Press release
Global Roofing Materials Market Size To Grow At A CAGR Of 5% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Roofing Materials Market Size, Share, Price, Growth, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5%
The major drivers in the global roofing materials market include the rising demands for housing facilities, owing to the rapid increase in population. The exponential growth of populations worldwide have increased the demands for roofing materials by the construction industry as more and better infrastructure is required to accommodate the growing population. Additionally, rising disposable incomes have resulted in people frequently updating their home decor and structure to the latest styles, further contributing towards the growth of the market for roofing materials.
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The steady growth and expansion of construction sector due to economic growth and low interest rates have contributed towards increase in rate of approval of various building and construction projects. Increasing construction projects coupled with technological advancements in the sector are fuelling the growth of the roofing materials market.
Increasing working populations have escalated the demand for retail and commercial office spaces, among others. Furthermore, various governments across the globe are now actively investing towards the development of schools, parks, and healthcare infrastructure in rural regions of their nations along with development and renovation of existing infrastructure. Such measures along with rising demands are propelling the growth of the market for roofing materials.
Roofing Materials Industry Definition and Major Segments
The top most layer of any architectural structure is known as its roof; it is supported by a base structure and the material used for making a roof is known as roofing material. Types of roofing materials include metal, elastomers and plastics, asphalt shingles, concreate, and clay, among others.
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Based on product, the market is divided into:
Asphalt Shingles
Concrete and Clay Tile Roofs
Metal Roofs
Elastomers and Plastic Roofs
Others
On the basis of application, the market is bifurcated into:
Residential
Commercial
Based on region, the market is categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Roofing Materials Market Trends
The key trends in the global roofing materials market include rising environmental concerns. Over the past few years, pollution has been a major concern for many organisations as well as individuals, and in order to combat pollution continuous emphasis has been given on green roof and sustainable buildings. Green roofs are typically covered by plants thus, aid in reducing water runoff, and in improving air quality. Increased awareness of the benefits of green roofs along with their growing acceptance are expected to positively impact the growth of the market.
Another crucial trend in the roofing materials market includes the development of easy to install and durable roofing materials of various grades and thicknesses, in order to make the installation process hassle free and convenient. Increased production of dark coloured roofing materials with reflective coatings is expected to boost the market growth as these materials provide better heat reflection and decrease overall energy requirements.
Rising emigration of rural youth to urban cities has resulted in increased investment on urban centre development by the governments of various countries. High rates of migration have led to growth in demands for housing and other infrastructural facilities so as to accommodate the influx of migrants.
Key Market Players
The major players in the global roofing materials market are BMI Group, Fletcher Building, Owens Corning, Atlas Roofing Materials Corporation, TAMKO Building Products LLC, GAF Materials LLC, and CertainTeed, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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