The roofing materials market has witnessed substantial growth in recent times, mainly attributable to the rising number of construction activities across both commercial and residential sectors globally. Roofing materials such as asphalt shingles, clay tiles, slate tiles, concrete tiles, metal sheets, and membranes are used widely in building projects to provide a waterproof barrier and protect the building structure from external elements. Asphalt shingles account for a majority market share owing to their fire resistance, durability, and cost-effectiveness. The rising popularity of modern architectural styles has augmented the adoption of specialty roof tiles made from clay, concrete, and metal.
The global Roofing Materials Market is estimated to be valued at US$ 170.03 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.
Market key trends:
One of the key trends gaining traction in the roofing materials market is the rising demand for eco-friendly and sustainable products. With growing environmental consciousness, construction material manufacturers are focusing on developing green roofing solutions made from recycled content or plant-based materials. For instance, clay and concrete roof tiles are gaining popularity as they are recyclable at the end of the roof’s lifetime. Similarly, cool roofs coated with special paints help reduce the urban heat-island effect and lower air conditioning costs. The introduction of innovative green technologies in manufacturing processes is expected to further drive the adoption of sustainable roofing materials over the forecast period.
- Threat of new entrants: The threat of new entrants is moderate in the roofing materials market as roofing materials require heavy capital investment and established distribution network.
- Bargaining power of buyers: The bargaining power of buyers is high in the roofing materials market as buyers have various product alternatives available from different manufacturers.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for roofing materials like asphalt, cement, clay, and steel are commoditized.
- Threat of new substitutes: The threat of substitutes is low in the roofing materials market as there are limited product substitutes available for roofing.
- Competitive rivalry: The competitive rivalry is high in the roofing materials market as the market is fragmented with large number of global and regional players.
The global roofing materials market is expected to witness high growth. The global Roofing Materials Market is estimated to be valued at US$ 170.03 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the roofing materials market owing to increasing new construction and re-roofing activities in the region. Countries like China, India, Japan, and South Korea are the fastest growing markets in the region. The growth of the construction industry in Asia Pacific is driving the demand for roofing materials in the region.
Key players related content comprises: Key players operating in the roofing materials market are Owens Corning, Carlisle Companies Inc., CertainTeed Corporation, Duro-Last, Inc., Etex, GAF Materials Corporation, IKO Industries Ltd., Johns Manville, ROCKWOOL International A/S.