Press release
Roofing Materials Market to Rear Excessive Growth During 2024 - 2031 | Owens Corning, CSR Limited, Carlisle Companies Inc
Roofing Materials Market
The global roofing materials market size was valued at US$ 126.24 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030.
Market Dynamics:
Growing construction industry is one of the major drivers of the roofing materials market. According to data, global construction spending is estimated to grow at 3.7% annually through 2027. This growth is attributed to rapid urbanization and increased investments in infrastructure development across both developed and emerging economies. Also, rapid urbanization has increased the demand for residential and non-residential buildings which in turn is driving the growth of the roofing materials market.
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The roofing materials market growth is also supported by increasing adoption of eco-friendly and cost-effective green roofing solutions. Green roofs offer various benefits such as reduction in heat transfer into the building, lowering the roof's temperature, reducing stormwater run-off and providing insulation. This has increased their demand from both residential and commercial sector.
Fluctuating prices of raw materials negatively impact the growth
The roofing materials industry is highly dependent on raw materials such as asphalt, polymers, clay, wood, and various types of metals. The prices of these raw materials are highly volatile and dependent on crude oil prices. Frequent fluctuations in the raw material costs constrict the profit margins of roofing material manufacturers and suppliers. This acts as a restraint, discouraging investments in the industry, especially during phases of rising input costs. Moreover, currency fluctuations and trade policies also indirectly destabilize raw material costs, thereby posing challenges for smooth operations and planning in the roofing materials market.
Green building movement opens new opportunities
The growing importance of sustainable construction practices and green building initiatives present lucrative opportunities for suppliers of eco-friendly roofing materials. Materials like solar roof tiles, green roof systems, cool roof coatings, and recyclable roofing materials are gaining immense popularity in this regard. Factors like renewability, longevity, recyclability, and capability to improve energy efficiency are driving their demand. Several governments even offer tax rebates and subsidies for deploying renewable roofing solutions made from sustainable materials in residential as well as industrial & commercial spaces. This is expected to propel the sales of green roofing materials in the coming years.
Sustainability becomes an integral trend in the market
Sustainability has emerged as one of the most prominent trends in the roofing materials industry. Growing environmental awareness and stringent regulations have compelled manufacturers to focus on developing eco-friendly product alternatives made using recyclable, reusable, and renewable materials. Lightweight and cool roof materials are gaining widespread acceptance for their capability to minimize carbon footprint and energy costs. Trends like green roofs, cool roofs, and solar roofs are here to stay. Moreover, advancements in composite materials and coatings have enabled extending lifespan of roofing structures as well as easing their maintenance and repair tasks. This ongoing shift towards sustainable solutions is anticipated to significantly influence future growth patterns in the global roofing materials market.
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Top Companies Included in This Report:
★ Owens Corning
★ CSR Limited
★ Carlisle Companies Inc
★ Wienerberger AG
★ Etex Group
★ Fletcher Building
★ Boral Roofing
★ Eagle Roofing Products
★ Johns Manville
★ CertainTeed
★ Crown Building Products LLC
★ TAMKO
★ Building Products
★ Inc
★ Atlas Roofing Corporation
★ GAF
★ Georgia-Pacific.
★ Metal-Era LLC
★ MIDWEST ROOFING SUPPLY
★ IKO Industries Ltd
★ Paul Bauder GmbH & Co. KG
★ Bravo Europa
★ Bilka
★ and Maxroof
Market Segmentation:
Based on Product Type:
★ By Material: Asphalt Shingles, Concrete & Clay Tiles, Metal Roof, Plastic Roof, Others
Based on Applications:
★ By Application: Residential, Non-residential
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Latest Trends in the Navigation Roofing Materials Market:
💡 Surging Demand: Witness a rising demand for navigation Roofing Materials owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.
💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Roofing Materials, encompassing real-time traffic updates, 3D mapping, and augmented reality.
💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation Roofing Materials solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.
💡 Fusion with Emerging Technologies: Observe the integration of navigation Roofing Materials with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.
💡 Rise of Mobile Applications: Experience the proliferation of navigation Roofing Materials in the form of mobile applications, offering enhanced convenience and accessibility to users.
💡 Emphasis on Environmental Sustainability: Witness the development of navigation Roofing Materials systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.
Frequently Asked Questions (FAQs) for Global Navigation Roofing Materials Market Research:
What are the critical factors that companies should prioritize when entering the Navigation Roofing Materials market?
What is the growth rate of the Navigation Roofing Materials Market?
What is the current size of the Navigation Roofing Materials Market?
Which region demonstrates the highest growth rate in the Navigation Roofing Materials Market?
Which region commands the largest share in the Navigation Roofing Materials Market?
Who are the key players operating in the Navigation Roofing Materials Market?
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Author Bio:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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