The global roofing materials market witnessed substantial growth in 2018, with revenues reaching an impressive US$ 115 billion. Projections for the forecast period from 2019 to 2029 indicate a steady Compound Annual Growth Rate (CAGR) of 4%, underlining the sector’s resilience and potential. This growth is fueled by the surge in retrofitting initiatives within developed nations and the ongoing expansion of the construction industry in emerging economies. Notably, the increased retrofitting activities are contributing to heightened demand for roofing materials, while developing countries’ construction boom further amplifies sales.
The future of the roofing materials market looks promising, driven by ongoing infrastructure development and increased investments in sustainable construction practices. As environmental concerns continue to mount, the demand for eco-friendly and energy-efficient roofing solutions is expected to surge. Additionally, technological advancements and research in the roofing industry are likely to lead to the development of novel and high-performance materials, further bolstering market growth.
Discover growth opportunities and assess market potential with an industry overview. Request a sample now and stay ahead of the curve! https://www.futuremarketinsights.com/reports/sample/rep-gb-5659
Roofing Materials Market Study: Key Takeaways
- The global roofing materials market is projected to record CAGR of 4.2% during the forecast period (2019-2029).
- North America’s market, accounting for 46% of the total value, will continue to exhibit an impressive growth rate through 2029.
- High growth opportunities are expected in Asia Pacific, due to rapid expansion of construction industry in developing countries
- In 2018, total sales of roofing materials in India accounted for revenues worth over US$ 7.3 Bn.
- Asphalt shingles are projected to account for relatively high share, following restrictions on bitumen in developed markets.
- New installation of roofing materials will continue to influence growth strategies, while manufacturers are focusing on capitalizing on rapidly increasing retrofitting activities.
- High adoption in residential sector remains key growth influencer, while rising application in commercial setting is likely to result in increased market share.
“With Tesla launching the third version of its Solar Roof Tiles or textured glass shingles that could send electricity to the company’s home batteries, key players are hard pressed to increase their investments in greener and versatile roofing materials. Moreover, these players will need to show duality in their approach to stay ahead of the curve. In addition to sustainable offerings, manufacturers are required to ensure ease of installation and low maintenance costs,” says the FMI analyst.
Regional Outlook:
North America: The roofing materials market in North America has witnessed steady growth due to increasing renovation and remodeling activities, along with a rising demand for energy-efficient roofing solutions.
Europe: Stringent building codes and regulations promoting sustainable construction practices have boosted the demand for green roofing materials in Europe.
Asia-Pacific: Rapid urbanization and industrialization in countries like China and India have spurred the growth of the roofing materials market in the Asia-Pacific region.
Some of the leading roofing materials market players include
GAF Materials Corporation, CertainTeed, Owens Corning, Atlas Roofing Corporation, Carlisle Companies Inc., Boral Ltd., Braas Monier Building Group, Johns Manville, and Etex.
Discover our comprehensive insights – Request the full report methodology now! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-5659
Roofing Materials Market: Segmentation
By Product:
- Asphalt Shingles
- Concrete & Clay Tiles
- Plastic Roof
- Metal Roof
- Others
By Application:
- Residential
- Non-residential
By Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
