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Due to the rising demand, the roofing materials market is expected to witness significant growth during the forecast period
NEW YORK CITY, NEW YORK, UNITED STATES, June 2, 2023 /EINPresswire.com/ — Roofing Materials Market Overview
Significant growth in the roofing material market is expected during the forecast period. This growth is due to the increasing demand for energy-efficient roofing solutions and the expansion of the construction industry. In 2021, the global roofing materials market size was US$29.7 billion and revenue is expected to reach a compound annual growth rate (CAGR) of 5.2% during the forecast period.
The main driving factors behind the growth of the roofing material market are the increasing adoption of sustainable roofing solutions in various sectors such as residential, commercial and industrial. The demand for roofing solutions that are both energy efficient and environmentally friendly has led to the development of innovative roofing materials that can reduce energy consumption and promote sustainability. In addition, the market growth is further driven by the growing need for durable and low-maintenance roofing solutions.
Market segments for roofing materials
The roofing materials market is anticipated to witness significant growth during the forecast period, from 2022 to 2032. In 2022, the market size was estimated at $29.7 billion. The company is expected to register a compound annual growth rate (CAGR) of 5.2% during the forecast period and to reach a projected revenue of US$46.87 billion by 2032.
The base year for the analysis is the estimate of the market size in 2022, while the historical data covers the years 2020 and 2021. The forecast period extends from 2022 to 2032, capturing the expected growth and trends in the market. The quantitative units of measurement used in this report are in billions of US dollars, particularly for sales figures.
The CAGR from 2022 to 2032 indicates the expected compound annual growth rate of the market during the given period and reflects the potential expansion and development in the roofing material sector.
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Roofing Materials Market: Strategic Developments
The roofing material market has seen several strategic developments in recent years. Market players have been actively involved in various initiatives and strategies to strengthen their market position and respond to the changing demands of customers. Some of the key strategic developments in the roofing material market are as follows:
1. Product Innovation and Development: Companies operating in the roofing materials market have focused on continuous product innovation and development to meet the increasing demand for energy-efficient and sustainable roofing solutions. They have invested in research and development activities to introduce advanced materials that offer improved durability, thermal insulation and environmental sustainability.
2. Expansion of production capacities: In order to meet the growing demand for roofing materials, market participants have expanded their production capacities. They have established new manufacturing plants and manufacturing facilities at strategic locations to ensure efficient supply chain management and on-time delivery of the products to customers.
3. Strategic partnerships and collaborations: Many companies have formed strategic partnerships and collaborations with other organizations to leverage their complementary strengths and capabilities. These collaborations have facilitated the exchange of technological know-how, research expertise and market insights, leading to the development of innovative roofing solutions and improved market competitiveness.
4. Mergers and Acquisitions: Several mergers and acquisitions have occurred in the roofing material market as companies seek to expand their market presence and consolidate their market share. Through mergers and acquisitions, companies have gained access to new markets, diversified their product portfolios and expanded their distribution networks.
These strategic developments in the roofing materials market have played a crucial role in driving market growth, enhancing product offerings and strengthening the competitive landscape. By remaining agile and proactive in their strategies, market participants are well positioned to take advantage of the opportunities presented by the evolving roofing industry.
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Roofing Materials Market: Competitive Landscape
The global roofing materials market is characterized by intense competition, with numerous large and medium-sized companies dominating the market and generating a significant portion of sales. These major players employ various strategies to gain a competitive advantage such as: For example, engaging in mergers and acquisitions, entering into strategic agreements and contracts, and focusing on developing, testing and introducing more effective roofing materials. Some of the leading companies operating in the global Roofing Materials Market highlighted in the market report include:
1. Johns Manville: Johns Manville is a leading player in the roofing materials market and is known for its extensive range of quality products. The company has been actively involved in strategic initiatives to expand its market presence and enhance its product offering.
2. GAF Materials Corporation: GAF Materials Corporation is recognized as one of the major players in the roofing industry, offering a wide range of roofing materials and solutions. The company has been involved in strategic collaborations and acquisitions to strengthen its position in the market.
3. Atlas Roofing Corporation: Atlas Roofing Corporation is a leading manufacturer and supplier of roofing products, serving the needs of both the residential and commercial markets. The company focuses on innovation and product development to meet the changing needs of customers.
4. Owens Corning: Owens Corning is an established player in the roofing industry, offering a range of roofing solutions known for their durability and energy efficiency. The company attaches great importance to sustainability and has introduced environmentally friendly roofing materials.
5. IKO Industries Ltd.: IKO Industries Ltd. is a global leader in the roofing materials market, offering a wide range of roofing products and solutions. The company has a strong presence in different regions and has invested in advanced production facilities to meet customer demands.
These major companies, along with other major players, play a crucial role in shaping the competitive landscape of the roofing materials market through their innovative products, strategic initiatives, and customer-centric approaches.
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June 02, 2023, 5:14 p.m. |
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