Roofing Materials Market to Garner a Revenue of $186.7 Billion and Exhibit a 4.3% CAGR During the Forecast Period from 2022 to 2031

As per the report published by Research Dive, the global roofing materials market is expected to register a revenue of $186.7 billion by 2031, at a CAGR of 4.3% during the forecast period 2022-2031.

The global roofing materials market is expected to grow primarily due to the growing need for waterproofing roofing materials. Re-roofing sub-segment is expected to flourish immensely. The Asia-Pacific region is predicted to grow at a high CAGR by 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/8680

𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

Increasing expenditure on constructing new structures and renovating existing ones are expected to make the roofing materials market a highly profitable one in the forecast period. Additionally, the growth of non-residential projects, such as schools, hospitals, hotels, and industrial buildings, in emerging countries is predicted to propel the market forward. However, a lack of trained installation workers, fluctuating raw material costs, lack of safety awareness, and installation problems in some places might become a restraint in the growth of the market. Moreover, rapid urbanization and increased industrial activity are predicted to offer numerous growth opportunities to the market in the forecast period.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐑𝐨𝐨𝐟𝐢𝐧𝐠 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The roofing materials market, too, was negatively impacted due to the pandemic. The global pandemic and various countries' stringent restrictions caused severe disruption in the whole building materials supply chain. Moreover, businesses were suffering from a skilled and unskilled labor shortage, which was costing them a lot of money. Furthermore, the mobility limitations imposed during the lockdown created logistical difficulties, making raw supplies harder to obtain. These factors significantly hindered the market growth amidst the pandemic.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The report has divided the roofing materials market into various segments based on construction type, material, application, and region.

By material, the asphalt shingle sub-segment was the most dominant in 2021. Asphalt shingles tend to be in greater demand and attract more investment than bitumen owing to their inexpensiveness and ease of installation. This is expected to push the growth of this sub-segment further.

By construction type, the re-roofing sub-segment held the highest roofing materials market share in 2021. The need for residential re-roofing projects has increased due to numerous instances of adverse weather occurring in different regions, which is expected to boost the sub-segment in the 2022-2031 timeframe.

By application, the residential sub-segment was the most profitable in 2021. Residential development is in huge demand as the population grows and people prefer single-family homes. This is expected to propel the sub-segment forward.

By region, the Asia-Pacific roofing materials market accounted for a significant share in 2021. The rising population, increasing residential, non-commercial and commercial construction projects, and infrastructure development initiatives are predicted to propel the market in this region in the forecast period.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/8680

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
The major players of the global roofing materials market include Atlas Roofing Corporation, 3M Company, BASF SE, Johns Manville, E. I. Du Pont De Nemours, Inc., The Dow Chemical Company, Duro-Last, Inc., Owens Corning, Standard Industries Inc., Sika AG, and others. These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

𝐌𝐫. 𝐀𝐛𝐡𝐢𝐬𝐡𝐞𝐤 𝐏𝐚𝐥𝐢𝐰𝐚𝐥

𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐃𝐢𝐯𝐞

𝟑𝟎 𝐖𝐚𝐥𝐥 𝐒𝐭. 𝟖𝐭𝐡 𝐅𝐥𝐨𝐨𝐫, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤 𝐍𝐘 𝟏𝟎𝟎𝟎𝟓

(𝐏) +𝟗𝟏-(𝟕𝟖𝟖)-𝟖𝟎𝟐-𝟗𝟏𝟎𝟑 (𝐈𝐧𝐝𝐢𝐚)

𝐓𝐨𝐥𝐥 𝐅𝐫𝐞𝐞: 𝟏-𝟖𝟖𝟖-𝟗𝟔𝟏-𝟒𝟒𝟓𝟒

𝐄-𝐦𝐚𝐢𝐥: support@researchdive.com

𝐖𝐞𝐛𝐬𝐢𝐭𝐞: https://www.researchdive.com

𝐀𝐛𝐨𝐮𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐃𝐢𝐯𝐞:

Research Dive maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable.

Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.