Press release
Roofing Market Size, Share, Trends, Growth, Forecast 2024-2032
Roofing Market
According to the report by Expert Market Research (EMR), the global roofing market size reached a value of USD 127.52 billion in 2023. Aided by the rising demand for energy-efficient building solutions and increasing construction activities across emerging markets, the market is projected to further grow at a CAGR of 4.7% between 2024 and 2032 to reach a value of USD 192.80 billion by 2032.
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Roofing materials are essential components in the construction sector, providing protection and aesthetic value to residential, commercial, and industrial buildings. They come in various forms, including asphalt shingles, metal roofing, clay tiles, concrete tiles, and membrane roofing. With increasing urbanization and growing concerns about climate change, the demand for sustainable and energy-efficient roofing solutions has grown significantly.
A primary factor driving the global roofing market growth is the robust growth of the construction sector in emerging markets. Developing economies in the Asia-Pacific, Latin America, and the Middle East regions are witnessing rapid urbanisation, leading to increased demand for new residential and commercial structures. This trend has significantly contributed to the rising need for durable and cost-effective roofing materials.
Moreover, the global emphasis on green buildings and energy efficiency has further spurred demand for advanced roofing systems. Governments and builders are increasingly adopting cool roofing, green roofs, and solar-integrated roofing to reduce energy consumption, lower carbon emissions, and comply with stringent environmental regulations.
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Residential buildings constitute the largest segment of the market. Homeowners are investing in high-quality and durable roofing materials to increase their property's value and curb appeal. Asphalt shingles and metal roofing are among the most popular choices for residential applications due to their affordability, durability, and aesthetic versatility, consequently driving up the roofing market share.
Commercial buildings also represent a significant share of the roofing market. Commercial structures such as office buildings, shopping centres, and hotels require roofing systems that provide energy efficiency, fire resistance, and waterproofing. Flat and membrane roofing systems are particularly popular in this segment due to their versatility and ability to support solar panels and green roofing solutions.
Industrial buildings require robust and long-lasting roofing systems due to their exposure to harsh environmental conditions and chemicals. Metal roofing and thermoplastic polyolefin (TPO) membrane roofing are often preferred for warehouses, manufacturing plants, and distribution centres.
As per the roofing market analysis, the demand for energy-efficient roofing products, such as green roofing, is on the rise due to their ability to reduce electricity waste by minimising air conditioning usage, improving air quality, and extending the lifespan of roofs. Green roofs are particularly popular in developed regions like North America and Europe, where green building constructions are becoming increasingly prevalent in the roofing industry.
Moreover, energy-efficient initiatives, like replacing old roofs with new ones in renovation projects, are driving growth in the roofing market. In countries like the United States, top-notch roofing services are in high demand for projects involving sporting stadiums and commercial constructions, which is anticipated to boost both the roofing market and the commercial roofing market in the US in the coming years.
The Asia-Pacific region leads the market, driven by rapid urbanisation, economic growth, and significant construction activity in China and India. Government initiatives promoting affordable housing and infrastructure development have spurred demand for roofing materials in the region.
North America holds the second-largest market share, primarily due to the booming construction sector in the United States. The adoption of energy-efficient and sustainable roofing systems has been a key trend in this region, particularly as builders strive to meet green building standards, leading to roofing market expansion.
Europe follows closely, with stringent building regulations and a strong focus on environmental sustainability driving the demand for advanced roofing solutions. Rising renovation activities in Western European countries have also contributed to market growth. In Latin America and the Middle East & Africa, rising construction activities and government investments in infrastructure have created promising growth opportunities for the roofing market.
Roofing Market Segmentation
The market can be divided based on the type, application, installation cost by roof type, and region.
Market Breakup by Type
Asphalt Shingles
Metal
Tiles
Wood Shingles
Green Roofs
Others
Market Breakup by Application
Residential
Commercial
Market Breakup by Installation Cost by Roof Type
Asphalt Shingles
Metal
Tiles
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global roofing market. Some of the major players explored in the report by Expert Market Research are as follows:
Carlisle Companies
Owens Corning
BMI Group
Saint Gobain
Wienerberger AG
Beacon Roofing Supply, Inc.
Duro-Last, Inc.
Atlas Roofing Corporation
Sika AG
GAF Materials LLC
Others
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