Roofing Materials Market

Market Synopsis:

The Global Roofing Materials Market was valued USD 117.99 Billion in the year 2022 and is anticipated to reach a value of USD 155.36 Billion by the year 2030. The Global Market is forecasted to grow and exhibit a Compound Annual Growth Rate (CAGR) of 3.50% over the forecast period.

Materials utilized in the outer layer of a home's or a building's roof for commercial and industrial purposes are called Roofing Materials s. The method involves various materials, including bituminous, metal, concrete, clay tiles, elastomers, and plastics. The components provide many benefits for the structure, including maintaining temperature and protecting it from moisture. Due to greater affordability, more accessible access to loans, and rising disposable income, homeowners invest more money in remodeling and repair work. Consumers' growing desire to renovate their homes and improve the appearance of residential constructions created prospects for increasing product sales. Furthermore, during the anticipated timeframe, product adoption will be supported by strict laws governing energy-efficient homes and a rise in consumer interest in green building solutions.

Asphalt Shingles continue to have greater demand and investment than bitumen because of their low cost and simplicity of installation. Building culture is changing due to growing concerns about the sustainability of construction materials, and Roofing Materials is no exception. Manufacturers have been concentrating on boosting the output of metal shingles, with the "recyclability" factor playing a significant role. However, the relatively high cost of metal roofing and labor issues continue to threaten market participants in Roofing Materials s. Future developments will make it possible to use eco-friendly materials instead of traditional ones.

Market Segmentation:

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The global Roofing Materials Market is segmented on the basis of Product, Application, and Region. Based on Product, the market is further divided into Metal Roofs, Plastic Roofs, Clay & Concrete Tiles, Asphalt Shingles, and Other Products. Likewise, based on the Application, the market is further bifurcated into Residential and Non-Residential.

Based on Product:

The market's leading product category, Concrete & Clay Tiles, contributed more than 29% of global sales. The advantages these tiles provide are improved aesthetics, durability, and simplicity of recycling. This factor is further driving the product demand globally. However, rising consumer demand for stone-coated steel roofing is anticipated to restrain supply. As a result, the category for Asphalt Shingles is expected to grow at the most remarkable Compound Annual Growth Rate (CAGR) during the estimation period. Furthermore, over the projection period, low initial prices and a simple installation procedure are expected to fuel demand for asphalt shingles as Roofing Materials.

Based on Application:

In 2021, the Residential application sector dominated the market and constituted more than half of the total revenue. During the projected period, it is forecast that factors such as the growing demand for single-family homes and the world's growing population would propel the expansion of the Residential Roofing Materials market. Several homeowners use Asphalt Shingles in Residential settings because they are easier to install and need less upkeep than metal or concrete. These can give roofing structures a wood, cedar, or slate-like appearance and boost their aesthetic value. In addition, they are readily accessible in a wide range of colors and textures.

Asia Pacific is projected to Grow at the Highest CAGR during the Forecast Period

The world's largest market share of the Roofing Materials was in the Asia Pacific. This supremacy is attributed to the region's rapid, lucrative expansion. Additionally, the region's large population and several product manufacturers' existence 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 business expansion is fueled by further rising disposable income and expanding domestic markets in Indonesia, China, India, and South Korea. Demand for Roofing Materials s in the development of the construction industry, which includes home remodeling and new build conditioning, is consistent with the Asia Pacific. Population growth and an increase in industrial activity, particularly in China and India, have raised the need for structures and construction work, which has ultimately increased demand for Roofing Materials.

The rapid expansion of the domestic building industry in Kenya, Nigeria, Egypt, and Ethiopia is the main factor driving the need for Roofing Materials in the Middle East and Africa. Additionally, the ongoing construction boom in Qatar, Saudi Arabia, and the United Arab Emirates is driving up demand for Roofing Materials.

Competitive Landscape:

The key players in the Global Roofing Materials Market include- 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, and others.

Segmentation of the Global Roofing Materials Market: