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Increasing demand for eco-friendly and energy-efficient roofing systems is one of the major factors driving the revenue growth of roofing systems market
The demand for strong, weatherproof roofing systems is increasing, which is driving the revenue growth of the roofing systems market. ”
— reports and data.
NEW YORK CITY, USA, UNITED STATES, May 8, 2023 /EINPresswire.com/ — The roofing systems market is witnessing significant growth, with the market size estimated at US$127 billion in 2022 and projected to reach US$197.02 billion by 2032 -dollar will reach. Registering a CAGR of 5% during the forecast period. The market is strongly influenced by increased construction activity in the residential and commercial sectors due to increasing urbanization and industrialization. The revenue growth of the roofing systems market is driven by the demand for green and energy-efficient roofing systems. Governments around the world are introducing laws and incentives to encourage the use of green building materials, such as roofing systems, to reduce the environmental impact of construction activities and the carbon footprint of buildings. Manufacturers are therefore creating advanced roof systems that improve energy efficiency through the use of environmentally friendly products and technologies such as solar panels.
The demand for weather-resistant and durable roofing systems is also driving the growth of the roofing systems market. Roofing systems are an integral part of any building structure as they protect occupants from harsh weather conditions such as wind, rain and snow. Increasingly, customers are looking for roofing systems that offer long-term performance and require minimal maintenance. This has led to the development of advanced roofing systems using modern materials and techniques such as B. Polymer roofs that offer greater durability and weather resistance.
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Roofing Systems Market Segments:
The global roofing market can be analyzed based on product type, end use, and regional outlook. When considering the product type prospects, the market can be divided into five categories: asphalt shingles, metal, tile, membrane and others. Asphalt shingles are a popular choice for their affordability and ease of installation, making them a top choice for residential roofing. Metal roofs, on the other hand, offer a longer lifespan and are preferred for their durability and sustainability. Known for their aesthetics, tile roofs are commonly used in upscale residential and commercial buildings. Membrane roofs are a relatively newer option that is growing in popularity in both residential and commercial settings due to its waterproof properties. The “Other” category includes less common roofing materials such as wood, slate, and solar tiles.
The end-use prospects are another crucial factor to consider when analyzing the rooftop market. It can be divided into three segments: residential, commercial and industrial. Residential roofing is the largest segment and includes both single-family homes and apartment buildings. Commercial canopies include buildings such as schools, hospitals, and offices, while industrial canopies include factories and warehouses.
After all, the regional focus plays an important role in the roof market. The market can be analyzed at a global level, but it is important to understand how different regions impact demand and sales. The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for roofing due to significant demand from both the residential and commercial sectors. Europe and the Asia-Pacific region are also important markets due to their expanding construction industry. In Latin America, the Middle East and Africa, the roof market is expected to grow significantly in the coming years due to increasing urbanization and government initiatives to improve infrastructure.
To summarize, the roofing market can be segmented based on product type, end-use, and regional outlook. The five product types include asphalt shingles, metal, tile, membrane and others. End-use prospects are broken down into residential, commercial, and industrial segments, and regional prospects include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Understanding these segments is essential to making informed decisions in the roofing industry.
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Strategic market developments for roof systems:
There have been several significant acquisitions and product launches in the roofing industry in recent years. In 2021, Owens Corning acquired vliepa GmbH & Co. KG, a German manufacturer of high-performance insulating materials for the building materials market. This acquisition will allow Owens Corning to expand its product offering in Europe and to strengthen its position in the building materials market.
In 2020, GAF Materials Corporation announced the acquisition of Quest Construction Products, a US-based manufacturer of coatings and sealers for roofing systems. The acquisition aimed to expand GAF’s product offering and strengthen its position in the roofing systems market.
CertainTeed Corporation introduced a new roofing product in 2019, Matterhorn Metal Roofing. This product offers the aesthetics of traditional roofing materials such as timber, slate and clay but with the durability and performance of metal roofing.
Also in 2019, Firestone Building Products Company, LLC acquired Gaco Western, a US-based manufacturer of silicone roofing systems. The acquisition was aimed at expanding Firestone’s product offering and strengthening its position in the roofing systems market.
Finally, in 2018, Carlisle Companies Inc. announced the acquisition of Petersen Aluminum Corporation, a US-based manufacturer of metal roofing and wall panels. The acquisition was aimed at expanding Carlisle’s product offering and strengthening its position in the roofing systems market.
Competitive Landscape in the Roofing Market:
The global roofing systems market is highly competitive, with several large and medium-sized companies dominating the market. These players employ various strategies to gain a competitive advantage, such as: B. completing mergers and acquisitions, developing and testing new and more effective products, and entering into strategic agreements and contracts.
Some of the major companies operating in the global roofing systems market are Owens Corning, GAF Materials Corporation, CertainTeed Corporation, Carlisle Companies Inc., Firestone Building Products Company, LLC, TAMKO Building Products LLC, IKO Industries Ltd., Johns Manville , Atlas Roofing Corporation, Building Materials Corporation of America (BMCA), Malarkey Roofing Products, Saint-Gobain SA, Sika AG, Boral Limited and Monier Roofing Private Limited.
These companies compete with each other to gain greater market share by introducing innovative products, expanding their geographic reach, and improving their manufacturing capabilities. As the market becomes increasingly competitive, companies are looking for ways to differentiate themselves and stand out from the crowded marketplace. As a result, the competition in the global roofing systems market is expected to continue to intensify in the coming years.
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May 8, 2023 at 07:13 GMT
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