by The global roofing materials market comprises materials that are primarily used for roofing surfaces of residential, commercial, and industrial infrastructure. Roofing materials such as bitumen, tiles, metal, and others protect buildings and structures from sunlight, rain, snow, and other environmental factors. Roofing materials keep the interiors cool and protected from external harsh climatic conditions. There is an increasing demand for roofing materials from the construction industry as new residential and non-residential building construction activities are rising globally.
The global roofing materials market is estimated to be valued at US$ 170.03 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising New Construction Activities: According to the new report by Coherent Market Insights, the growing construction of residential and commercial buildings across both developed and developing regions is fueling the demand for roofing materials globally. Rapid urbanization, rising disposable incomes, and increasing population are some of the major factors driving new construction activities worldwide. This, in turn, is positively influencing the roofing materials market growth over the forecast period.
Heavy Material Usage: Roofing materials usage is intensive as these are used on large surface areas of buildings exteriors for protection and durability. Materials like tiles, metal, bitumen, and modified bitumen consume significant quantities to roof buildings. Thus, proliferating construction industry directly drives higher roofing materials consumption supporting market revenue growth.
Segment Analysis
The roofing materials market is dominated by the asphalt shingle segment which holds around 35% of the market share. Asphalt shingles are the most widely used roofing material for residential roofing across regions due to their affordability and ability to withstand varied weather conditions for long durations of time. Factors such as ease of installation, durability, and competitive pricing makes asphalt shingles a preferred choice for residential roofing.
PEST Analysis
- Political: Fluctuations in raw material prices and stringent environmental regulations associated with waste disposal can impact the demand for roofing materials.
- Economic: Changes in the construction industry outlook due to macroeconomic forces influence the demand for roofing materials.
- Social: Growing homeownership rates and rising construction of residential properties drive the demand for roofing materials.
- Technological: Advances in material science leads to the development of innovative, sustainable, and durable roofing material options.
Key Takeaways
The global roofing materials market is expected to witness high growth over the forecast period of 2023 to 2030. The global roofing materials market is estimated to be valued at US$ 170.03 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to continue its leading position with the highest growth rate owing to increasing construction activities in countries such as China and India. Rapid urbanization, rising population, growth in the construction industry are fueling the demand for roofing materials from the residential and non-residential end-use segments. China dominates the Asia Pacific and global roofing market with the largest production and consumption of roofing materials.
Key players
Key players operating in the roofing materials market are Owens Corning, Carlisle Companies Incorporated, CertainTeed, Eternal Group, GAF, TAMKO Building Products, Sika Group, and Johns Manville. Owens Corning is one of the leading manufacturers of roofing materials including asphalt shingles, underlayment, and roofing nails.
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