Roofing Materials Market is Projected to be Fueled by Rapid Technological Advancements
A roof is one of the essential part of any constructional structure. The major requirement in any roofing system is durability, strength and aesthetic appeal as well. Furthermore, selection of roofing material is highly correlated with the geographic location which decides the type of material to be used. For instance, Shingles are primarily used in the U.S. owing to the climatic conditions whereas they are less seen in Asia Pacific region. Furthermore, aesthetic design is also one of the key factor for selection of a roofing material. Nowadays, apart from durability as strength, demand for roofing materials which are energy efficient is also increasing.
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Evolving research activities in roofing and technological development is one of the key factor which is anticipated to boost the demand. Currently, the construction industry is witnessing decent growth with resurge in residential construction activities indorsing relatively higher growth across the globe. Furthermore, increasing re-roofing activities, especially in matured economies is also one of the key factor which would impact the demand of roofing materials over the forecast period. Overall, the global roofing market is anticipated to grow at significant pace over the forecast period owing to growth in constructional activities, especially residential construction.
Roofing Materials Market: Dynamics
A wide range of Roofing materials are available to the customer through which the customer can easily choose the material according to the requirement. Growing constructional activities across the globe is one of the key driving factor for the roofing materials market. Especially in emerging markets, increasing urbanization rate is also expected to positively impact the roofing materials market over the forecast period. From the recent past, it has been observed that residential activities are on the surge which would further boost the demand. Furthermore, increasing re-roofing activities has led to increase in demand for roofing materials which are durable as well as aesthetically appealing. Therefore, resurging re-roofing activities is anticipated to boost the demand for roofing materials over the forecast period.
Roofing materials are highly cost sensitive. For instance, asphalt shingles are derived from petroleum due to which variation in price of roofing material also takes place which is one of the key factor that might impede the growth of roofing materials market over the forecast period. Bitumen as a roofing material has been restricted in some areas in U.S. owing to non-conformance to environmental standards.
Growing inclination towards the roofing materials which are energy efficient and increasing demand for roofing solutions based on reflective metal is also increasing which is one of the ongoing key trend in the roofing materials market across the globe.
Roofing Materials Market: Segmentation
The global roofing materials market can be segmented on the basis of materials type, application and installation. On the basis of material type, the roofing materials market can be segmented as asphalt shingles, tile roofing, metal roofing, plastic roofing, bitumen and others. On the basis of application, the roofing materials market can be segmented as residential and commercial. On the basis of installation, the roofing materials market can be segmented as new installation and retrofitting.
Roofing Materials Market: Regional Outlook
Asia Pacific is anticipated to emerge as the largest market in the global roofing materials market. Increasing constructional activities across the region is anticipated to boost the demand over the forecast period. Especially, significant growth in construction activities in the region is further expected to spur the demand. North America is also expected to witness high growth owing to increasing demand for various other roofing materials apart from asphalt shingles. Europe is also expected to witness healthy growth owing to rise in retrofitting activities in the region. Latin America and Middle East & Africa is estimated to witness steady growth over the forecast period.
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Roofing Materials Market: Market Participants
Examples of some of the market participants in the global Roofing Materials market are-
GAF Materials Corporation
Braas Monier Building Group
Owens Corning Corp.
Atlas Roofing Corporation
TAMKO Building Products, Inc.
Fletcher Building Limited
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