May 18, 2024
Roofing Systems Market

Roofing Systems Market Primed For Growth Driven By Increased Residential Construction

Roofing systems play a crucial role in protecting residential and non-residential buildings from external elements such as rain, snow, wind, and extreme temperatures. Widely used roofing materials include asphalt shingles, metal roofing, clay and concrete tiles, single-ply membranes, and green or cool roofing. Asphalt shingles have been the most commonly used residential roofing material owing to their aesthetic appeal and affordability. However, metal roofing is growing in popularity due to enhanced durability. Non-residential buildings commonly use metal panel roofing to withstand harsh weather conditions for extended service lives.

The global Roofing Systems Market is estimated to be valued at US$ 155 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increased residential construction will significantly drive demand for roofing systems over the forecast period. Rapid urbanization and rising disposable incomes in developing countries has propelled housing starts. For example, China and India are undergoing massive infrastructure development which includes residential and commercial construction. Further, favorable government policies supporting housing sector growth through initiatives like tax benefits and low interest rate loans have boosted the residential construction industry.

Another key factor fueling the roofing systems market is repair and re-roofing activities of aged buildings. Metal and clay roof tiles typically have lifetimes of 50-100 years, while asphalt shingles last 15-25 years on average. This cyclical replacement demand ensures steady consumption of roofing materials. Metal roofing in particular is gaining increasing preference over other conventional materials for re-roofing projects owing to its durability and ability to withstand extreme weather for longer periods of time with less maintenance requirements.

Segment Analysis

The roofing systems market can be segmented into material, type, and end user. Based on material, asphalt is dominating the market owing to its cost effectiveness. Asphalt roofing accounts for over 60% share of the global roofing systems market. It is affordable and durable. However, the tiles segment is emerging fast due to growth in infrastructure and real estate construction activities worldwide.

PEST Analysis

Political: The market is positively impacted by government policies and regulations supporting infrastructure development and construction activities. Various nations have announced incentives and investment plans to repair and build new buildings.

Economic: Growth in the economy and per capita incomes is driving more spending on homes and commercial properties. This augments the demand for quality and aesthetic roofing solutions.

Social: Changing lifestyles and rising disposable incomes are fueling demand for innovative and modern roofing designs. Customers prefer solutions with insulation and environmental-friendly attributes.

Technological: Key players are focused on developing advanced roofing materials using nanotechnology and waste recycling. Some are integrating features like solar panels and smart sensors to make roofs multi-functional.

Key Takeaways

The Global Roofing Systems Market Growth is expected to witness high over the forecast period.

Regional analysis: The Asia Pacific region is poised to dominate market growth supported by robust construction spending in China, India and other developing nations. Housing shortages coupled with initiatives to build smart cities and global projects are fueling roofing demand.

Key players operating in the roofing systems market are GAF, Atlas Roofing Corporation, Owens Corning, CertainTeed Corporation, BMI Group, Sika AG and Basf SE. GAF and Owens Corning account for over 30% share due to their expanded product portfolios and global sales network.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it