Roofing market size was valued at $67,218 million in 2015, and is expected to reach $101,483 million by 2022, growing at a CAGR of 6.2% during the forecast period (2016-2022). Roofing products provide protection from heat, rain, and other atmospheric conditions. Bitumen, ceramic coated granules, clay, sand, fiberglass, concrete, and polycarbonate are used for the construction of roofs in residential and commercial buildings, such as offices, hotels, and educational institutes. Major players in this market have focused on designing efficient roofing systems to ensure long-term performance even in the harshest weather conditions. For instance, Johns Manville introduced 8020 PVC equipped with UV resistance property, which ensures long-term performance despite harsh weather.
Rise in construction industry, rapid urbanization, and innovations in technology are the key factors that drive the growth of the market. Construction industry accounted for $8.7 trillion in 2013, 10% of the global GDP. The global GDP is expected to grow by an average of +3.5% per year for the next 12 years, which fuels the demand for roofing products. In addition, technological innovations such as green roofing, eco-friendly roofing materials, and drones for roof inspections have increased the demand for roofing products.
Roofing market analysis has been done in the report on the basis of various segmentations which includes various segments such as product type, application and geography. Based on product type, the roofing market is divided into bituminous roofing, metal roofing, tile roofing, and others. Based on application, market is classified as residential, commercial, and other buildings.
Get more information on this report : Request Sample Pages
Bituminous roofing accounted for the maximum roofing market share of the global market in 2015 and is anticipated to consolidate its position during the forecast period, owing to easy installation, higher durability, longer life span, and technological innovations. In addition, government of countries such as India, China, Malaysia, Indonesia, and others have invested heavily in infrastructure development, which also fuels the demand of bituminous roofing in the Asia-Pacific market. Residential buildings are expected to witness the highest growth due to rise in popularity of eco-friendly roofing technologies and increased investments in the real estate sector.
Top Impacting factors
Get more information on this report : Request Sample Pages
Rising Construction Industry
Booming construction sector in developing countries and technological advancements boost the adoption of roofing systems, worldwide. China, India, and the Middle East have exhibited higher growth rate as compared to the developed countries in terms of construction and is expected to grow at a prominent rate in the future. Renowned construction firms have focused on expansion in the developing countries. At present, emerging concerns over control of asbestos have resulted in the implementation of stringent norms by various governments to adopt new roofing materials such as concrete tile, clay tile, and others. The U.S., U.K., and Japan are some of the countries that have focused on building eco-friendly roofing systems, which would foster the growth of the roofing market.
High initial investments
The capital cost required for the set up and integration of the roofing system is high and limits their adoption in residential and commercial buildings. The initial cost is around $150 to $1600 per square feet because of long-term durability of the material. Metal roofs can be costly but last longer than conventional roofs. With emerging novel technologies, and competition in the market, the capital costs associated with roofing system is expected to reduce in future.
Growth in Urbanization
The global rate of urbanization is on a continuous rise due to better living standards. The market for roofing is expanding rapidly with industrialization and growth in residential & commercial infrastructure developments. The World Health Organization reported that 54% of the world’s population resided in urban areas in 2014 and this is expected to increase to 66% by 2050. The increase in urbanization in the emerging economies is expected to boost construction activities significantly, thereby fueling the demand for roofing products over the next few years. In addition, the rise in the number of non-residential projects in the emerging economies, such as hotels, schools, hospitals, and industrial buildings, is expected to increase the demand for bituminous roofing in the coming years.
With the introduction of new roofing technologies, energy efficient roofing systems are available in the market. New technologies, such as green roofing, increase roof life and safety, improve air quality, and reduce noise and cost of air-conditioning. Introduction of advanced technologies results in aesthetics improvement, which would strengthen the market in the future. The effect of new technologies is moderate, but its impact is expected to increase in the future, owing to the rise in adoption of bituminous roofing in residential and commercial buildings.
Key players operating in the roofing industry are Owens Corning, Brass Monier Building Group, Etex, Saint-Gobain, Wienerberger AG, Beacon Roofing Supply, Inc., Atlas Roofing Corporation, Duro-Last, Inc., and Carlisle.
ROOFING MARKET KEY BENEFITS
- This report provides an in-depth analysis of the global roofing market size with current trends and future estimations to elucidate the potential investment pockets.
- The report provides a quantitative analysis from 2014 to 2022 to enable the stake holders to capitalize on prevailing market opportunities.
- The current trends and future forecasts aid to determine the overall market potential and single out profitable trends.
- Recent developments, key players, and market shares are listed in the report to study the competitive scenario of the market.
- Porter’s Five Forces model illustrates the potency of the buyers and suppliers.
ROOFING MARKET KEY SEGMENTATION
By Product Type
- Bituminous Roofing
- Metal Roofing
- Tile Roofing
- Others (RCC and Plastics)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
- Owens Corning
- Brass Monier Building Group
- Wienerberger AG
- Beacon Roofing Supply, Inc.
- Atlas Roofing Corporation
- Duro-Last, Inc.
Other companies mentioned in the report:
- IKO Industries Ltd.
- Firestone Building Products Company
- TAMKO Building Products, Inc.
- Royal Building Products
- Sika AG
- Garland Industries, Inc.
- ROCKWOOL International A/S
- American Hydrotech, Inc.
- Knauf Insulation