Roofing Materials Market is Estimated to Witness High Growth Owing to Opportunity for growth in Residential Construction

 

Roofing materials are used for waterproofing and protecting buildings from external elements like rain, storms, snow etc. They provide shelter and protection to homes, commercial buildings and infrastructure from harsh weather conditions. The global roofing materials market is growing due increased infrastructural activities across both residential as well as non-residential sectors. Materials like asphalt shingles, concrete & clay tiles, composites and membranes offer durability and cost-effectiveness.

The global roofing materials market is estimated to be valued at US$ 170.03 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the global roofing materials market is rising infrastructural developments across both developed and developing regions. Governments across various countries are investing heavily in roadways, railways, airports, hospitals, schools and commercial buildings development which requires large amount of roofing materials. According to Oxford Economics, global construction spending is projected reach US$ 8 trillion by 2030. This rising construction spending is creating sustained demand for roofing materials. Furthermore, use of advanced materials like thermoplastic polyolefin (TPO), polyvinyl chloride (PVC) and ethylene propylene diene monomer (EPDM) single-ply membranes is gaining popularity due to properties like high solar reflectance, lighter weight and easier installation process. shift towards sustainable materials is another trend boosting the market growth during the forecast period.

Segment Analysis

The global roofing materials market is dominated by the asphalt roofing materials segment. Asphalt roofing materials have a significant share as they are widely used for residential roofing applications. Asphalt roofing materials are easy to install, durable and affordable. The bitumen roofing segment is expected to witness moderate growth as bitumen provides superior protection against ultraviolet radiation, moisture penetration and mechanical stress.

Key Takeaways
The global roofing materials market is expected to witness high growth over the forecast period. The global roofing materials market is estimated to be valued at US$ 170.03 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

Regional analysis:
North America dominates the global market, accounting for over 35% share of the global roofing materials market in 2023. This is attributed to the presence of major players and a rise in construction activities in the US and Canada. Asia Pacific roofing materials market is projected to grow at the fastest pace during the forecast period owing rapid urbanization and rising residential construction in China and India.

Key players:
Key players operating in the roofing materials market are Owens Corning, Carlisle Companies Inc., CertainTeed LLC, Johns Manville, FIRESTONE BUILDING PRODUCTS COMPANY, Henry Company, GAF, IKO Industries Ltd, and TAMKO Building Products. Owens Corning is the market leader with a global presence and wide product portfolio. Carlisle Companies focuses on sustainable solutions for commercial construction.

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