The global roofing market size was valued at $102.4 billion in 2020 and is expected to reach $156.0 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. Roofing products witnessed a higher demand owing to longer life span, easy installation, and availability of eco-friendly roofing materials.
Moreover, technological advancements such as introduction of green roofing, which protects the buildings from direct solar heat in summers and minimizes heat loss in winters through added insulation on the roof, further strengthens the roofing market growth. In addition, surge in roofing industry in the developing countries such as India, China, and Brazil are expected to increase the demand for roofing products.
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Driving Factors:
Roofing products are used in various applications such as residential buildings, commercial buildings, and others. Commercial buildings accounted for the largest market share in the roofing market in 2020. Increased adoption of modern roofing materials such as bitumen, tile, and metal has changed commercial construction such as industrial buildings in the last two decades. In addition, increase in migration of population in Europe has created the need for commercial construction, thereby boosting the demand for roofing products.
Asia-Pacific accounted for the maximum roofing market share in 2020, and is expected to maintain its lead during the forecast period. This is attributed to rise in income levels, rapid urbanization & industrialization, an increase in population &household income growth, as well as the governments’ continuous efforts to expand and upgrade physical infrastructure. Furthermore, residential and commercial segments acquire the top position inthe regional market owing to the continuous growth of urban demographics. LAMEA witnessed significant growth due to easy availability of affordable and energy-efficient bituminous roofing system in Brazil.
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Top Players:
The key players profiled in the roofing market report include3M Company, Atlas Roofing Corporation, BASF SE, Johns Manville, Duro-Last, Inc., E. I. Du Pont De Nemours, Inc., Owens Corning, Sika AG, Standard Industries Inc., and The Dow Chemical Company.
Key Findings of the Study
- The report provides an extensive analysis of the current and emerging roofing market trends and dynamics.
- By roofing material, the bituminous segment dominated the roofing market in terms of revenue in 2020 andis projected to grow at a CAGR of 4.7%during the forecast period.
- By application, the commercial segment registered the highest growth inthe roofing market in 2020.
- By region, Asia-Pacific is projected to register the highest growth rate in the coming years.
- The report provides an extensive analysis of the roofing market trends and emerging opportunities of the market.
- In-depth roofing market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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