WASHINGTON, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Roofing Materials Market finds that the increase in the construction industry is expediting market development. In addition, increasing disposable incomes, expanding population, and technological advancements are projected to enhance the growth of the Global Roofing Materials Market during the forecast period. The Global Roofing Materials Market revenue is expected to reach a value USD 142.7 Billion in 2028.
The Global Market revenue was valued at USD 114.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period; states Vantage Market Research, in a report, titled “Roofing Materials Market Size, Share & Trends Analysis Report by Product (Asphalt Shingles, Concrete & Clay Tile Roofs, Metal Roofs, Plastic Roofs), by Application (Residential, Non-residential), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Roofing Materials Market was valued USD 114.1 Billion in 2021 and is all set to surpass USD 142.7 Billion by 2028, exhibiting a CAGR of 3.8% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Roofing Materials industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Rising Products Used in Several Residential, Industrial, and Commercial Sectors to Drive the Market Growth
The worldwide surge in housing and construction activities with the increase in the human population is the major factor driving the market expansion. Nowadays, smart Roofing Materials Market that are visually attractive with sound properties and eco-friendly are witnessing massive demand. The global construction market is the world’s largest consumer of raw materials. Roofing Materials Market are the outermost layers of a building’s roof used to construct or repair a roof. It is a vital part of building a house that offers protection against climatic conditions and natural elements. The roofs also help protect the buildings from rain, heat, snow, and other factors. Roofing Materials Market vary from natural products such as slates and thatches to products available commercially, such as bituminous tiles, plastic roofs, and others. In addition, the increasing popularity of Roofing Materials Market for waterproofing and creating green spaces in residential and commercial buildings is assisting the market in development.
Great Fire-Resistant Property of Metal Roofing to Stimulate Market Growth
Metal is one of the most energy-efficient Roofing Materials Market available and can cost your home up to 40 percent in energy costs and provide excellent insulation during the winter. Metal roofing is durable and lasts far longer than other materials, capturing the sun’s UV rays and keeping the building cooler in summer. It is expanded very rapidly in the case of wildfires. It is an excellent fire-resistant roofing choice. It has been used to modern fire codes and proves their building by fire. It comes in copper, aluminum, stainless steel, and zinc and is available in two forms; panels and shingles. The most cost-effective metals are galvanized steel and aluminum. Aluminum metal roofs are often highly recommended for use in coastal climates. This is mainly due to aluminum resistance to salt corrosion compared to other types of metal Roofing Materials Market.
Moreover, metal roofing sales are growing in commercial construction and residential remodeling. It has less weight than bituminous shingles, roofing, or tiles and does not stress the building’s structure due to its strength, durability, flame resistance, and low maintenance. Metal roofs last between 40-70 years. Some materials, like copper roofing, will last even longer, with some copper roofs dating back over 100 years.
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Segment Analysis:
- Product
- Asphalt Shingles
- Concrete & Clay Tile Roofs
- Metal Roofs
- Plastic Roofs
- Other Products
- Application
- Residential
- Non-Residential
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Roofing Materials Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Dominated the Global Roofing Materials Market
Asia Pacific is leading the Global Roofing Materials Market expansion owing to the rise in re-roofing activities for industrial, commercial, and residential project works in the United States region. Moreover, the increasing construction activities of residential & commercial project work in Canada and the United States and infrastructure expenses by the government for construction projects will help the market to develop.
List of Prominent Players in Roofing Materials Market:
- GAF Materials Corporation
- Atlas Roofing Corporation
- Owens Corning
- TAMKO Building Products Inc.
- CSR Ltd.
- Carlisle Companies Inc.
- Crown Building Products LLC
- Metal Sales Manufacturing Corporation
- Wienerberger AG
- Etex
- CertainTeed Corporation
- Johns Manville
- Fletcher Building Limited
- Eagle Roofing Products
- Boral Roofing
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Roofing Materials Market Size, Share & Trends Analysis Report by Product (Asphalt Shingles, Concrete & Clay Tile Roofs, Metal Roofs, Plastic Roofs), by Application (Residential, Non-residential), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
February 2022: Carlisle Companies Incorporated acquired MB Technology, Inc. (MBT). This acquisition will develop CWT’s modified bitumen roofing offerings and offer additional capacity for roofing underlayment.
January 2021: LafargeHolcim announced its new market strategy, the acquisition of the company named Firestone Building Products (FSBP). FSBP is a US-based company and a market leader in commercial roofing and building envelope solutions. As a result, this acquisition will help the company, LafargeHolcim, become the worldwide leader in sustainable building solutions and innovation.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Roofing Materials Market for the base year and forecast period?
This market titled “Roofing Materials Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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