Market Overview
Roofing is the process of constructing or repairing the upper part of a building, usually called the roof. A roof is an important part of a building as it protects against the elements such as rain, wind, and snow and helps regulate the temperature inside the building. Roofing can refer to various aspects of the construction process, including materials used, roof design and placement, roof installation, and maintenance.
Summary:
Global Roofing Market Size Was Valued at USD 192.20 Billion In 2022 And Is Expected to Grow at a CAGR Of 5.10 % During the Forecast Period, Reaching USD 286.13 Billion By 2030 Exclusive Report by Cognitive Market Research
Rapid development of the construction industry is the major driving factor for the growth of the roofing market.
Asia Pacific is expected to dominate the roofing market during the forecast period.
The asphalt shingles substrates segment is expected to grow at the highest CAGR for the forecast period. Asphalt shingles are increasingly adopted in residential construction that come in a range of colors, styles, and grades.
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What are the driving factors for the roofing market?
Rapid development of the construction industry is the main driving factor contributing to the growth of the global roofing market during the forecast period. Roofing can be adopted in the construction process for the design and layout of the roof. In addition, increasing demand for solar roofing as a renewable energy source is another factor that propels the demand for the roofing market. However, the roofing industry is a high cost of roofing materials and installation. Roofing materials can be expensive, and the cost can be depending on the type of material used and the complexity of the installation. It may obstruct the growth of this market in near future. Further, the increasing use of green roofing which is covered with plants and vegetation is expected to create lucrative opportunities for the roofing market during the forecast period.
Roofing market roofing type segmentation analysis
The flat roofs segment acquired the major revenue share over the forecast period. This is because Flat roofs are a popular roofing option for commercial and industrial buildings. These roofs can be prone to water pooling, which can cause leaks and other issues.
Roofing market product segmentation analysis
The asphalt shingles substrates segment is expected to grow at the highest CAGR for the forecast period. Asphalt shingles are increasingly adopted in residential construction that come in a range of colors, styles, and grades. Asphalt shingles are durable roofing materials, but their lifespan is limited and can vary depending on factors such as the quality of the material and the climate.
- Meta
- Elastomeric
- Roofing Tiles
- Modified Bitumen
- Plastic
Roofing market application segmentation analysis
Based on application, the residential segment held the major market share in 2022. As technology advances, customers are increasingly customizing their roofing systems in residential buildings. This can include personalized colors and designs, as well as roofing systems that are tailored to the specific needs of the residential buildings.
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Regional Analysis :
- Asia Pacific is expected to dominate the roofing market during the forecast period.
As per CMR analysis, Asia Pacific is expected to dominate the roofing market during the forecast period. The growth of market is significantly growing in the region due to rapid urbanization and growing government initiatives to promote sustainable building materials. The Asia Pacific region is experiencing significant growth in urbanization, which is driving demand for new construction products, including housing and roofing materials that are durable, energy-efficient, and able to withstand harsh weather conditions.
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COMTEX_440514809/2599/2023-09-19T08:59:38
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https://www.benzinga.com/pressreleases/23/09/34729102/roofing-market-is-projected-to-grow-at-a-cagr-of-5-10-within-the-forecast-period-of-2023-2030-cogni
