USD 125.2 billion
Roofing Materials Market Size, Share, Growth Analysis, By Product (Asphalt Shingles, Concrete & Clay Tiles), By Application (Residential, Non-residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15F2115 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
63
|Figures:
75
Roofing Materials Market Insights
Global Roofing Materials Market size was valued at USD 125.2 billion in 2022 and is poised to grow from USD 129.96 billion in 2023 to USD 175.14 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).
The global roofing materials market has witnessed significant growth and transformation in recent years. The market, which encompasses a wide range of materials used for constructing roofs, has experienced steady expansion due to various factors such as urbanisation, industrialization, and increasing construction activities across the globe. One of the primary drivers of growth in the roofing materials market is the rising demand for residential and commercial infrastructure. As population continues to grow and cities expand, there is a constant need for new residential buildings, offices, and commercial spaces. This has fueled the demand for roofing materials, as roofs are an essential component of any construction project. Moreover, the increasing awareness about the importance of energy-efficient and sustainable roofing solutions has also contributed to the market's growth.
Another key factor driving the market is the renovation and refurbishment activities in the construction sector. Many existing buildings require roof repairs or replacements due to ageing or damage, leading to a surge in demand for roofing materials. Additionally, stringent government regulations and initiatives promoting green building practices have encouraged the use of eco-friendly roofing materials, further propelling the market growth. However, the global roofing materials market also faces several challenges. One of the major challenges is the volatility in raw material prices. Fluctuations in the prices of key raw materials, such as asphalt, metal, and bitumen, can impact the overall cost of roofing materials, thereby affecting profit margins for manufacturers. Additionally, the availability of skilled labour for the installation of complex roofing systems can be a challenge in certain regions, leading to delays or compromises in the quality of work. Furthermore, the market faces competition from alternative roofing materials and systems. For instance, the growing popularity of solar panels as a roofing solution has posed a challenge to traditional roofing materials. Solar roofs offer the dual benefit of generating renewable energy and providing a protective covering, which has attracted consumers seeking sustainable and cost-effective solutions.
US Roofing Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
3.8% CAGR
Global Roofing Materials Market ($ Bn)
Country Share for North America Region (%)
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Roofing Materials Market Segmental Analysis
Global Roofing Materials Market is segmented by Product, Application, and region. Based on Product, the market is segmented into Asphalt Shingles, Concrete & Clay Tiles, Metal Roofs, Plastics, and Other Products. Based on Application, the market is segmented into Residential, and Non-residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Roofing Materials Market Analysis By Product
The global roofing materials market can be segmented by product into asphalt shingles, concrete & clay tile roofs, metal roofs, plastic roofs, and others. Among these segments, asphalt shingles have emerged as the dominant product in the market. Asphalt shingles have been widely adopted due to their affordability, versatility, and ease of installation. They are available in a variety of styles, colours, and designs, making them a popular choice for both residential and commercial roofing projects. The dominance of asphalt shingles can be attributed to their cost-effectiveness, durability, and ability to withstand various weather conditions. Additionally, advancements in asphalt shingle technology have improved their energy efficiency and eco-friendliness, further driving their market dominance.
In terms of the fastest-growing product segment in the global roofing materials market, metal roofs have witnessed significant growth in recent years. Metal roofs offer several advantages, including longevity, durability, and low maintenance requirements. They are known for their excellent resistance to fire, extreme weather conditions, and pests. Moreover, metal roofs are highly sustainable and recyclable, making them attractive to environmentally conscious consumers.
Roofing Materials Market Analysis By Application
The global roofing materials market can be segmented by application into residential and non-residential sectors. Among these segments, the residential sector stands as the dominant application in the market. The residential segment encompasses roofing materials used in houses, apartments, and other residential buildings. The dominance of the residential sector can be attributed to the continuous demand for housing, driven by population growth, urbanisation, and the need for new residential constructions. Roofing materials play a crucial role in providing protection, insulation, and aesthetic appeal to residential structures. Factors such as affordability, durability, and design options are significant considerations for homeowners, making them inclined towards investing in quality roofing materials. Additionally, renovation and refurbishment activities in the residential sector also contribute to the demand for roofing materials.
