Roof Cladding Market Research, 2031
The global roof cladding market size was valued at $83.6 billion in 2021, and is projected to reach $130.5 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.
Roofing is a covering layer used to cover the roof and form a waterproof and weatherproof layer that is installed to prevent moisture from accumulating on the roof surface. This is a large sheet or many small overlapping units provided on the outer surface of the roof. It is a fireproof, insulating against temperature and noise, durable, weatherproof and provides aesthetic look.
The boost in the wealth of emerging economies is anticipated to trigger the accessibility of roof cladding installation, is anticipated to foster the growth of the market. In addition, availability of low-cost raw materials such as steel, aluminum, fiberglass, tiles, and others contribute to higher production levels in emerging economies. Roofing industry in India is preparing for the next generation of ambitious projects. Moreover, rise in construction of residential and commercial buildings, is expected to boost the roof cladding market growth. Rapid urbanization and rise in living standards of people fuel the demand for blinds and shades. As per the World Urbanization Prospect reports, approximately 54% population belonged to urban & municipal places in 2014, which is expected to reach 66% by 2050, thereby fueling the growth of the roof cladding market.
Furthermore, rise in standard of living of people boosts the demand for renovation & remodeling construction projects. Moreover, renovation and reconstruction of existing homes and commercial properties are expected to drive the market growth. For instance, the European Commission announced the "Renovation Wave" initiative for public and private buildings in 2020, with the goal of significantly increasing renovation rates across the EU and providing a framework for renovation to support green building. The plan states that the additional investment needed to reach EU 2030 energy and climate targets is around $385 billion annually, with approximately $295 billion for residential and $90 billion for public buildings. Hence, such factors drive the growth of the roof cladding market.
Roof cladding is suitable for residential and commercial buildings as it helps improve the aesthetic appeal and offers superior insulation. In addition, it possesses thermal insulation, water resistant, heat resistant, durability and energy conservation properties, which is expected to boost its adoption during the forecast period. However, high installation cost of roofing is expected to restrain the growth of the market.
Major players have adopted various strategies such as product launch and acquisition to sustain the competition and improve their roofing market product portfolio. For instance, in February 2022, Kingspan Group acquired Ondura Group which is leading global provider of roofing materials and associated roofing solutions, it headquarters located in France with 14 manufacturing sites and distribution network in total of more than 100 countries worldwide.
On the basis of type, the asphalt and slate segment generated the highest revenue in 2021, owing to the several benefits offered by asphalt roofing such as weather resistance, recyclability, wind resistance, fire resistance, and low maintenance.
On the basis of application, the residential segment accounted for the highest revenue in the global market in 2021, owing to increased government and institutional financing for the building of housing infrastructure in emerging nations.
On the basis of region, Asia-Pacific registered the highest share of the global roof cladding market share in 2021, owing to rise in expenditure for infrastructure development in the industrial, commercial, and healthcare sectors. Furthermore, majority of countries in the region are spending on construction sector for the growth of their economies. Such factors are expected to fuel the growth of roof cladding market forecast period.
The novel coronavirus (COVID-19) rapidly spread across various countries and regions in 2019, causing an enormous impact on lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, the economy, and finance. The COVID-19 pandemic halted the production of many products in roof cladding market, owing to lockdowns. Furthermore, the number of COVID-19 cases is expected to reduce in the future with the introduction of the vaccine for COVID-19 on the market. This has led to the reopening of roof cladding companies to their full-scale capacities. This is expected to help the market recover by the end of 2022. After COVID-19 infection cases begin to decline, roof cladding producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
The roof cladding market is segmented into Type, Roof Type and Application. On the basis of type, the market is segmented into asphalt and slate, tiles, metal, fiberglass, and others. On the basis of roof type, the market is divided into flat roof and slope roof. On the basis of application, the market is divided into residential, commercial and Industrial. Region wise, the global market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the roof cladding industry market are Atas International, Inc., Cembrit Holdings A/S, Decra Roofing Systems Inc., Everest Industries Limited, Firestone Building Products, Kingspan Group, Reed's Metal Inc., Shildan Group, Sika AG, and Westlake Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the roof cladding market analysis from 2021 to 2031 to identify the prevailing roof cladding market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the roof cladding market outlook segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the roof cladding market overview.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global roof cladding market trends, key players, market segments, application areas, and market growth strategies.
Roof Cladding Market Report Highlights
Market Size By 2031
USD 130.5 billion
CAGR of 4.6%
2021 - 2031
By Roof Type
Key Market Players
Firestone Building Products, Cembrit Holdings A/S, Atas International, Inc., Shildan Group, Decra Roofing Systems Inc., Reed's Metal Inc., Westlake Corporation, Sika AG, Everest Industries Limited, Kingspan Group
The roof cladding market has observed huge demand in North America, Asia-Pacific, and Europe. Asia-Pacific is projected to register significant growth in near future owing to rise in expenditure for infrastructure development in the industrial, commercial, and healthcare sectors. Moreover, advancements by industry players, increase in residential & commercial construction activities, and upsurge in home renovation & remodeling expenditures propel the global roof cladding market growth. The asphalt and slate segment accounted for the majority of the market share in 2021, owing to the several benefits offered by asphalt roofing such as weather resistance, recyclability, wind resistance, fire resistance, and low maintenance, there has been an increase in adoption of this roofing in residential buildings.
Various market players have adopted strategies such as product launches, business expansions, acquisition, and agreements to expand their business and strengthen their market position. For instance, in June 2021, Westlake Corporation acquired Boral Limited which is involved in leading North American building products business in roofing, siding, trim & shutters, decorative stone and windows. The acquisition aim to drive the sustainability transformation of Westlake Corporation in all over the North America region. As a result, such strategic moves are expected to provide lucrative growth opportunities in the global roof cladding market.