Roofing Materials Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Poland, Belgium, Netherlands, Russia, Japan, China, India, South Korea, Malaysia, Sri Lanka, Brazil, Argentina, UAE, South Africa, Saudi Arabia), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1335
Roofing Materials Market size is anticipated to witness healthy growth during 2020 to 2026. The global rise in population is a major factor driving roofing materials market size. With rapid increase in the worldwide populace and the subsequent migration from rural areas to the urban spaces, the demand for housing has surged at a massive rate. Increasing industrialization trends and rising inclination toward a fast-paced modern lifestyle has also led to an upsurge in the demand for durable, reliable commercial establishments and industrial spaces. Surging requirement for housing, factories, and other buildings from the residential, commercial, and industrial sectors will thus drive roofing materials industry outlook.
Rising disposable incomes and increased affordability have led to consumers spending more on renovation and refurbishment projects. Shifting consumer inclination toward renovating houses and having aesthetic living structures has provided ample opportunities to the market vendors. Increasing regulatory attention that mandates energy efficiency in construction projects is another essential factor boosting market trends.
The application landscape of global roofing materials market spans the residential, non-residential, and commercial sectors. Commercial sector is likely to depict appreciable returns by 2026, driven by the rapid development of establishments such as corporate offices, multiplexes, malls, entertainment centers, restaurants, etc. Rising demand for thermoplastic and EPDM roofs that have superior seams and excellent resistance to chemicals and weather along with the ability to retrofit existing materials will augment roofing materials industry size from commercial industry.
On the basis of the product spectrum, among the many roofing materials, concrete and clay tiles have been gaining attention in recent times. Clay tiles have excellent wind and fire resistance. They also protect roof underlayments and help to insulate unwanted heat or cold from penetrating the attic in the house. Concrete tile roofs are also resistant to wind, fire, and hailstorms, thereby making them a reliable material for most residential and commercial structures.
The competitive landscape of roofing materials market is inclusive of a number of top-notch players. Some of these include Braas Monier Building Group (Standard Industries), Sika AG, IcoPal ApS, Carlisle, Etex, Johns Manville, Owens Corning, CertainTeed (Saint Gobain) Firestone Building Products (Bridgestone Americas), TAMKO Building Products, Saint Gobain SA, GAF Materials Corporation (Standard Industries, BMCA Holdings Corporation), and Fletcher Building.
Most companies have been engaged in tried-and-tested and novel tactics to sustain their position in the industry. Last year for example, Firestone Building Products Company, LLC, a Bridgestone Americas arm, declared the official opening of its first greenfield plant in Germany. Located in the Dremmen District, Heinsberg, in Germany, the facility has been opened to supplement Firestone’s insulation production in North America so as to cater to the rising demand for effective roofing solutions in a global market.
The year 2019 also witnessed Berkshire Hathaway company Johns Manville (JM), signing an agreement to purchase the Illinois Tool Works Inc. owned ITW Insulation Systems, renowned for low-temperature polyisocyanurate foam insulations as well as metal jacketing solutions. The takeover represented a vital opportunity for JM to deliver expanded insulation solutions to the global industrial market. The acquisition was beneficial for ITW Insulation Systems as well, as the addition of JM’s product portfolio made ITW’s product suite rather robust, thereby enabling the company to be the single source point for its customers’ jacketing and insulation demands.
The COVID-19 pandemic that has ravaged the world has led to a severe downfall in the global economy and has adversely impacted several businesses. With governments the world over mandating nationwide lockdowns and companies halting production plants and manufacturing facilities, roofing materials market share has taken a hit. The progress of the construction sector, in its entirety, has come to a standstill, owing to absence of workforce and lack of ability to procure raw materials.
The Asia Pacific is among the worst affected by coronavirus, which has consequently derailed the growth of roofing materials market in the region. Delays in construction projects, withdrawal of funding by major parties, and massive disruptions in supply chain are also likely to impact the global roofing materials industry to a great extent. The post-COVID-19 era however, may witness the market depicting an increase in revenue, as construction projects begin to see the light of the day and global economy begins to return to a better state.
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