Due to the increase in investment in various end-use industries such as construction and infrastructure.
PORTLAND, OR, UNITED STATES, July 14, 2023 /EINPresswire.com/ — Roofing Market by Roofing Material (Bitumen Roofing, Metal Roofing, Tile Roofing and Others), Roofing Type (Flat Roofing and Pitched Roofing) and Application (Residential, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast , 2021–2030. The global roofing market was valued at US$102.4 billion in 2020 and is projected to reach US$156.0 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
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Asia-Pacific generated the highest revenue in 2020 and is expected to maintain its lead, followed by North America and Europe. Roofing products saw higher demand due to longer lifespan, ease of installation and availability of eco-friendly roofing materials. In addition, technological advances such as the introduction of green roofs, which protect buildings from direct sunlight in summer and minimize heat loss in winter through additional insulation on the roof, further fuel the growth of the roofing market.
In addition, the boom of the roofing industry in developing countries such as India, China and Brazil is expected to increase the demand for roofing products. However, high initial installation costs of such roofing systems are hampering the growth of the roofing market. The impact of this factor is expected to decrease in the future due to intense competition and technological advances.
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Roofing products are used in various applications such as residential buildings, commercial buildings and others. Commercial buildings held the largest share of the roofing market in 2020. The increasing use of modern roofing materials such as bitumen, brick and metal has transformed commercial and industrial construction over the past two decades. In addition, increasing population migration in Europe has created a need for commercial buildings, which has increased demand for roofing products.
Top player:
Major players featured in the roofing market report include 3M Company, Atlas Roofing Corporation, BASF SE, Johns Manville, Duro-Last, Inc., EI Du Pont De Nemours, Inc., Owens Corning, Sika AG, Standard Industries Inc. and The Dow Chemical Company.
Main results of the study:
• The report provides a comprehensive analysis of current and upcoming roofing market trends and dynamics.
• In roofing materials, the bitumen segment dominated the roofing market in terms of revenue in 2020 and is expected to grow at a compound annual growth rate (CAGR).
4.7% over the forecast period.
• By application, the commercial segment recorded the highest growth in the roofing market in 2020.
• By region, Asia-Pacific is expected to record the highest growth rate in the coming years.
• The report provides a comprehensive analysis of roofing market trends and emerging market opportunities.
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David Correa
Allied Analytics LLP
1 800-792-5285
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