Roofing is defined as the outer most layer of the building whose properties depend on the type of roofing and the material used for roofing. Market Research Future (MRFR) has published and released a research report on the global roofing industry that calculates hike for this market at 4% CAGR (Compound Annual Growth Rate) during the forecast period that would end in 2022. By value, the market has been figured to be worth the US $ 150 bn by the end of the forecast period.
Observing the market structure, this report measures the future growth potential of the market. It gauges the strategies of the key players in the market and aids the competitive developments like new product developments, joint ventures, mergers & acquisitions, research and developments (R&D) in the market.
The important market drivers for the global roofing market are increased awareness about eco-friendly roofing, rapid technological advancement, surge in real-estate investment and increased renovation & remodeling. Other factors supporting the market growth include changing lifestyles, awareness among the consumers about the high-quality & eco-friendly roofing technology, the increasing disposable income, and the growing need for building remodeling & renovation of the existing properties.
The global roofing market can be segmented into material, application, and region. The material-based segmentation of this market covers built-up, bituminous/asphalt, metal, elastomeric, tile, and others. Based on application, the market can be segmented into commercial, industrial, residential, and others.
The regional segmentation of the global roofing market segments the market into regional markets namely Europe, North America, Asia Pacific, and the Middle East & Africa (MEA). The Asia Pacific region is both the largest as well as the fastest growing regional market due to the growing demand for more houses, rising population, increasing industrialization, and the need for more factories so that the industrial production can be increased. The construction of commercial as well as non-commercial buildings is growing in the Asia Pacific region. The vital economies that can be important country-specific markets in this region are China, India, and Japan.
North America is the second most important regional market whereas Europe is the third largest regional market. In both regions, the market is stagnant because both of these regions have established infrastructure in both commercials as well as non-commercial aspects. In these regions, the market is steady due to government initiatives encouraging the use of such eco-friendly roofing technology. In North America, the major economies that can be good markets are the USA and Canada. Many important market players are based in the USA. In Europe, the important economies are France, Germany, and the UK.
In the MEA region, the market is limited due to limited availability of relevant technology, limited construction activities, majority countries being poor countries, lack of awareness about eco-friendly roofing, lack of education, and low per capita income.
Segmental Analysis
Extensive research has been conducted on the global roofing market, which has been segmented on the basis of roofing and application.
On the basis of roofing, the global roofing market has been segmented into asphalt, tiles, metal, concrete, and others. The tiles segment is expected to dominate the market in the year 2023. Moreover, the tiles segment is expected to register the highest CAGR of 3.89% during the forecast period.
On the basis of application, the global roofing market has been segmented into commercial roofing, residential, and industrial. The residential segment is expected to be the largest segment in 2018. The rising residential construction drives the market.
Key Players
The key players in the global roofing market include CertainTeed Corporation (USA), Braas Monier Building Group Services GmbH (Germany), Duro-Last Roofing Inc. (USA), Atlas Roofing Corporation (USA), General Aniline & Film (GAF) (USA), Firestone Building Products Company (USA), IKO Industries Ltd. (USA), Owens Corning (USA), Johns Manville (USA), and TAMKO Building Products Inc. (USA).
Farha Roofing provides content to keep their customers informed on the latest trends and news in the roofing industry.
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