Global Roofing Market Research Report
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Market Overview: The global roofing market is expected to exhibit a strong 3.55% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global roofing market is mainly driven by the steady growth of the construction industry in recent years, which has driven the demand for various components of the building process. Roofing has emerged as a key component of construction projects in recent years due to the increasing awareness of the potential of roofing components in reducing the environmental impact of buildings and making them more eco-friendly. Roofing still serves the basic purpose of sheltering the building from the sun, rain, and other environmental factors, but the extra benefits of installing roofing systems that actively cut down the building’s overall energy consumption are becoming increasingly obvious in the construction industry. This is likely to be a major factor in the global roofing market over the forecast period, as the demand for construction components to do more than just the bare minimum has increased.
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Regional Analysis: Asia Pacific is the leading regional market for roofing materials due to the rapid growth of the construction industry in the region over the last few years. The growing urban population in Asia Pacific is likely to be a major driver for the global roofing market over the forecast period. The construction industry in Asia Pacific has also experienced a rapid influx of investment in recent years due to the increasing private investment in the sector. This is likely to be a major driver for the roofing market in the region, as this has driven the development of leading roofing market players in the region. The Asia Pacific roofing market is expected to exhibit the highest CAGR of 3.99% over the forecast period. North America is the second largest regional market for roofing materials and is likely to continue in the position over the forecast period due to the steady growth of construction companies in the region. While the growth of the construction industry in North America has stalled somewhat in recent years, the growing demand for eco-centric innovations in roofing technology could prove crucial for the roofing market in the region over the forecast period.
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Segmental Analysis: The global roofing market is segmented on the basis of roofing material, application, and region. By material, the global roofing market is segmented into tiles, metal, concrete, asphalt, and others. By application, the global roofing market is segmented into commercial, residential, and industrial. Residential roofing application is likely to dominate the global roofing market over the forecast period due to the growing demand for residential construction in emerging regions of the world.
Competitive Analysis: Leading players in the global roofing market include Wienerberger AG, TAMKO Building Products Inc., Owens Corning, North American Roofing Services Inc., GAF Materials Corporation, Firestone Building Products Company, Etex SA, Duro-Last Inc., CertainTeed Corporation, Carlisle Companies Inc., BMI Group Services GmbH, and Atlas Roofing Corporation. In March 2019, Atlas Roofing Corporation launched a new polymer technology titled StormMaster. The products under this brand contain enhanced polymers to make roofing stronger and more resistant to dirt, wind, rain, and other environmental contaminants. This follows the October 2018 launch of Atlas’s Pinnacle Pristine Natural Expressions roofing shingles.
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