February 21, 2024
Roofing Systems Market
Ict

The Growing Construction Industry Is Driving The Global Roofing Systems Market

The global roofing systems market is a multi-billion dollar industry facilitating weather-resistant roofs for residential and non-residential structures alike. Roofing materials such as asphalt shingles, clay and concrete tiles, slates, metal roofing like aluminum, and other synthetic materials effectively shield buildings from sun, wind, rain, and snow. The advantages of modern roofing systems include lightweight yet durable construction, fire resistance, energy efficiency through heat reflection and insulation, ease of repairs and installation, and varying aesthetics to complement architectural designs.

The global Roofing Systems Market is estimated to be valued at US$ 250 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth in the roofing systems market is the rising focus on green and eco-friendly roofing materials. Environmentally sustainable roofing options made from recyclable and renewable resources are gaining popularity owing to stricter environmental regulations and sustainability agendas of builders. Solar roofing integrated with photovoltaic panels to harvest solar energy for applications is another major trend, encouraged by subsidies and net-metering policies of governments worldwide. The benefits of cool and self-powered roof tops are boosting adoption. Moreover, the advent of smart and internet of things (IoT) enabled roofing systems is revolutionizing the industry. Next generation roofs integrated with sensors monitor performance, detect leaks, and enable predictive maintenance to optimize costs and safety.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as huge capital investment is required to set up production facilities. However, there are low economies of scale in production and threats from regional players.

Bargaining power of buyers: The bargaining power of buyers is moderate owing to the presence of numerous buyers purchasing products in bulk quantity from various manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of abundant raw material sources and suppliers in the market.

Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for roofing systems available.

Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous regional and international players competing on the basis of product quality and pricing.

Key Takeaways

The Global Roofing Systems Market Demand is expected to witness high growth.

Regional analysis: North America region dominates the roofing systems market currently owing to huge construction activities. The Asia Pacific region is expected to showcase fastest growth in the forecast period owing to rapid infrastructure development and urbanization in China and India.

Key players: Key players operating in the Roofing Systems market are GAF Materials Corporation, Owens Corning, Elk Roofing, Atlas Roofing Corporation, CERTAINTEED. Johns Manville, IKO Industries.

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