Global Roofing Market Opportunities and Forecast 2023-2030

Roofing Market Overview

The roof is an important part of house construction that protects from heat, rain, and other atmospheric conditions. Roofing materials are exterior layers applied on the roof of a building. Roofing materials range from natural products such as thatches and slates to commercially available products such as bituminous, tiles, and plastic sheeting. There has been a growing demand for commercial and residential buildings due to growth in population and urbanization in developing countries. Also, the need for urbanization is propelled by an increase in the standard of living in developing countries. Hence, Urbanization is one of the major factors that boost the growth of the global Roofing market.
 
Furthermore, government support for construction activities in the form of subsidies and tax benefits in developing countries, this factor is expected to rise the growth of the market. In addition to this, governments in developing and developed countries plan to provide incentives to citizens to replace existing roofs with energy-efficient ones. This is projected to increase economic development by making new jobs and enlarge the demand for labor in the construction industry. Ultimately this fact further boosts the growth of the global Roofing market to a great extent.
 
On the downside, factors such as price fluctuations of raw materials such as acrylic acid, declining demand for gasoline which is the key raw material for bitumen, and high prices of fiber cement and polymer are hampering growth in the roofing market.
 
Covid-19 Impact on Roofing Market
 
The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.

Roofing Market Segment Overview

Based on the Type, the Tiles is one of the major segments of the global roofing market. Growing concern about the environment is significantly influencing prospective homebuyers and developers. In addition to this, tile roofing lowers the need for air conditioning, leading to a decrease in electricity consumption. This is anticipated to enhance the demand for tiles during the forecast period. Furthermore, demand for metal roofing is gaining pace in the roofing market due to the rising demand for long-lasting and durable roofing material. Metal roofing persists for an extremely long time, consequently, make for low lifecycle cost. Additionally, 30-60% of the material used for metal roofing is recycled and is completely recyclable at the end of the working life. These factors are anticipated to boost the sales of metal roofing over the forecast period.
 
Roofing Market, By Type
·       Bituminous
·       Metal
·       Tiles
·       Elastomeric
·       Others
 
Roofing Market, By Application
·       Residential
·       Commercial
·       Industrial

Roofing Regional Overview

Based on the region, Asia Pacific is expected to dominate the global Roofing market throughout the forecast period. The building & construction industry in this region is growing significantly owing to rapid urbanization in India, Bangladesh, and the Philippines. This is enhancing the growth of the roofing market in the region. Additionally, factors such as increasing population, rapid urbanization, and an upsurge in industrialization in the Asia Pacific have provided an impetus to economic activities in the region, thus enlarging the demand for industrial and commercial spaces. Therefore, an increase in the number of construction activities in industrial, commercial, and residential sectors is estimated to boost the demand for roofing in the coming period. Eventually, it propels the market’s growth in this region.

Roofing Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Roofing Market Competitor overview

Some key developments and strategies adopted by manufacturers in Roofing are highlighted below.

·       In September 2021, Roofing and waterproofing manufacturer GAF, based in Parsippany, has signed an agreement to acquire FT Synthetics, a British Columbia-based manufacturer of underlayment products. This acquisition will enable GAF to pursue goals of continued innovation and explore opportunities for expanded product offerings that support the entire building envelope.

·       In September 2021, Legacy Roofing Services, one of the largest commercial roofing service providers in the United States, has begun operating in Pittsburgh and is offering its roofing services to the city’s commercial real estate, construction, and facility management industry sectors.

Roofing Market, Key Players

·       GAF Materials Corporation
·       CertainTeed Corporation
·       Owens Corning Corp.
·       Braas Monier Building Group
·       Carlisle Companies Incorporated
·       Atlas Roofing Corporation
·       Duro-Last, Inc.
·       BASF SE
·       3M Company
·       The Dow Chemical Company
·       Standard Industries Inc.
·       Berkshire Hathaway Inc.
·       Sika AG