Enjoy complimentary customisation on priority with our Enterprise License!
The Roofing Market size is estimated to increase by USD 30.8 billion and grow at a CAGR of 4.35% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. First, the increasing number of construction projects worldwide provides ample opportunities for market expansion. Additionally, rising disposable income in developing nations is leading to increased demand for durable and affordable solutions. However, this market growth is not without challenges. Health risks associated with the use of certain chemicals necessitate strict safety regulations. Moreover, the environmental impact of these materials, particularly those derived from non-renewable resources, is a growing concern. Lastly, fluctuations in raw material costs can significantly impact the production and pricing of these materials. Despite these challenges, the industry continues to innovate, with a focus on sustainable and cost-effective solutions.
Market Forecast 2024-2028
To learn more about this report, Download Report Sample
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 the materials are countless.
Get a Customised Report as per your requirements for FREE!
The material segment was valued at USD 72.20 billion in 2018. 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. Hence, such factors are fuelling the growth of this segment during the forecast period.
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 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.
For more insights on the market share of various regions View PDF Sample now!
APAC is estimated to contribute 34% to the growth by 2028. 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 these solutions is rapidly increasing in the region. Rapid industrialization is one of the major factors that drive the demand of 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 market in APAC during the forecast period.
In the roofing sector, a diverse range of factors influences market dynamics. From the industrial segment to residential buildings, considerations such as total lifespan, sustainability, and energy efficiency drive choices in roofing materials. Despite challenges like economic recessions and bad weather, the industry remains vibrant, with construction activities fueling demand for roofing solutions. Both renovation and redevelopment projects contribute to the market's growth, with a focus on sustainable roofing materials and energy-efficient structures. As the building industry continues to evolve, the adoption of schemes and incentives further propels the use of commercial and residential roofing solutions, instilling investor confidence and countering catastrophic setbacks.
The global 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.
Moreover, this expansion is driven by global increases in residential, non-residential, and infrastructure projects, contributing to the construction industry's growth. Hence, such factors are driving the market during the forecast period.
The global market is witnessing a significant trend towards increased demand for smart roofing solutions. A smart roof 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 into 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 market in the forecast period.
A significant challenge to the global 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 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 market's expansion in the forecast period.
Companies 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 companies, 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. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also be interested in the following market reports:
The market is evolving rapidly with a focus on durable, sustainability, and energy efficiency. Roofing insights into roofing application insights reveal a growing demand for toughness and affordability, particularly in roofing regional insights prone to extreme weather or situated in coastal areas. Sustainable building methods and energy-efficient structures are gaining traction, with a notable interest in solar roofing options. The market landscape depends on the structure total lifespan, Commercial building, Residential building, Economic recession, Catastrophic setback, Construction materials, construction work, expanding business. The asphalt segment remains prominent, offering a range of product lines to meet diverse needs. Companies like Braas Monier Building are engaging in strategic activities, including contractual agreements and higher investments, to develop cost-effective items and reduce operational costs in the roofing industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.35% |
Market growth 2024-2028 |
USD 30.8 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.08 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.