Roofing Materials Market Size By Material (Bituminous, Concrete & Clay Tiles, Metal, Elastomer, Plastics), By Type Of Construction (New Construction, Reroofing), By Application (Residential, Non-Residential), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

Industry Statistics

Roofing Materials Market size surpassed USD 125 billion in 2022 and is anticipated to witness 4% CAGR from 2023 to 2032. Surging infrastructure investments and the flourishing construction sector globally are likely to propel the industry demand.
 

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The constant growth in world population and the accelerating pace of urbanization have pushed the demand for adequate housing and commercial spaces across developed as well as developing economies. As a result, governments and regulatory bodies have been investing heavily on developing infrastructure to suffice the growing demand.
 

For instance, according to IBEF, the Government of India, the National Infrastructure Pipeline (NIP), intends to expend a sum of US$ 1.4 trillion on infrastructure projects from 2019 to 2023 and announced US$ 9.85 billion to the Ministry of Housing and Urban Affairs in the budget 2022-23. Although fluctuating prices of raw materials and stringent building safety norms may hamper the industry revenue streams, the ongoing expansion of the real estate sector is poised to create a favorable roofing materials market growth by 2032.
 

Increasing adoption of metal roofing materials

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The metal roofing materials market is projected to register nearly USD 20 billion revenue by 2032. Metal roofing materials have superior fire resistance, are lightweight, and require relatively lesser installation time than their counterparts. Besides, their longevity and the ability to reflect heat from the sun help homeowners save significantly on energy bills and tax credits, bolstering their demand throughout the forecast period.
 

Increasing household incomes to garner the need for reroofing constructions

The reroofing industry is expected to be worth more than USD 90 billion by 2032. The increasing focus on enhancing aesthetics and ambiance with modern designs and textures has resulted in a surge in restoration and renovation projects. This can be credited to the consistent rise in disposable incomes and positive economic outlook in several economies. Nevertheless, the rapid integration of advanced renovation techniques will further facilitate sector expansion by 2032.
 

Increasing real estate investments to influence the product demand

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The residential application is anticipated to expand at over 4% growth rate between 2023 and 2032. The rapid development in the construction of residential establishments, such as private dwellings or individual houses, due to continued demand for housing may drive the industry  sales. Governments of numerous economies have introduced several flagship initiatives to boost residential construction.
 

Robust infrastructural landscape in Asia Pacific

The APAC roofing materials market size is slated to attain 4.5% gains through 2032. The increasing infrastructure investments in countries such as Japan, India, and China and the subsequent rise in the construction of residential and non-residential buildings will fuel the regional industry. Besides, the growing collaborations and strategic interactions related to infrastructure development among several regional and global economies will augment the demand for roofing materials.
 

Acquisitions to stimulate the competitive landscape

Leading companies participating in the roofing materials industry include Carlisle Companies, Johns Manville, Bansal Roofing Products Limited, CertainTeed, IKO Industries, Ltd, Owens Corning, Atlas Roofing Corporation, Etex Group, Braas Monier Building Group, TAMKO Building Products LLC, GAF Materials Corporation, Inc, Boral Ltd, Fletcher Building, North American Roofing Services, Inc, and others. These firms have been emphasizing on strengthening their strategic landscape owing to partnerships, M&As, collaborations, etc., to make the most of the available growth opportunities.
 

Impact of COVID-19 on the market trends

The sudden onset of the COVID-19 pandemic caused havoc in the roofing materials market. The construction sector, was facing liquidity crisis, faced numerous disruptions in its entire value chain due to stringent lockdown measures and trade barriers on non-essential commodities. Besides, price inflation, labor migration, and non-availability of construction materials resulted in a lack of timely execution, cost overruns and delays, halts, and cancellation of several construction projects.
 

However, with the eased regulatory measures, resuming industrial operations in several economies, and the rising demand for residential and commercial properties, the industry is expected to recover gradually in the foreseeable future.
 

The market research report on roofing materials includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Foot and revenue in USD Billion from 2017 to 2032 for the following segments:

Market, By Materials

• Bituminous
• Concrete & clay tile
• Metal
• Elastomer
• Plastics
• Others

Market, By Construction Type

• New Construction
• Reroofing

Market, By Application

• Residential
• Non residential

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Poland
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa