing and renovating roofs of residential, commercial, and industrial buildings. These materials include asphalt shingles, metal roofing, tiles, and others. The demand for roofing materials is primarily driven by the increasing construction activities across the globe. Moreover, the growing focus on energy-efficient buildings and the adoption of sustainable roofing solutions are further propelling market growth. The roofing materials market provides a wide range of options to builders and constructors, catering to different architectural requirements and budgets.

Market Dynamics:

The roofing materials market is driven by two main factors: the increasing construction activities and the growing demand for energy-efficient buildings. Rapid urbanization and industrialization, particularly in emerging economies, are fueling the demand for new construction projects, thereby driving the demand for roofing materials. Additionally, the emphasis on energy efficiency and sustainability in building designs is promoting the use of energy-efficient roofing materials that help reduce heat absorption, enhance insulation, and lower energy consumption. These factors are expected to drive the market growth for roofing materials over the forecast period.

Segment Analysis:

The roofing materials market can be segmented based on material type, roofing system type, application, and region. Among these segments, the asphalt shingles segment dominates the market due to its cost-effectiveness, durability, and widespread application. Asphalt shingles are widely used in residential as well as commercial buildings, making them the dominating sub-segment.

PEST Analysis:

  • Political: The government’s focus on infrastructure development and regulations regarding building codes and safety standards influence the roofing materials market. Government initiatives and policies can either boost or hinder market growth.
  • Economic: Economic factors such as GDP growth, disposable income, and construction activities directly impact the roofing materials market. A growing economy and increased construction activities contribute to the demand for roofing materials.
  • Social: Changing lifestyle patterns, preferences for aesthetically pleasing roofing materials, and growing awareness regarding energy-efficient roofing systems are key social factors influencing the market. Consumer demand for sustainable and eco-friendly roofing materials has also increased.
  • Technological: Technological advancements in roofing materials, such as the development of lightweight and energy-efficient roofing systems, impact market growth. Advanced materials with improved insulation properties and durability are gaining popularity in the market.

Key Takeaways:

The Global Roofing Materials Market Demand is expected to witness high growth, exhibiting a CAGR of 3.8% over the forecast period (2023-2030) due to increasing construction activities, rising disposable income, and government initiatives for infrastructure development in various regions.

In terms of regional analysis, North America is the fastest-growing and dominating region in the roofing materials market. This growth can be attributed to the increasing demand for residential and commercial buildings, the implementation of stringent building codes, and the growing focus on energy-efficient roofing systems.

Key players operating in the roofing materials market include Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, Fletcher Building, Boral Roofing, Eagle Roofing Products, Johns Manville, CertainTeed, Crown Building Products LLC, TAMKO, Building Products Inc, Atlas Roofing Corporation, GAF, Georgia-Pacific, Metal-Era LLC, MIDWEST ROOFING SUPPLY, IKO Industries Ltd, Paul Bauder GmbH & Co. KG, Bravo Europa, Bilka, and Maxroof. These key players have a significant market share and are actively involved in product innovation, mergers and acquisitions, and strategic partnerships to maintain their competitive position in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it