The global roofing materials market size is expected to reach USD 151.2 billion by 2027, registering a CAGR of 3.0% over the forecast period, according to a new report by Grand View Research, Inc. Increasing product application in residential and commercial construction activities is projected to drive the growth.
Rising focus on construction of green, energy-efficient buildings leads to an increased demand for roofing materials. Furthermore, the durability associated with the variety of roofing materials such as asphalt shingles, metal roofs, and concrete and clay tiles is expected to have a positive impact on the market growth over the forecast period.
A wide variety of roofing materials is available, depending on the aesthetic, structural, and economic requirements of consumers. Over the past few years, roofing structures have emerged as an architectural trademark, which along with being eco-friendly, are also visually attractive, reasonably priced, and structurally sound.
The market is characterized by a long-term relationship between customers and manufacturers and high brand loyalty. Major industry participants are focusing on enhancing their market share by expanding their product portfolio and focusing on improving product quality.
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https://www.grandviewresearch.com/industry-analysis/roofing-materials-market
Further key findings from the report suggest:
- In Asia Pacific, the demand for roofing materials market in residential application is expected to register a CAGR of 3.1% in terms of value over the forecast period, owing to the growing population and the subsequent rise in demand for housing structures
- In China, the metal roof segment is expected to attain a market share of 27.5% by 2027 in terms of value owing to rising product application in the rapidly growing industrial sector in the country
- In U.S., the asphalt shingles segment was valued at approximately USD 5.0 billion in 2019 on account of their resistance to fire damage and algae growth, along with lower cost, long lifecycle, and ease of installation
- The concrete and clay tiles segment in Europe is expected to register a CAGR of 2.8% in terms of value over the forecast period on account of increasing adoption of eco-friendly construction materials supported by the regulatory framework in the region
- The non-residential application segment in the Middle East and Africa market was valued at USD 4.8 billion in 2019 due to rising investments for the construction of offices, hotels, and restaurants
- Industry players are focusing on increasing their market share by expanding their product portfolio and providing a wide range product choice in terms of color and texture to customers.
