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The Global Roofing Market size is estimated to grow at a CAGR of 4.68% between 2022 and 2027 and the size of the market is forecast to increase by USD 32.18 billion. The growth of the market depends on several factors, such as the growing number of construction projects, the growing disposable income in developing countries, and the growing awareness of roofing benefits.
This report extensively covers market segmentation by component (material and chemicals), application (residential, commercial, and industrial), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Roofing Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The global roofing market is propelled by the increasing number of construction projects. Renovation and redevelopment investments in commercial and residential buildings are key drivers. The roof, a vital architectural element, provides both protection and aesthetic enhancement. The construction sector, a major raw material consumer, is forecasted to grow at a 4.2% annual CAGR. This expansion is driven by global increases in residential, non-residential, and infrastructure projects, contributing to the construction industry's growth.
The global roofing market is witnessing a significant trend towards increased demand for smart roofing solutions. A smart roof is one that performs independent functions, controlled by an algorithm. It constantly monitors its state, promptly identifying and addressing issues without the need for periodic inspections.
Users are notified if preset limits, like humidity levels, are exceeded. This technology optimizes building ventilation to prevent humidity damage. These smart roofs can be incorporated in new constructions or renovations, requiring only the addition of smart devices like sensors and a control unit. This emerging trend is poised to propel the growth of the global roofing market in the forecast period.
A significant challenge to the global roofing market's growth is the health risks associated with roofing chemicals. While these chemicals possess useful properties for commercial and non-commercial buildings, their usage comes with adverse effects.
For example, petrochemically derived bitumen carries toxic properties, causing burns upon contact and potentially hazardous fumes during heating. Exposure to asphalt fumes, found in roofing product manufacturing and installation, can lead to respiratory issues, skin irritations, and even cancer. Epoxy resins also pose risks, causing skin and eye irritation, and potentially impacting respiratory health. The potential health hazards posed by these chemicals could hinder the global roofing market's expansion in the forecast period.
The material segment will account for a major share of the market's growth during the forecast period. Materials that are resistant to weather conditions such as rain, snow, intense sunlight, and freezing temperatures have been specifically chosen based on their characteristics. The topmost layer of a roof is made up of a variety of materials, such as metal, wood, and concrete. The color, texture, and base ingredient variations in roofing materials are countless.
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The material segment was valued at USD 69.36 billion in 2017 and continued to grow until 2021. The materials used to construct a roof have a direct impact on how long it will last. When made of materials such as wood, rubber, tar, and asphalt, the typical roof life span is between 10 and 20 years. Slate and stone construction offer protection for up to 100 years. Roofs made of copper can last for hundreds or even thousands of years. The roof design of a building has a significant aesthetic impact. It may enhance the architecture or serve little to no function in terms of design harmony.
Based on application, the market has been segmented into residential, commercial, and industrial. The residential segment will account for the largest share of this segment. The residential roofing materials often focus on aesthetics, durability, and insulation to provide protection and enhance the appearance of the building. Growing urbanization is primarily responsible for the rising popularity of residential buildings such as apartments, bungalows, and villas in emerging economies.
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APAC is estimated to contribute 35% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In APAC, growth in the number of construction activities in the industrial, commercial, and residential sectors is driving the need for cost-effective and quick-building solutions. Hence, the adoption of roofing solutions is rapidly increasing in the region. Rapid industrialization is one of the major factors that drive the demand for roofing solutions in the region. In the last few years, many small and large-scale industries have been established in countries such as Vietnam, Indonesia, the Philippines, India, China, Malaysia, Australia, and Singapore. This has led to the development of single and multi-story buildings for different industrial spaces, such as factories, warehouses, storage facilities, and industrial plants. Such a growing construction industry in the country will drive the growth of the roofing market in APAC during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted end-user industries such as construction in the region. However, the initiation of vaccination drives led to a decrease in the number of COVID-19 cases in the second half of 2021. This led to the lifting of lockdown restrictions and the resumption of business operations in several industries, including construction, which helped the regional market to recover to some extent in the first half of 2021. Thus, the growing construction activities in the region will drive the growth of the roofing market in APAC during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers 3M roofing granules for contractors, manufacturers, and homeowners.
Atlas Roofing Corp.: The company offers various types of roofing such as shingles, underlayment, and ventilation roofing.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The roofing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Roofing Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.68% |
Market growth 2023-2027 |
USD 32.18 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.8 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Atlas Roofing Corp., Axter Ltd., BASF SE, Berkshire Hathaway Inc., Blachotrapez Sp. z o.o., Carlisle Companies Inc., Compagnie de Saint Gobain, Dow Chemical Co., DuPont de Nemours Inc., EAGLE Roofing Products, Etex NV, Holcim Ltd., IKO Industries Ltd., Oriental Yuhong, Owens Corning, Sika AG, Standard Industries Ltd., Westlake Corp., and Wienerberger AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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