Global Roofing Market Overview:
Global Roofing Market is projected to achieve a value of USD 197.6 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 342.8 Billion by 2033 with a CAGR of 5.0% during the forecast period 2024-2033.
The roofing market includes the design and installation of roofing systems for residential, commercial, and industrial buildings. Roofing is an essential component of any building, offering protection from the elements, insulating against temperature extremes, and improving the overall aesthetics and durability of the structure. Asphalt shingles, metal roofing, clay or concrete tiles, wood shingles, and synthetic choices are among the roofing materials and solutions available on the market, each with its own set of advantages in terms of cost, longevity, energy efficiency, and aesthetic appeal. Roofing contractors play an important role in installing, repairing, and maintaining various roofing systems, ensuring their functionality and lifespan throughout time.
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Roofing Market Growth:
Several variables influence the growth of the roofing market. To begin, ongoing construction activities, urbanization, and population growth continue to boost demand for new structures and renovations, resulting in a greater requirement for roofing services. As people seek pleasant and well-protected environments, the demand for premium roofing solutions remains consistent. Second, environmental concerns and energy efficiency considerations have boosted demand for sustainable roofing materials. Energy-efficient roofing materials and technologies, such as cool roofs that reflect sunlight and reduce energy use, are gaining popularity as individuals and businesses seek to reduce their carbon footprint and lower their energy bills.
Furthermore, catastrophic weather events and natural disasters have underlined the importance of durable roofing systems that can withstand extreme conditions while safeguarding structures and populations. Overall, the roofing industry is vital to ensuring building safety, functionality, and aesthetic appeal while also satisfying contemporary environmental and energy efficiency standards.
Technological Advancement in the Roofing Market
Technological advancements have resulted in new roofing materials that provide increased durability, energy efficiency, and environmental sustainability. New materials could include:
Smart roofing systems use sensors and connected technology to monitor roof health and performance in real time. This permits preventative maintenance and quick repairs, preventing small issues from becoming major problems.
Technological improvements are critical to generating innovation and success in the roofing industry. These improvements cover a wide range of topics, from the development of novel materials and production techniques to the integration of smart technology for increased usefulness and sustainability.
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Important Roofing Survey Conclusions:
- According to a We Market Research poll, 72% of roofing contractors said that their customers are requesting more environmentally friendly roofing materials.
- According to a National Roofing Contractors Association (NRCA) research, 85% of homeowners prioritize durability when selecting roofing materials.
- According to an IKO Roofing survey, 62% of homeowners are ready to spend extra for roofing materials that improve their homes’ curb appeal.
- According to a Metal Roofing Alliance poll, 95% of metal roofers said they had seen a rise in demand for metal roofing materials recently.
Roofing Market Segments:
Market, By Type:
- Materials
- Chemicals
Market, By Roofing Type:
- Flat Roof
- Slope Roof
Market, By Application:
- Residential
- Commercial
- Non-Residential
Market, By Product:
- Asphalt Shingles
- Concrete and Clay Tile Roof
- Metal Roofs
- Elastomers and Plastic Roofs
- Bituminous Roof
- Others
Market Regional Analysis:
The roofing market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region holds the largest share of the roofing market, followed by North America and Europe.
Asia-Pacific is the largest roofing market, accounting for over one-third of the global market share. This is due to the region’s rapid urbanization and infrastructure development, particularly in China, India, and Southeast Asia.
North America is the second-largest roofing market, driven by a strong residential construction market in the United States and Canada.
Europe is a mature roofing market, with a focus on energy-efficient and sustainable roofing solutions.
LAMEA is the smallest roofing market, but it is expected to grow at a faster pace than the other regions due to urbanization and infrastructure development in Latin America, the Middle East, and Africa.
Key Players in the Roofing Market:
- Owens Corning (U.S.)
- Duron-Last Roofing, Inc. (U.S.)
- BASF SE (Germany)
- 3M (U.S.)
- Dow (U.S.)
- DuPont (U.S.)
- Bras Moniker Building Group (Luxembourg)
- Sika AG (Switzerland)
- Atlas Roofing Corporation (U.S.)
- InfoSec (U.S.)
- ADEKA CORPORATION (Japan)
- Doff Ketal Chemicals (I) PVT. Ltd. (U.S.)
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