In terms of the fastest-growing application segment, the non-residential sector has witnessed significant growth in recent years. The non-residential segment covers roofing materials used in commercial buildings, industrial facilities, institutional structures, and other non-residential constructions. The growth in this segment can be attributed to the rapid expansion of industries, commercial spaces, and infrastructure development worldwide. Increasing investments in sectors such as healthcare, hospitality, retail, and offices have led to a surge in demand for roofing materials. Additionally, the growing emphasis on energy efficiency and sustainability in commercial construction has further propelled the adoption of advanced roofing materials in this segment.
Global Roofing Materials Market By Application
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Roofing Materials Market Regional Insights
The dominating region in the global roofing materials market is North America, which holds a significant market share. With the presence of renowned casinos in Las Vegas and Atlantic City, North America has established itself as a gambling hub. The region boasts a thriving casino industry and is home to several major players in the gaming equipment market. The demand for cutting-edge gaming machines, electronic gaming tables, and other equipment is consistently high in this region, driving the growth of the market. North America's market share is estimated to be around 40%, making it a key player in the global Roofing Materials market.
The fastest-growing region in the global Roofing Materials market is Asia Pacific. The region has witnessed remarkable growth in the casino industry, primarily driven by countries like Macau, Singapore, and the Philippines. Macau, often referred to as the "Las Vegas of the East," has experienced exponential growth in its gambling sector, attracting millions of tourists each year. The demand for gaming equipment, including slot machines, electronic table games, and other casino essentials, has surged in the Asia Pacific region. With the rising disposable income and increasing preference for entertainment and leisure activities, the market in this region is expected to grow at a rapid pace. The Asia Pacific region currently holds a market share of around 30% and is projected to witness significant expansion in the coming years.
North America is a prominent market for roofing materials due to several factors. The region has a large and established construction industry, with significant residential and commercial infrastructure development. The demand for roofing materials in North America is driven by factors such as population growth, urbanisation, and the need for renovation and refurbishment of existing structures. Moreover, the region experiences diverse weather conditions, including extreme temperatures and severe weather events, which necessitate the use of high-quality and durable roofing materials for protection and longevity. The presence of major roofing material manufacturers and advanced construction practices further strengthens the dominance of North America in the global market.
In terms of the fastest-growing region, Asia Pacific has emerged as a significant market for roofing materials. The region's rapid urbanisation, population growth, and infrastructure development have fueled the demand for residential and commercial construction projects. Countries such as China, India, and Southeast Asian nations have witnessed extensive construction activities, leading to increased demand for roofing materials. Additionally, the rising disposable income and improving standards of living in the region have further stimulated the demand for quality roofing solutions. The adoption of energy-efficient and sustainable roofing materials has also gained traction in the Asia Pacific region, driven by government initiatives and growing environmental awareness.
Global Roofing Materials Market By Region
- Largest
- Fastest
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Roofing Materials Market Dynamics
Roofing Materials Market Drivers
Rising Awareness of Energy Efficiency
- The growing emphasis on energy-efficient buildings and sustainable construction practices has boosted the demand for roofing materials that offer superior thermal insulation properties and reduce energy consumption. Energy-efficient roofing materials help in reducing heating and cooling costs, leading to their increased adoption.
Renovation and Refurbishment Projects
- The need for roof repairs and replacements in existing buildings fuels the demand for roofing materials. Aging structures and damages caused by weather events or natural wear and tear necessitate the replacement or repair of roofs, creating a significant market opportunity.
Roofing Materials Market Restraints
Environmental Concerns
- The production and disposal of certain roofing materials may have negative environmental impacts. For instance, some roofing materials, such as asphalt shingles, can contribute to landfill waste due to their limited recyclability. The increasing focus on sustainable and environmentally friendly alternatives may hinder the demand for traditional roofing materials.
Availability of Skilled Labor
- The installation of complex roofing systems requires skilled labor, and the availability of such labor can be limited in certain regions. The shortage of skilled workers can lead to delays in projects or compromise the quality of work, affecting the overall growth of the roofing materials market.
