Commercial Roofing Materials Market, by Type (Asphalt Shingles, Concrete Clay Tile, Metal Roofs, Plastics, Others), by Material (Asphalt, Clay, Concrete, Metal, Plastic, Others) and, by Application (Residential, Commercial, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Covid-19 Impact Analysis 

• The coronavirus's unfavourable global effects are already evident, and they will have a big impact on the commercial roofing materials in 2020.
• The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
• Since the pandemic, the restriction of imports and exports has affected the commercial roofing materials market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemic. 

Top Impacting Factors
Rising disposable income, easy availability of loans, and increased affordability have led homeowners to spend more on refurbishment and renovation projects. The growing interest of consumers toward renovation of houses and enhancing the aesthetics
of living structures provided opportunities for rising sales of products. Furthermore, stringent energy-efficient home regulations and growing interest of customers in green building solutions will support product penetration during the forecast timeframe.

The growing consumer awareness about energy-efficient roofing solutions along with rising R&D activities by several manufacturers to augment energy-efficient ratings of their products will further drive the product demand

Market trends

• New residential construction projects across the globe are supporting the market growth 
• New construction activities in the commercial roofing materials market are expected to have a growth rate led by growing industrialization in emerging countries and rapid urbanization. Several economies, such as India, Brazil, and others, are supporting the residential construction sector with customer-centric policies and launch of affordable housing schemes. Further, the easy availability of finance and increasing disposable income of middle-class families across the globe are impelling the materials demand.
• Bituminous material dominates the market revenue owing to durability and economic choice and hence market demand has risen.
• Bituminous materials, such as asphalt shingles, are the most common and preferred material choice in North America and Asia Pacific. A large number of roofs in the U.S. are using asphalt shingles. A wide range of product availability, durability, high fire and wind resistance, and good aesthetics are among the major advantages offered by the asphalt shingles. Further development of new asphalt shingles that withstand high impact are further supporting the material demand.
• Asia-Pacific region will spur the market demand in the upcoming times 
• The dominance is attributed to strong economic growth of region. Presence of several product manufacturers along with the large population of region are driving the product growth. The region accounts for around half of the world’s population along with manufacturing hub for electronics and automotive industry. Further growing disposable income and booming residential sector across India, Indonesia, South Korea, and China are fuelling the industry growth.