The global roofing materials market is expected to exhibit a steady growth trajectory, with a compound annual growth rate (CAGR) of 4% anticipated during the forecast period of 2019-2029.
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This growth can be attributed to several factors, including:
- Rising demand for new buildings: The ongoing construction of residential and non-residential buildings across the globe is driving the demand for roofing materials.
- Increasing renovation and repair activities: As existing buildings age, there is a growing need for roof replacements and repairs, which is propelling the market forward.
- Focus on sustainable construction: The growing emphasis on sustainability in the construction sector is leading to increased demand for eco-friendly roofing materials, such as metal and slate roofs.
North America Leads the Way
North America currently holds the dominant position in the global roofing materials market, accounting for roughly 40% of the market share. This leadership can be attributed to the well-established construction industry in the region, coupled with a high disposable income of residents, allowing for investments in home improvements and renovations.
APAC: A Lucrative Market with High Growth Potential
The Asia Pacific (APAC) region is projected to remain a lucrative market for roofing materials throughout the forecast period. This growth is primarily driven by:
- Rapid urbanization: The rapid urbanization taking place in various APAC countries, such as China and India, is leading to the construction of numerous new buildings, thereby boosting the demand for roofing materials.
- Rising disposable incomes: As the disposable incomes of individuals in APAC countries rise, there is a growing demand for better quality housing, which includes investments in roofing materials.
Overall, the global roofing materials market is expected to witness steady growth in the coming years, driven by various factors such as increasing construction activities, rising disposable incomes, and a growing focus on sustainable construction practices. While North America currently holds the top spot, the APAC region presents significant growth potential due to its rapid urbanization and economic development.
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