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Roofing Materials Market Competitive Landscape
The global roofing materials market is characterised by a competitive landscape with several key players operating in the industry. These players compete based on factors such as product quality, innovation, pricing, and distribution networks. The market comprises a mix of global and regional manufacturers, each with their own strengths and market presence. Innovation plays a crucial role in maintaining a competitive edge in the roofing materials market. Companies strive to develop new and advanced materials that offer improved performance, durability, and energy efficiency. Moreover, sustainable roofing solutions and eco-friendly materials have gained traction, leading to increased competition in this segment. Establishing strong distribution networks is another important aspect of the competitive landscape.
Companies aim to expand their reach and ensure efficient supply chain management to meet the growing demand for roofing materials. Collaborations with distributors, contractors, and construction companies are common strategies employed by market players to enhance their market presence. Market players also focus on branding and marketing efforts to differentiate themselves in a crowded market. Building a strong brand image, emphasising product quality and reliability, and providing excellent customer service are key factors in gaining a competitive advantage. Additionally, partnerships and strategic acquisitions are frequently observed in the roofing materials market. Companies engage in mergers or acquisitions to expand their product portfolios, access new markets, and leverage synergies to strengthen their position in the industry.
Roofing Materials Market Top Player’s Company Profile
- Owens Corning
- Saint-Gobain
- GAF Materials Corporation
- Carlisle Companies Incorporated
- BMI Group
- IKO Industries
- Firestone Building Products
- TAMKO Building Products, Inc.
- Boral Limited
- Sika AG
- Monier Group
- Beacon Roofing Supply, Inc.
- Eternit SA
- Wienerberger AG
- Tata BlueScope Steel
- Fletcher Building Limited
- National Roofing Contractors Association (NRCA)
Roofing Materials Market Recent Developments
- In January 2023, GAF Materials Corporation announced the launch of its new line of solar roofing shingles.
- In February 2023, CertainTeed Corporation announced the acquisition of TAMKO Building Products Inc., a leading manufacturer of roofing materials.
Roofing Materials Key Market Trends
- Increasing Demand for Sustainable and Eco-Friendly Materials: There is a growing emphasis on sustainable and eco-friendly roofing materials. Consumers and businesses are increasingly seeking roofing solutions that minimise environmental impact, promote energy efficiency, and offer long-term durability. This trend is driving the adoption of materials such as recycled content, cool roofs, green roofs, and solar roofing systems.
- Integration of Technology: Technology integration is playing a significant role in the roofing materials market. Advanced roofing materials are being developed with integrated technologies such as solar panels, sensors, and smart roofing systems. These technologies offer benefits like energy generation, improved monitoring capabilities, and enhanced functionality, meeting the demand for technologically advanced and efficient roofing solutions.
Roofing Materials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global roofing materials market analysis, North America dominates the global roofing materials market due to its established construction industry, diverse weather conditions, and demand for high-quality roofing solutions. Meanwhile, Asia Pacific represents the fastest-growing region, driven by rapid urbanisation, infrastructure development, and the adoption of energy-efficient roofing materials. Increasing construction activities, both in residential and non-residential sectors, play a crucial role in driving the demand for roofing materials. The market is witnessing a shift towards sustainable and eco-friendly materials, as environmental concerns and energy efficiency become key considerations for consumers and businesses. Advancements in technology, such as integrated solar panels and smart roofing systems, are reshaping the industry and offering enhanced functionalities. Additionally, customization options and aesthetic appeal are gaining importance as customers seek roofing solutions that align with their architectural preferences. The market is also witnessing a rise in online sales channels and digitalization, providing greater convenience and accessibility to customers. Safety and resilience are paramount, leading to the development of materials that offer enhanced fire resistance and can withstand extreme weather conditions. Overall, the global roofing materials market is poised for further growth, driven by innovation, sustainability, and customer-centric approaches. Manufacturers and suppliers continue to adapt and respond to these trends to meet the evolving demands of the industry and cater to the diverse needs of consumers worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 125.2 billion |
| Market size value in 2031 | USD 175.14 billion |
| Growth Rate | 3.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Roofing Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Roofing Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Roofing Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Roofing Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Roofing Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Roofing Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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