Roofing Materials Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025
Report ID: GMI1335
Global Roofing Materials Market size is witnessing growth owing to increase in demand for product from residential, nonresidential and commercial sectors in the developing economies. In addition, with wide range of construction and renovation works going on across the world, the manufacturers of product are finding a significant scope of opportunities. The roofing materials market is also effectively determined using single ply roofing materials systems, which are cost effective and flexible coupled with high rates of renovation technology in the developed countries of the world.
Growth of energy efficient roofs and eco-friendly components are some of the propelling factors for roofing materials market growth. Improved standards of living and migration of people from rural to urban areas resulting in increase for construction projects are driving factors for the growth of the roofing materials market.
Raw ingredients used in the construction of these constituents are commercially available products which includes tiles, thatches, plastic sheeting and slates. These products are known for mainly providing shelter from various natural climate. These are produced primarily from metal, cement, clay and bitumen. An extensive range of product is available depending upon performance, aesthetic structure and economic reasons. In recent years, housing designs are turned into an architectural trademark which apart from being ecofriendly is also aesthetically attractive, reasonably priced and structurally sound.
Based on product type, tiles and shingles are the largest roofing materials market due to their high insulation techniques and low cost. Shingles and plates are most preferred residential ceiling products as they are highly durable and have a long-life span due to its high strength. Wood shingles, shakes, slates, asphalt shingles, asbestos and shingles are the most demanded shingles in market along with various tile including monk & nun, imbrex & tegula, Dutch roof and Mangalore tiles. These shingles and tiles have high initial cost with low long term prices. Aluminum, stainless steel and cooper are most commonly used for manufacturing shingles. Growth in this product segment is anticipated to flourish with the expansion of pre-engineered steel structures for nonresidential and commercial applications which will drive the roofing materials market.
Roofing materials market has widespread applications in various end user sectors including residential, nonresidential and commercial. Residential is the fastest growing sector owing to the increasing renovation of existing residential construction along with new infrastructural projects. Increasing renovation activates in various manufacturing and industrial applications is also a leading driver for demand. Enhancement in the transportation and power infrastructure facilities, and rural development are some of the vital drivers for the growth of the nonresidential applications in the forecasted period.
Growth of commercial ceilings is projected to drive the roofing materials market due its extensive use in exterior parts of various commercial buildings and structures. Increasing urbanization with rise in standard of living will foster market demand, especially for renewal activities in developing countries. Low sloped and steep sloped roofs are most commonly used building patterns in commercial ceiling applications. Low sloped pattern is predicted to retain the roofing materials market in commercial structuring as it is easily manufactured with low initial costs.
High cost of manufacturing and installation of tiling systems will restrain the roofing materials market in the forecast period.
Asia Pacific is expected to lead the global roofing materials market due to rapid industrialization and increased urbanizations in the region. China is the leading player in Asia Pacific roofing materials market, followed by India, Japan, Australia, Malaysia, South Korea and Thailand.
Latin America is another advancing region to attract manufacturers as there are large number of construction activity going on particularly in Brazil and Argentina. Gradual increase in local ceiling technologies is anticipated to boost the market.
North America is relatively a matured market as compared to other regions and is increasing at a slower growth rate due to development of BUR and SPR technologies in the regional market. Various global manufacturers have focused on strategic acquisitions and partnerships with other companies to expand roofing materials market growth.
The key industry players in the global roofing materials market are gradually focusing towards developing markets for growing their revenues. The manufacturing plants are generally located near to the raw ingredients sites, due to low transportation costs and easy availability of raw supplies. Key players include TAMKO Building Products, CertainTeed, Etex, GAF, Saint Gobain SA, Owens Corning, IcoPal ApS, Sika AG, Fletcher Building. Some of the other prominent players include Johns Manville, Carlisle, Monier Group, Firestone Building Products and Braas Monier Building Group.
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