Pune, India, June 12, 2019 (GLOBE NEWSWIRE) -- The global roofing market is highly lucrative and predicted to witness significant growth at a 3.55% CAGR over the forecast period (2018-2023), reveals the Market Research Future (MRFR) report. Roofing is a vital component of buildings and offers protection from natural elements, namely heat, rain, and other forms of atmospheric condition. It is a character-defining feature of any building and is basically used to offer shelter. Polycarbonate, concrete, sand, bitumen, and ceramic coated granules are the essential roofing materials used for the construction of the commercial and residential building. A roof is fundamental when it comes to the building’s integrity. It also stands between the exterior world and the interior of the house. A good roof will offer protection, enhance the curb appeal of a home, and above all will be energy efficient.

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Fascinating Features Pushing Market Growth

According to the Market Research Future report, there are numerous factors that are pushing the roofing market growth. These include the burgeoning demand from commercial and residential sectors owing to growing urbanization, remodeling and repairing works in developed countries, rise in the construction industry, and innovations in technology, including drones for roof inspections, eco-friendly roofing materials, and green roofing. The additional factors that are pushing the market growth include refurbishment of current infrastructure, increased usage of synthetic roofing products, efforts to make megacities, growing initiatives undertaken by the government to offer affordable housing, innovative aesthetic designs, and creation of economic zones.

On the other hand, fluctuating costs of raw material coupled with the scarcity of skilled labor are predicted to deter the growth of the roofing market over the forecast period.

Game Changers Operating in the Market

Leading players operating in the Roofing Market include Firestone Building Products Company (US), Etex SA (Belgium), Duro-Last, Inc. (the US), CertainTeed Corporation (US), Wienerberger AG (Austria), TAMKO Building Products, Inc. (Tamko) (US), Owens Corning (US), North American Roofing Services, Inc. (US), GAF Materials Corporation (US), Carlisle Companies Inc. (US), BMI Group Services GmbH (US), and Atlas Roofing Corporation (US). Collaborations, acquisitions, and mergers are the key growth strategies adopted by the key players to remain competitive and create a foothold in the market.

June 2019- Cameron Ashley Building Products has lately announced the opening of its new distribution center at Phoenix. This new location will be serving customers in Flagstaff, Prescott, Tucson, Phoenix, and the neighboring local markets. It will offer local inventory support, merchandising, marketing, and sales for sustained growth in insulation, roofing, and various other building materials in the latest market. Along with new opportunities, the new distribution center will also allow the company to increase its service to their customers present in the Southwest.

Market Segmentation

The Market Research Future report provides an inclusive analysis of the roofing market based on application and roofing type.

Based on roofing type, the roofing market is segmented into concrete, metal, tiles, asphalt, and others. Of these, the tiles segment is predicted to have the largest share at 3.89% CAGR over the forecast period.

Based on application, the roofing market is segmented into industrial, residential, and commercial roofing. Of these, the residential segment will domineer the market over the forecast period owing to growing residential construction.

 Asia Pacific to Remain the Driving Force

By region, the roofing market covers growth opportunities and latest trends across Rest of the World, Asia Pacific, Europe, and North America. Of these, Asia Pacific will remain the driving force in the market over the forecast period. India, Japan, and China are the key contributors here. Various factors are propelling the market growth in this region, such as growth in the construction industry, improvement in the financial condition, growth in urbanization and industrialization in emerging economies namely Japan, China and India and accessibility of low-cost building and roofing materials. The roofing market in the APAC region is predicted to have a notable growth at 3.99% CAGR over the forecast period.

The roofing market in North America will have the second largest share owing to growing industrial activities, high consumer spending, and increasing investments in commercial real estate. Besides, strict government rules concerning the use of roofing materials, namely metals, are also fueling market growth. The roofing market in this region is predicted to grow at a 3.69% CAGR over the forecast period.

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The roofing market in Europe will have a healthy growth over the forecast period owing to increasing revenue from the construction industry, rising population, growing rehabilitation activities, and demand for green buildings. The market in the European region is predicted to grow at a 3.01% CAGR over the forecast period.

The Rest of the World comprises of Latin America and the Middle East and Africa. Economic growth, coupled with increasing purchasing power, is predicted to boost the growth of the market in these regions. The roofing market in the Rest of the World is predicted to grow at a 3.28% CAGR over the forecast period.

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