The globe Roofing Materials Market has experienced significant growth in recent years driven by rapid urbanization, construction activity and a growing emphasis on sustainable and energy efficient building solutions. Roofing materials play a crucial role in protecting buildings from external influences, ensuring durability and enhancing the overall aesthetics. As the construction industry continues to grow, the demand for advanced roofing materials is expected to increase sharply, creating tremendous opportunities for manufacturers and suppliers.
The roofing materials market includes a wide range of products including asphalt shingles, metal roofing, tile, slate and various green roofing options. These materials vary in cost, durability, environmental impact and installation complexity, providing consumers with diverse choices to suit their preferences and budget. Additionally, the market is influenced by factors such as climate conditions, architectural trends, and government regulations promoting sustainable building practices.
The future of the roofing materials market looks promising, driven by continued infrastructure development and increased investment in sustainable building practices. As environmental concerns continue to grow, the demand for green and energy efficient roofing solutions is expected to increase. In addition, technological advances and research in the roofing industry are expected to lead to the development of novel and high-performance materials and further strengthen the market growth.
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Roofing Materials Market Study: Key Insights
- The global roofing materials market is projected to register an annual growth rate of 4.2% during the forecast period (2019-2029).
- The North American market, accounting for 46% of the total, will continue to show an impressive growth rate through 2029.
- Due to the rapid expansion of the construction industry in developing countries, high growth opportunities are expected in the Asia-Pacific region
- In 2018, the total sales of roofing materials in India was over US$7.3 billion in sales.
- Due to bitumen restrictions in developed markets, asphalt shingles are likely to account for a relatively high proportion.
- New installation of roofing materials will continue to drive growth strategies as manufacturers focus on capitalizing on rapidly increasing retrofit activity.
- High adoption in the residential sector remains a key growth factor, while increasing adoption in the commercial sector is likely to lead to an increase in market share.
“As Tesla launches the third version of its solar roof tiles, or structured glass shingles that could send power to the company’s home batteries, key players are under pressure to increase their investments in greener and more versatile roofing materials. Additionally, these players must adopt a dual approach to stay ahead of the competition. In addition to sustainable offerings, manufacturers are also asking for easy installation and low maintenance costs,” says the FMI analyst.
Regional Outlook:
North America: The roofing materials market in North America is experiencing steady growth due to increased renovation and remodeling activity as well as increasing demand for energy efficient roofing solutions.
Europe: Strict building codes and regulations promoting sustainable building practices have boosted demand for green roofing materials in Europe.
Asia Pacific: Rapid urbanization and industrialization in countries like China and India have fueled the growth of the Asia Pacific roofing materials market.
Green roofs with high aesthetic appeal: A key to competitive advantage
In order to adapt to sustainability trends while maintaining the aesthetics of their products, roofing companies and shingle manufacturers are increasingly partnering with designers to offer consumer-focused products. Maintaining long-term customer relationships by offering higher-quality products and services also remains a key focus for manufacturers.
The leading roofing materials market players include GAF Materials Corporation, IndeedTeed, Owens Corning, Atlas Roofing Corporation, Carlisle Companies Inc., Boral Ltd., Braas Monier Building Group, Johns Manville and Etex.
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Roofing Materials Market: Segmentation
By product:
- asphalt shingles
- concrete and clay tiles
- plastic roof
- metal roof
- Other
By request:
- residential
- non-residential building
By region:
- North America
- Europe
- Asia Pacific
- Middle and South America
- THING
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https://www.fmiblog.com/2023/07/24/roofing-materials-market-set-for-steady-growth-with-a-4-cagr-forecast-2019-2029-retrofitting-activities-and-construction-industry-expansion-drive-sales/
