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TMR Announces Industry figures for “Roofing Market” for business year 2016 to 2024
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In order to stay ahead of the curve in the highly competitive roofing market, keen players are seen pouring money into development of new types roofing with advanced features and various materials. Some of the noteworthy companies operating in the market are Atlas Roofing Corporation, GAF, Johns Manville, IKO Industries Ltd., Firestone Building Products Company, Carlisle, and Owens Corning.
roofing-marketA research study by Transparency Market Research finds that the global market for roofing will register a CAGR of 6.4% over the course of the forecast period from 2016 to 2024. Growing at this pace, the market will attain a value of US$124.5 bn by 2024 from US$71.2 bn in 2015.
Bituminous roofing accounted for a dominant 45.0% share in the global roofing market in 2015, vis-à-vis volume. This is because it can be easily installed, has a wide array of colors to choose from, and is economical. Going forward, the segment is expected to retain its leading position in the market. The other roofing materials are tiles and metal.
Geographically, the key segments of the global roofing market are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. At present, Asia Pacific of them generates maximum revenue. In 2015, its leading revenue share came to 40.0%. Presence of densely populated developing countries of India and China that are seeing a massive surge in construction activities are primarily serving to stoke growth in Asia Pacific. The region is predicted to hold on to its dominant market share in the next couple of years as well.
Primarily serving to drive the market for roofing is the rising construction activities worldwide. Developing nations in the Asia Pacific, Africa, and Latin America are witnessing massive construction boom on account of rising industrialization which is leading to urbanization and upping the spending capacity of people. Construction of commercial projects such as malls, multiplexes and shopping centers in response to increasing purchasing power of people is also pushing up demand for roofing in the nations. Yet another growth driver – various government projects to solve the housing problem in nations such as China, India, Brazil, etc. to improve the standard of living of the vast majority of poor.
Developed countries in North America and Europe too are generating demand in the market for roofing on account of constant thrust on renovation activities to make buildings environment-friendly. “Energy conservation initiatives are proving beneficial for roofing in these regions, since it is resulting in supplanting of old roofs with newer innovative ones. Overall, with stronger demand, companies could benefit immensely from economies of scale,” adds the lead analyst of the TMR report.
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Hindering demand in the market for roofing is the high market price of roofs, particularly with advanced features. With economies of scale, however, companies could produce eco-friendly roofs at low costs and thereby up sales.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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