Market Overview:
The global roofing materials market is projected to reach a value of US$126.24 billion by 2023, growing at a CAGR of 3.8% during the forecast period of 2023-2030. Roofing materials are essential for the construction industry, offering protection to buildings from various weather conditions. They provide thermal insulation, waterproofing, and aesthetic appeal to residential, commercial, and industrial structures. The demand for energy-efficient and eco-friendly roofing materials has been increasing, driven by growing environmental concerns and government regulations. Additionally, the need for durable and low-maintenance roofing solutions is fueling the market growth. Key players in the market include Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, and Fletcher Building.
Market Key Trends:
One prominent trend in the roofing materials market is the growing preference for sustainable and energy-efficient roofing solutions. As consumers become more environmentally conscious, there is a rising demand for roofs that can help reduce energy consumption and carbon emissions. This trend is driving the adoption of green roofing materials, such as solar panels, cool roofs, and vegetative roofs. Solar panels integrated into rooftops enable the generation of renewable energy, while cool roofs reflect sunlight and reduce heat absorption, leading to lower cooling costs. Vegetative roofs, also known as green roofs, provide natural insulation and improve air quality. These trends are expected to continue growing in the coming years, as governments and organizations encourage sustainable building practices.
Segment Analysis:
In the roofing materials market, the dominant segment is expected to be the asphalt shingles segment. Asphalt shingles are popular due to their affordability, ease of installation, and durability. They are widely used in residential buildings and have a high demand in regions with extreme weather conditions such as North America. These factors contribute to the dominance of the asphalt shingles segment in the roofing materials market. Additionally, the availability of various colors and styles of asphalt shingles further increases their popularity among customers.
Key Takeaways:
The Global Roofing Materials Market Growth is expected to witness high, exhibiting a CAGR of 3.8% over the forecast period of 2023-2030. This growth can be attributed to several factors. One of the main drivers is the increasing construction activities worldwide. With the rapid urbanization and population growth, there is a rising demand for new residential and commercial buildings, which in turn drives the demand for roofing materials.
Regionally, North America is expected to be the fastest-growing and dominating region in the roofing materials market. This can be attributed to the high demand for roofing materials in the region, primarily driven by the construction industry. The region has a well-established infrastructure and is witnessing significant construction projects, including new residential and commercial buildings and renovation activities. The presence of stringent building codes and regulations also drives the demand for high-quality roofing materials in North America.
Key players operating in the roofing materials market include Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, Fletcher Building, Boral Roofing, Eagle Roofing Products, Johns Manville, CertainTeed, Crown Building Products LLC, TAMKO, Building Products Inc, Atlas Roofing Corporation, GAF, Georgia-Pacific, Metal-Era LLC, MIDWEST ROOFING SUPPLY, IKO Industries Ltd, Paul Bauder GmbH & Co. KG, Bravo Europa, Bilka, and Maxroof. These key players have a significant market share and are actively involved in product development, mergers and acquisitions, and strategic partnerships to maintain their competitive edge in the market.
