Roofing materials are an essential component of any building, serving as the primary barrier between the interior of the structure and the outside environment. There are a variety of roofing materials available, each with its unique advantages and disadvantages. Some of the most commonly used roofing materials include asphalt shingles, metal, clay and concrete tiles, slate, and wood.
Future Market Insights recently published a detailed study on worldwide sales of and advancements in modern-day roofing materials, and it reveals that the global market value reached approximately 115 Bn in 2018. An exponential increase in number of both of residential and commercial buildings, catering to ever-rising population, are mainly triggering the sales of roofing materials.
As the global focus on sustainability of every aspect of an industry intensifies, manufacturers are increasingly targeted towards materials with low impact on the environment. Moreover, greater awareness of the value of roof space and potential of unique roofing materials other than keeping occupants warm and dry has been influencing the innovation strategies, opines the FMI study.
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Roofing Materials Market Study: Key Takeaways
- The global roofing materials market is projected to record CAGR of 4.2% during the forecast period (2019-2029).
- North America’s market, accounting for 46% of the total value, will continue to exhibit an impressive growth rate through 2029.
- High growth opportunities are expected in Asia Pacific, due to rapid expansion of construction industry in developing countries
- In 2018, total sales of roofing materials in India accounted for revenues worth over US$ 7.3 Bn.
- Asphalt shingles are projected to account for relatively high share, following restrictions on bitumen in developed markets.
- New installation of roofing materials will continue to influence growth strategies, while manufacturers are focusing on capitalizing on rapidly increasing retrofitting activities.
- High adoption in residential sector remains key growth influencer, while rising application in commercial setting is likely to result in increased market share.
Manufacturers Eyeing Lucrative Opportunities in Developing Markets
In recent years, a number of population in urban cities of Asian pacific countries have been increasing on a significant pace, thereby potentially raising the need for both residential and commercial buildings. This, in turn, is weighing on same scale as increasing demand for roofing materials. In the view of growing labor concerns across the globe, market players are seeing developing countries from manufacturing perspective, where operation as well as labor costs are relatively low. Furthermore, in Middle East & Africa, demand for roofing materials is expected to grow strong going forward, owing to recent economic development in several countries.
Green Roofing with High Aesthetic Appeal: A Key to Gain Competitive Edge
In order to align with sustainability trends while maintaining an aesthetic appeal of their products, roofing companies and shingle manufacturers are increasingly entering into partnership with designers to offer consumer-centric products. Maintaining a long-term relationships with customers by offering better quality products and services also remain a key focus area of manufacturers.
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Roofing Materials Market: Segmentation
By Product:
- Asphalt Shingles
- Concrete & Clay Tiles
- Plastic Roof
- Metal Roof
- Others
By Application:
- Residential
- Non-residential
By Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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