The global roofing material market size reached USD 141.1 billion in 2023. Over the forecast period 2024 to 2034, sales are anticipated to rise at 4.6% CAGR. The total market value is predicted to increase from USD 147.1 billion in 2024 to USD 231.1 billion by 2034.
The global roofing materials market has witnessed significant growth in recent years, driven by rapid urbanization, construction activities, and a growing emphasis on sustainable and energy-efficient building solutions. Roofing materials play a crucial role in protecting buildings from external elements, ensuring durability, and enhancing the overall aesthetic appeal. As the construction industry continues to expand, the demand for advanced roofing materials is expected to surge, offering immense opportunities for manufacturers and suppliers.
The roofing materials market encompasses a wide range of products, including asphalt shingles, metal roofing, tiles, slates, and various green roofing options. These materials differ in terms of cost, durability, environmental impact, and installation complexity, providing consumers with a diverse range of choices to suit their preferences and budgets. Moreover, the market is influenced by factors such as climate conditions, architectural trends, and government regulations promoting sustainable building practices.
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The future of the roofing materials market looks promising, driven by ongoing infrastructure development and increased investments in sustainable construction practices. As environmental concerns continue to mount, the demand for eco-friendly and energy-efficient roofing solutions is expected to surge. Additionally, technological advancements and research in the roofing industry are likely to lead to the development of novel and high-performance materials, further bolstering market growth.
Roofing Materials Market Study: Key Takeaways
- The global roofing materials market is projected to record a CAGR of 4.6% during the forecast period (2024-2034).
- North America’s market, accounting for 25.6% of the total value, will continue to exhibit an impressive growth rate through 2034.
- High growth opportunities are expected in Asia Pacific, due to the rapid expansion of the construction industry in developing countries
- In 2034, total sales of roofing materials in India accounted for revenues worth over USD 9.8 billion.
- Asphalt shingles are projected to account for a 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 the residential sector remains a key growth influencer while rising applications in commercial settings are likely to result in increased market share.
“With Tesla launching the third version of its Solar Roof Tiles or textured glass shingles that could send electricity to the company’s home batteries, key players are hard pressed to increase their investments in greener and versatile roofing materials. Moreover, these players will need to show duality in their approach to stay ahead of the curve. In addition to sustainable offerings, manufacturers are required to ensure ease of installation and low maintenance costs,” says the FMI analyst.
Regional Outlook:
- North America: The roofing materials market in North America has witnessed steady growth due to increasing renovation and remodeling activities, along with a rising demand for energy-efficient roofing solutions.
- Europe: Stringent building codes and regulations promoting sustainable construction practices have boosted the demand for green roofing materials in Europe.
- Asia-Pacific: Rapid urbanization and industrialization in countries like China and India have spurred the growth of the roofing materials market in the Asia-Pacific region.
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Green Roofing with High Aesthetic Appeal: A Key to Gain Competitive Edge
In order to align with sustainability trends while maintaining the aesthetic appeal of their products, roofing companies and shingle manufacturers are increasingly entering into partnerships with designers to offer consumer-centric products. Maintaining long-term relationships with customers by offering better quality products and services also remains a key focus area for manufacturers.
Some of the leading roofing materials market players include GAF Materials Corporation, CertainTeed, Owens Corning, Atlas Roofing Corporation, Carlisle Companies Inc., Boral Ltd., Braas Monier Building Group, Johns Manville, and Etex.
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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