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 residential roofing market 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) 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.