Newark, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The Roofing Materials market was estimated at around USD 125.2 billion in 2021, growing at a CAGR of nearly 3.6% during 2022-2030. The market is projected to reach approximately USD 189.2 billion by 2030.
Sales of roofing materials have greatly increased in recent years due to the rapid growth of retrofitting operations in developed economies and the ongoing expansion of the construction industry in developing nations.
The Covid-19 issue, which resulted in lockout and the closure of all factorial units, caused a significant fall in overall sales for the roofing materials industry in 2020, causing the manufacturing companies to suffer enormous losses. Global manufacturers are now putting their full attention into increasing their sales and profitability through product updates, innovations, and online sales in 2021.
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Leading companies, such as GAF Materials Corporation and Atlas Roofing Corporation, are taking steps to raise awareness about the advantages of roofing materials in strengthening homes' resistance to the elements. They are also concentrating on the establishment of research institutes in various locations to develop improvements in their product lines. In order to dominate the global market for roofing materials with the largest market share, they are implementing business strategies such as sales contracts, strategic alliances, acquiring technical expertise, obtaining product approvals, patents, and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilization, technological advancements, etc.
Growth Factors
Asphalt shingles continue to have greater demand and investment than bitumen because to their low cost and simplicity of installation. While bitumen has been banned in some nations for violating environmental regulations, the price volatility of petroleum-based roofing materials, particularly asphalt shingles, is forcing producers to adjust their business plans. The culture of building is changing as a result of growing concerns about the sustainability of construction materials, and roofing materials are no exception. Manufacturers have been concentrating on boosting the output of metal shingles, with the "recyclability" factor playing a significant role.
Leading names in technology, like Tesla, are also moving into the sustainable roofing market with the creation of a novel type of textured glass roofing shingle that will harness solar energy to power homes and is more affordable than conventional roof systems.
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Segmental Overview
In 2021, the market for roofing materials was dominated by concrete and clay tiles due to economic expansion. These advantages, which include greater aesthetics, durability, adaptability, and simplicity of recycling, help to increase demand for the product. Asphalt shingles is predicted to have the greatest CAGR during the projection period. Additionally, it is hoped that similar qualities like affordability, simplicity of installation, and extended lifespan will fuel demand for the product. Additionally, it offers high-quality parcels that are resistant to water and algae, which is likely to accelerate the segment's growth. More than 20% of the market was occupied in 2020 by the metal roof sector. Additionally, it is predicted that metal roofs display higher durability and fire resistance.
With a profit share of more than 56% in 2021, residential application became the dominant sector. The demand for roofing material for domestic uses is being driven by growing institutional and governmental support for the housing development structure in emerging nations. Additionally, the expanding population and inclination for single-family homes are significant factors boosting the need for roofing materials for domestic operations. Similarly, the widespread availability of low-interest loans and credit plays a crucial role in the demand for residential structures as a whole. The demand for roofing materials for non-residential applications is expected to increase as investments in the development and repair of
Regional Overview
In 2021, the Asia Pacific roofing material market had more than 30% of the market. This supremacy is attributed to the region's rapid, lucrative expansion. Additionally, the large population of the region and the existence of several product manufacturers are promoting the product's growth. Additionally, this region serves as a production base for the electronics and automotive industries and is home to more than 55% of the world's population. The expansion of the business is being fueled by further rising disposable income and expanding domestic markets in Indonesia, China, India, and South Korea.
Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Roofing Materials Market CAGR | 3.6% |
| Segments Covered | By Product By Application |
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List of the prominent players in the Global Roofing Materials market:
• GAF Materials Corporation
• Atlas Roofing Corporation
• Metal Sales Manufacturing Corporation
• Wienerberger AG
• Etex
• CertainTeed Corporation
• Johns Manville
• Fletcher Building Limited
• Eagle Roofing Products
• Boral Roofing
• Owens Corning
• TAMKO Building Products, Inc.
• CSR Ltd.
• Carlisle Companies Inc.
• Crown Building Products LLC
The global Roofing Materials market is segmented as follows:
By Product
• Asphalt Shingles
• Concrete & Clay Tiles
• Metal Roofs
• Plastics
• Others
By Application
• Residential
• Non-residential
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Egypt
o Kuwait
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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