Published Date : 28 Nov 2022
The global roofing materials market was exhibited to USD 24.69 billion in 2022 and is expected to hold around USD 32.63 billion by 2030 with a registered CAGR of 3.5% over the forecast period 2022 to 2030.
In recent time periods, all the regions are witnessing notable investments in the renovation and redevelopment of domestic and commercial areas. In resultant, there's notable growth in roofing materials demand. Numerous government bodies in arising countries are offering financial support for the housing structure development. The rising per capita income of the major worldwide population is working as a driver for the global roofing materials market. Numerous companies engaged in the construction sector from each across the world are inclined toward the advancement and incorporation of technologies. For case, numerous enterprises are using drones in order to check roofs. In addition to this, adding the use of 3D technology to produce different structural factors of the roofing systems is anticipated to appreciatively impact on the growth of the global roofing materials market.
Roofing Materials Market Report Scope
|Market Size In 2022||USD 24.69 Billion|
|Market Size By 2030||USD 32.63 Billion|
|Growth Rate from 2022 to 2030||CAGR of 3.5%|
|Forecast Period||2022 to 2030|
The roofing materials market of Asia Pacific captured more than two third of the market shares in the year 2020. This market dominance is due to strong growth of profitable in the region. In addition, availability of various product manufacturers along with the huge population of the region are boosting product growth. The region accounts for around 60% of the world’s population along with a manufacturing hub for the automotive and electronic industries. Further booming residential sector and growing disposable income across Indonesia, India, South Korea, and China are fueling the market growth.
North America is a region with extreme snowfall, winter, and storms. Owing to altering conditions of the environment similar as tornadoes, hailstones, and twisters in the region, a raised demand for roofing materials has been tracked. Climatic alteration is one of the major boosting factors which is leading to the introduction of advanced and new product types in the market.
Driver: Adding the use of metal roofing in marketable structures
Metal roofing systems in commercial structures are by far the most common system of roofing. Owing to its high durability it has become the most favored roofing material for commercial structures. Metal roofing systems suppliers pre-coat the metal with nearly every possible coating. There are numerous options similar as detergent- borne aluminum, waterborne tempera coatings, rubberized aluminum, polyurethane, and numerous others, detergent-borne styrene-ethylene butylene styrene (SBS), for the coating of metal roofing systems. Therefore, the rising demand for metal roofing owing to such properties is likely to propel the roofing materials market growth during the forthcoming time period.
Restraint: High Installation and Repairing Costs of Roofing Systems
The selection of material in roofing systems is a very crucial part, as the cost of materials are unpredictable and differs from place to place based on its availability. Likewise, attractive designs demanded by people require highly skilled workers for execution, which might increase the cost to a certain extent. The inclusion of other installations like no leakage during the stormy season, ventilation, and diminished noise needs design reassessment, which can further grow the cost further. Also, any damage to the roofing system may occasionally bear a complete revamp of the surface, which can be relatively expensive, and the cost can differ vastly on the basis of the surface area of the roof to be covered. Therefore, maintenance, repair, and installation costs act as major restraints and hamper the market growth.
The rise in the number of non-residential projects in the growing economies, similar as schools, hotels, hospitals, and industrial buildings, is anticipated to rise the bituminous roofing demand in the future. New technologies, similar as an increase in roof life & safety, green roofing, improved air quality, and reduced noise & cost of air-conditioning help to propel the growth of the roofing material market. The introduction of aesthetic enhancements and advanced technologies results is anticipated to reinforce the roofing material market in the future. The effect of new technologies is moderate still; its impact is anticipated to increase in the future, owing to the rise in the adoption of bituminous roofing in commercial and residential buildings.
Challenges: Effects of roofing material
The initial cost of numerous roofing materials is generally higher than that of other roofing materials for commercial purposes. Therefore, resurfacing worn-out roofs takes a significant quantum of energy, time, and resources, which affects the growth of the market. Some materials, for instance, are unable to endure ultraviolet radiation and intense heat from sunlight but are easily damaged by repeated snap-thaw cycles. Also, the poisonous emigrations produced while the manufacturing of roofing materials similar as spray polyurethane froth is also considered one of the major factors restraining the growth of the market. Therefore, due to the above-mentioned factors, the market for roofing material market is anticipated to face challenges during the forecast period.
Key Players in the Report
Segments Covered in the Report
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