New York, April 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Roofing Global Market Report 2023" - https://www.reportlinker.com/p06310807/?utm_source=GNW
, Braas Monier Building Group Services S.A., Etex, Hindalco Industries Ltd., BMI Group Services GmbH, and TAMKO Building Products LLC.
The global roofing market grew from $151.80 billion in 2022 to $161.36 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The roofing market is expected to grow to $193.26 billion in 2027 at a CAGR of 4.6%.
The roofing market consists of sales of gable roof, hip roof, and shed roof.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Roofing is the process of applying an external covering on the roof of a building that is either self-supporting or supported by structures underneath it. The roofing materials offer different types of advantages to the structure such as temperature maintenance, and waterproofing.
Asia-Pacific was the largest region in the roofing market in 2022. The regions covered in the roofing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of roofing are flat roof, and slope roof.A flat roof helps to level contrast to the many types of sloped roofs.
These flat roofs can be used to cover the terrace and help for playing, gardening, sleeping, and celebrating functions.These are the most commonly used types of roofs in house constructions.
The different materials include bituminous roofing, metal roofing, tile roofing, other roofing material (RCC & Plastics) and is used in several applications such as residential, commercial, non-residential.
The increasing infrastructure development is expected to propel the growth of the roofing market going forward.Infrastructure refers to the construction of physical structures such as bridges, highways, roads, and sewage systems.
Roofing is a must for every construction as it helps in protecting the building against rain, snow, sunlight, wind, and extremes of temperature. For instance, according to IIFL Holdings Limited, an India based financial services company, in the year 2021 Government of India allocated 1.89 billion in their union budget for the development of infrastructure in India through Atal Mission for Rejuvenation & Urban Transformation (AMRUT) and Smart Cities Mission. To have a faster infrastructure development it launched two new schemes known as Housing for All and Smart Cities Mission. Also, for the year 2021, according to India Brand Equity Foundation, an India based government agency, infrastructure activities accounted for a 13% share of the total FDI (Foreign Direct Investment) inflows of USD 81.72 billion. Therefore, the increasing infrastructure development is driving the growth of the roofing market.
New technological innovations have emerged as the key trend gaining popularity in the roofing market.Major companies operating in the roofing market are focused on new technological innovations to sustain their growth in the market.
For instance, in January 2022, GAF, a US-based company that manufactures solar roofs launched its new solar roof called Timberline Solar based on solar roof technology.This helps in generating energy by using sunlight and this energy can be used for household purposes.
This is very easy to install and it is most cost-effective. Solar roofs are the future of clean energy, and Timberline Solar is the game-changing innovation in this market.
In March 2022, Holcim, a Switzerland-based building manufacturing company, acquired Malarkey Roofing Products for an undisclosed amount.This acquisition moves Holcim closer to achieving its "Strategy 2025: Accelerating Green Growth" aim of growing its Solutions & Products division to 30% of Group Net Sales by 2025 and entering the most lucrative building categories, from roofing systems to insulation and refurbishment.
Malarkey Roofing Products is a US based roofing manufacturer.
The countries covered in the roofing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The roofing market research report is one of a series of new reports that provides roofing market statistics, including roofing industry global market size, regional shares, competitors with a roofing market share, detailed roofing market segments, market trends and opportunities, and any further data you may need to thrive in the roofing industry. This roofing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06310807/?utm_source=GNW
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