Roofing Materials Market demand to exceed $159 Bn by 2027
Published Date: March 30, 2021 Authors: Kiran Pulidindi, Hemant Pandey
Roofing Materials Market size is estimated to surpass USD 159 billion by 2027, according to a new research report by Global Market Insights Inc.
The rapidly growing residential construction and non-residential activities across the globe are the key drivers of the roofing materials industry. The reroofing trends coupled with the increasing inclination toward aesthetic appeal in developing regions are boosting the overall market growth.
Residential construction is one of the biggest contributors to the overall roofing materials market. The growing population in developing regions and increasing multi-family residential units especially in Asia Pacific is projected to create ample opportunities in the market. China and India are the largest contributors in the Asia Pacific region. According to the India Brand Equity Foundation, the housing sector in India contributed over 5% of India’s total GDP. The housing sector in India will grow at a rate of 11.2% during 2008-2020.
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The penetration of bituminous & concrete will boost the overall market demand
The increasing inclination toward aesthetic appeal will boost the growth of the bituminous and concrete segment. Bituminous roofing materials offer various advantages, such as tensile strength and durability, making them highly desirable in residential constructions. Asphalt shingles are the mostly commonly employed bituminous roofing materials owing to their enhanced durability at a lower cost. The concrete & clay tile segment is another major segment with a market share of around 24% in 2020. Concrete and clay tiles are durable options and are mostly used in warm and dry climates. These materials are stronger than other materials and can withstand wind up to 125 miles per hour.
Browse key industry insights spread across 205 pages with 232 market data tables & 20 figures & charts from the report, “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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Elastomeric and plastic are other used roofing materials across the globe. The elastomer segment held a market share of over 3% in 2020 and is projected to grow at 3% CAGR through 2027. Elastomeric roofing materials provide excellent energy efficiency along with leak free roofing solutions. These elastomer materials remain flexible in extreme temperatures, thereby substantially diminishing blistering and damage risk.
Plastic material is estimated to capture around 4% of the roofing materials market revenue share in 2027. The low cost and weather resistive property of the material will drive the segment growth of the segment. Moreover, plastic roofing materials are aesthetically appealing and easy to install hence are widely used in residential buildings.
The non-residential application to exhibit moderate growth
Non-residential construction generally includes industrial, commercial, educational, health, and other buildings. According to the Equipment World, the total spending on non-residential construction was around USD 763 billion in 2017. The growing economic activity and demand for smart cities around the world are fueling the growth of non-residential construction. Non-residential construction accounted for over 40% of the roofing materials market share in 2020 and is set to exhibit similar trends till 2027.
Among various construction segments, reroofing shall exceed revenue generation of around USD 75 billion in 2027 on account of the growing investment in remodeling of both commercial and residential infrastructure.
Asia Pacific roofing materials market is expected to register growth rate of 4.9% from 2021 to 2027. There is a growing demand for infrastructure development in the region, which is anticipated to generate huge revenue gains in the region. Moreover, the growing government participation to improve the construction of residential as well as commercial infrastructure will further augment the market growth. Various governments, state agencies, and international developers & contractors are providing the needed infrastructural push in the region. Various reforms are taking place in the region to encourage public private partnerships.
The Middle East captured a market share of about 8% in 2020 and is anticipated to observe a steady growth throughout the forecast period. The growing demand for commercial spaces, residential complexes, and retail & hospitality is expected to boost the infrastructure industry in the Middle East. Moreover, construction being one of the most revenue-generating industries in the regions is projected further boost the regional demand.
Key players engaged in the roofing materials market include CertainTeed Corporation, Owens Corning, Atlas Roofing Materials Corporation, TAMKO Building Products LLC, Johns Manville, Braas Monier Building Group, and IKO Industries Ltd, among others.