Roofing Market is projected to reach US$ 124,501.8 Mn by 2024

A copious number of companies operate in the global roofing market, making it both fragmented and competitive. The companies are of all sizes – large, cash-rich global players and small- and mid-sized entities. While the larger heavyweights account for a dominant share in the overall market for roofing, their smaller local counterparts have a solid presence in regional pockets, particularly in developing countries whose construction sector is booming.

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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.

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Flourishing Construction Activities in Developing Nations Promoting Demand

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.

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This release was published on openPR.