July 16, 2024
Roofing Materials Market

The increasing adoption of green roofing systems to propel the growth of Roofing Materials Market

Market Overview:
Roofing materials are utilized in the construction industry for waterproofing and protecting rooftops of residential, commercial and industrial buildings. The commonly used roofing materials include asphalt shingles, clay & concrete tiles, metal roofing, roof membranes, roof coatings, and green and gravel roofing. Asphalt shingles dominate the roofing materials market owing to its cheaper cost and easy installation. However, metal roofing and green roofing systems are gaining popularity due to their durability and ability to reduce heat absorption inside buildings. Green roofing systems utilize vegetation and soils to cover rooftops. They offer advantages such as improved insulation, better soundproofing, longer roof lifespan, and reduced energy costs by lowering indoor temperatures.

Market key trends:
The adoption of green roofing systems is increasing globally due to rising focus on sustainability and green building practices. Green roofs have many environmental and economic benefits. They help lower urban temperatures by reflecting sunlight and retaining moisture, which improves local microclimate and mitigates effects of urban heat islands. Moreover, green roofs are estimated to last around 50-100 years which is much longer than traditional roofs. They also aid in reducing carbon footprint by lowering building energy consumption for heating and cooling. Government support through incentives and policies are encouraging construction of green roofs, thereby driving the roofing materials market growth over the forecast period.

The global Roofing Materials Market Demand is estimated to be valued at US$ 131.04 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis
Threat of new entrants: The roofing materials market requires high initial investments and possesses economies of scale which makes it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a variety of roofing material options from various suppliers.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to the availability of various substitutes and the presence of a large number of suppliers.
Threat of new substitutes: Alternatives like glass and metal roofing pose a moderate threat but traditional materials dominate the market.
Competitive rivalry: The roofing materials market is highly competitive.

Key Takeaways
The global Roofing Materials market is expected to witness high growth, exhibiting a CAGR of 3.8% over the forecast period due to increasing investments in new construction projects and growing renovations & repair activities across the residential and non-residential sectors.

Regional analysis: The Asia Pacific region is expected to dominate the roofing materials market over the forecast period supported by strong growth in India and China. China ranks among one of the fastest growing markets in the world thereby driving significant demand for roofing materials in the region. Europe and North America are also anticipated to register steady growth due to rising refurbishment and re-roofing activities in these regions.

Key players: Key players operating in the roofing materials market are 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.