The global roofing systems market size was US$127 billion in 2022 and is projected to reach US$197.02 billion in 2032, registering a 5% CAGR in sales during the forecast period. With the urbanization and industrialization, there has been a sharp increase in construction activity, particularly in residential and commercial sectors, which is driving the revenue growth of the roofing system market.
The increasing number of construction projects in non-residential sectors such as schools, offices and shopping centers has led to a growing demand for materials for roofing systems. Different materials such as slate, terracotta, concrete, reflective metal roofing and white flat tiles are used for roofing systems. Advancements in technology has resulted in reducing the input cost of building roofs which has resulted in revenue growth in the market.
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Among the material segments, the asphalt segment had the largest revenue share in 2020 and is expected to register the fastest revenue CAGR during the forecast period. Among the product type segments, the shingles and panels segment accounted for the largest revenue share in 2020. Asia Pacific Roofing Systems Market accounted for the largest revenue share in 2020 and is expected to register the fastest revenue CAGR during the forecast period.
Major players profiled in the global market report include Atlas Roofing Corporation, Johns Manville, ETEX Group, Owens Corning, 3M Company, CSR Limited, Boral Limited, The Siam Cement Public Company Limited, Standard Industries Inc. and Dow Inc.
The global roofing systems market has been segmented on the basis of material, product, construction type, end-use and region.
Roofing Systems Market: Driving Factors
The roofing systems market is driven by various factors such as the fast growing construction industry, urbanization and increasing demand for sustainable roofing materials. The increasing number of construction projects in non-residential sectors such as schools, offices and shopping centers also leads to a growing demand for materials for roofing systems.
Advances in technology are significantly reducing the input costs of building roofs, thus driving the revenue growth of the market. The roof systems offer various advantages, such as: B. Protecting the building interior from extreme weather conditions such as rain, wind, sun, heat and snow, as well as providing thermal insulation and the desired aesthetic appearance.
The market is also being driven by the increasing popularity of asphalt based roofing systems due to their ability to withstand wind, hail or fire damage and discoloration. Other materials used for roofing systems include slate, terracotta, concrete, reflective metal roofing, and white flat tiles.
The Asia-Pacific roofing systems market is expected to register the fastest CAGR in sales during the forecast period owing to significant R&D investments for advanced technologies in the construction sector. The rapid urbanization and expansion of the construction industry in the region’s developing countries are other factors driving the revenue growth of the Asia-Pacific market.
Roofing Systems Market: Remarkable Innovation
In recent years there have been several notable innovations in the roofing system market. One of these innovations is the development of sustainable roofing materials, which are in high demand due to the increasing focus on environmental sustainability. These materials include recycled materials, reflective coatings and green roofs.
Another notable innovation is the use of advanced technology in roof systems. For example, some roof systems are now equipped with sensors and other smart technologies to monitor weather conditions and adapt to changing environmental factors. This helps to improve the energy efficiency of buildings and reduce energy costs.
In addition, there have been advances in the design and installation of roofing systems to improve their performance and durability. For example, some roofing systems now feature interlocking tiles or shingles that offer better wind resistance and reduce the risk of leaks.
Overall, these innovations are helping to drive the growth of the roofing systems market by providing customers with more sustainable, efficient and durable roofing options.
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