NEW YORK, U.S., June 29, 2023 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global roofing materials market is expected to reach US$186.7 billion in revenue during the forecast period and will grow at a CAGR of 4. 3% will grow from 2022 to 2031.
According to our analysts, the growing population, rising residential and construction activities across the globe, and growing demand for waterproof roofing materials are expected to drive the growth of the roofing materials market over the analysis period. Furthermore, the increasing expansion of green space on residential and commercial buildings is expected to boost the growth of the market over the forecast period. Furthermore, the rapid urbanization and booming industrial activities around the world are expected to create expansive growth opportunities for the roofing materials market over the estimated period. However, the high price of roofing materials might hamper the market growth over the analysis period.
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Segments of the roofing materials market
The report has segmented the market by material, type of construction, application and region.
Material: Metal Roofing sub-segment is said to be the most productive
The metal roofing sub-segment is forecast to witness the fastest growth over the estimated period. This is mainly due to the increasing demand for metal roofing in new construction due to its higher durability and fire resistance. In addition, metal roofing is easy to install compared to other roofing materials and can reduce labor cost and shorten construction period, which is expected to spur the growth of the market sub segment over the analysis period.
Type of construction: sub-segment re-roofing in order to achieve the greatest possible profitability
The roof renewal sub-segment held the largest market share in 2021. Increasing demand for roof renewals in the residential sector due to the bad climatic conditions in various locations is anticipated to fuel the growth of the Roofing Materials Market sub-segment over the estimated period.
Application: Residential segment will be the most lucrative
The residential sub-segment recorded the highest market share in 2021. This is largely due to increasing regulatory and institutional support for building housing infrastructure in emerging markets. In addition, rising green building spending by several homeowners is expected to boost the growth of the market sub segment in the coming period.
Region: The Asia-Pacific market had the highest market share
Asia-Pacific roofing materials market held the largest market share in 2021. This is mainly due to the growing population and increasing industrial activities across the region. Furthermore, the growing residential, commercial and non-commercial construction projects across the region along with increasing government infrastructure development initiatives are expected to boost the regional growth of the market over the forecast period.
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Impact of Covid-19 on the roofing materials market
The rise of the Covid-19 pandemic has brought numerous uncertainties across various industries, including the roofing materials market. This is mainly due to the lockdowns imposed by the government, which have also led to disruptions in the supply chains. In addition, the labor shortages in the companies and the mobility restrictions have led to further logistical challenges and thus affected the production of raw materials. Furthermore, since the roofing industry is a hands-on industry that requires face-to-face interactions among employees, the social distancing measures imposed by governments have severely hampered the growth of the market during the crisis.
Major Players of Roofing Materials Market
The major players in the market include
- EI Dupont De Nemours Inc.
- Duro Last Inc.
- Owens Corning
- John’s Manville
- Sika AG
- BASF SE
- Standard Industries Inc.
- Atlas Roofing Corporation
- The Dow Chemical Company
- 3M company
These players are working extensively to develop new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to achieve leadership in the global industry.
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For example, in September 2022, Solvay, a science company whose technologies offer benefits to many aspects of daily life, announced its collaboration with 3TREES, a leading provider of green building materials and services. With this collaboration, the companies aimed to develop building-integrated photovoltaic (BIPV) roofing membranes made of thermoplastic polyolefin that can adapt to new 25-year weathering requirements.
Furthermore, the report also summarizes other important aspects including SWOT analysis, key players financial performance, product portfolio and latest strategic development.
More on the roofing materials market:
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