Roofing Market Estimated to Reach US$ 124.50 Bn by 2024

Transparency Market Research has released a new market report titled “Roofing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.” According to the report, the global roofing market was valued at US$ 71.23 Bn in 2015 and is projected to reach US$ 124,501.8 Mn by 2024, expanding at a CAGR of 6.4% between 2016 and 2024.

Roofing products consists of the outermost layer of the building. The outer layer of a roof demonstrates high deviation in properties depending on the availability of material, and the type of the supporting structure. Raw materials employed in the manufacture of roofing materials range widely from natural products, such as thatches and slates, to commercially available products such as tiles and plastic sheeting. Roofing materials can be placed on top of a secondary water-resistant material known as ‘underlayment.’ These products primarily provide shelter from various natural elements.

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Roofing products are produced from a variety of materials such as bitumen, metal, cement, and clay. These products are segmented into bituminous roofing, metal roofing, tile roofing, and others. Roofing products are commonly used in applications including residential construction, non-residential construction, and commercial construction such as buildings, offices, hotels, educational institutes, and public outlets.

Bituminous roofing was the largest product segment of the roofing market, accounting for more than 45% volume share in 2015. In U.S. and Canada, it is the most common type of roofing used and is generally known as asphalt roofing. Bituminous roofing is relatively cheap and easy to install. It can last for extended periods, i.e. 20 years to 40 years and is available in various colors and qualities. Bituminous roofing is also expected to be the fastest growing product segment of the roofing market during the next eight years.

Non-residential was the largest application segment of the roofing market, constituting more than 40% volume share in 2015. In terms of revenue, residential is projected to be the fastest growing application, expanding at a CAGR of more than 6% from 2016 to 2024. Growth in the construction industry and increase in construction activities such as amusement parks, institutions, and hospitals, due to urbanization is expected to drive the demand for roofing in the near future.

Key players operating in the roofing market Atlas Roofing Corporation, Duro-Last Roofing, Inc., CertainTeed Corporation, Braas Monier Building Group Services S.A., GAF, Johns Manville, IKO Industries Ltd., Owens Corning, Firestone Building Products Company, TAMKO Building Products, Inc., and Carlisle.

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