The Roofing Market size was valued at USD 101.5 billion in 2020 and is predicted to reach USD 151.7 billion by 2030 with a CAGR of 4.1% from 2021-2030.
Roof is the top most layer of the building which provide protection against wind, sunlight, rain, snow, and extremes temperature. Materials used for the construction of roofs in residential and commercial buildings include polycarbonate, bitumen, clay, ceramic coated granules, sand, concrete, and fiberglass. Roofing adds significant value to buildings, improves durability, and offers protection against harsh environmental conditions. Also, there are many benefits of modern roofs such as air cooling, ventilation, and aesthetic improvements of the infrastructure, among others.
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Competitive Landscape
The market comprises of various players such as are Atlas Roofing Corporation, CertainTeed Corporation, BMI Group Services GmbH, Carlisle Companies Inc., Duro-Last Inc., Etex SA, GAF Materials Corporation, North American Roofing Services Inc., Standard Industries, BASF SE, The Dow Chemical Company, and Sika AG. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product as well as increase their growth and geographical reach. For instance, in March 2020, GAF energy had launched brand new super high-efficiency roof integrated solar product and Solaria panels. These roofs are 16% more powerful than standard solar integrated roof and allows homeowners to fit more roof-integrated solar capacity in a similar amount of space. Also, in March 2021, Atlas Roofing Corporation announced the release of their Storm Master Hip & Ridge shingle that incorporates the company’s unique Core4 Enhanced Polymer Technology that provides strength, flexibility, durability, and extreme weather protection.
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Market Segmentations and Scope of the Study:
The roofing market share has been segmented based on material, type, application, and geography. Based on material, the market is bifurcated into bituminous roofing, metal roofing, tile roofing, and others. Based on type, the market is classified into flat roof, and slope roof. Based on application, the market is bifurcated into residential, commercial, and industrial. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Asia-Pacific region holds the lion share of roofing market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as growing construction activities in both the residential and commercial sectors, especially in countries like India, China, Indonesia, and Vietnam. Also, China is the biggest leader of roofing market due to rise in income levels, rapid urbanization & industrialization, and increase in government initiative to invest in infrastructural development.
However, North America is expected to show a steady rise in this market due to rapid urbanization and technological innovations. Moreover, rise in standard of living, new construction, and retrofitting activities in buildings are factors expected to drive the roofing market in this region. On the other hand, Middle East is also showcasing promising growth in the roofing market as governments in the UAE and Qatar have increased their expenditure in commercial and industrial construction projects.
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