Roofing Materials Market Size

Roofing Materials Market Size

Roofing Materials Market size surpassed USD 125 billion in 2022 and is slated to witness 4% CAGR from 2023 to 2032, backed by the surging infrastructure investments and the flourishing construction sector globally.

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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. The roofing materials market players are actively exploring opportunities to accelerate industry presence and profitability in this growing sector through strategic partnerships and acquisitions.

For instance, according to IBEF, the Government of India, through 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 growth in the industry outlook by 2032.