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Roofing Materials Market size worth $190 Bn by 2032
- Published Date: November 4, 2022
Roofing Materials Market size is anticipaed to cross USD 190 billion by 2032, according to new research report by Global Market Insights Inc.
The considerable rise in non-residential construction projects across developed regions such as North America is expected to propel the demand for roofing materials by 2032. Infrastructure development has emerged as a key focus area among prosperous economies. This can be credited to the expanding aging infrastructure that requires timely follow-ups and maintenance and the surging inclination towards energy-efficient, sustainable establishments.
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In light of these factors, governments in these economies have been spending heavily on boosting their construction sector, thus creating favorable growth prospects for the roofing materials market. For instance, based on estimates by the U.S. Census Bureau, construction spending in the country stood at USD 1,183.8 billion from January-August 2022. Expenditure on non-residential construction amounted to USD 513.1 billion in August 2022 at a seasonally adjusted annual rate.
Plastic roofing materials to gain significant impetus
The plastics segment to register around USD 9 billion revenues by 2032. Due to their lightweight characteristics, they are relatively easier to move around and install, making them a preferred alternative over their counterparts. Besides, the increasing installations of plastic roofing sheets in patios and conservatories, owing to their effectiveness in allowing natural light to pass through them, will significantly complement product sales.
Expanding urban infrastructure to bolster product demand in new construction projects
The new construction type was valued at approximately 65 billion in 2022 and is slated to amass an appreciable roofing materials market share by 2032. The growing infrastructural investments and the remarkable rise in the construction of new commercial establishments, such as hotels, offices, malls, and educational centers, may drive industry revenues by end of 2032. Roofing materials are easy to clean and smooth, have better aesthetics, high reflective temperature, and lower maintenance cost, driving their demand in construction sector.
Rising commercial investments to foster non-residential applications
The non-residential sector is expected to garner revenues worth over USD 75 billion by 2032. The rising investments focused on the development of non-residential facilities, such as manufacturing units, education hubs, medical centers, shopping complexes, warehouses, etc., are likely to increase the roofing materials market share during 2023-2032. The easy availability of these materials in durable roofing options combined with their modernity, high insulation, stylish, and easy-to-clean attributes will accelerate business growth in the coming years.
Browse key industry insights spread across 219 pages with 241 market data tables and 30 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Flourishing economic landscape in North America
The North American industry is predicted to expand at over 4% growth rate through 2032. The expansion of the storefront infrastructure, such as shopping malls and complexes, is a key factor fostering the adoption of these materials. Additionally, the consistent growth in investments in distribution logistics centers and warehouses in countries, including the U.S., may positively influence the regional statistics.
Adoption of a sustainable approach to strengthen the competitive scenario
Notable players in the roofing materials market 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 companies have been undertaking necessary environmentally conscious initiatives to support a sustainable future as part of their key growth strategy.
For instance, in October 2022, GAF announced its plans to recycle its asphalt roof shingles at the end of their life into new roof shingles through its patented technology. The move aims to address the industry's specific environmental issue and secure more feedstock.