Roofing Systems Market Size Worth USD 197.02 Billion By 2032
The global roofing systems market size was USD 127 Billion in 2022 and is expected to reach USD 197.02 Billion in 2032, and register a revenue CAGR of 5% during the forecast period. With urbanization and industrialization, there has been a sharp rise in construction activity, notably in the residential and commercial sectors, which is driving revenue growth of the roofing systems market.
The rising number of construction projects in non-residential sectors such as schools, offices, and malls has led to a growing demand for roofing system materials. Different materials such as slate, terracotta, concrete, reflective metal roofing, and white flat tile are used for roofing systems. Advancements in technology have resulted in reducing the input cost of building roofs, driving market revenue growth.
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Among the material segments, the asphalt segment accounted for the largest revenue share in 2020 and is expected to register the fastest revenue CAGR during the forecast period. Among the product type segments, the shingles & plates segment accounted for the largest revenue share in 2020. The roofing systems market in the Asia Pacific accounted for the largest revenue share in 2020 and is expected to register the fastest revenue CAGR during the forecast period.
Some of the key players profiled in the global market report include Atlas Roofing Corporation, Johns Manville, ETEX Group, Owens Corning, 3M Company, CSR Limited, Boral Limited, The Siam Cement Public Company Limited, Standard Industries Inc., and Dow Inc.
The global roofing systems market has been segmented based on material, product, construction type, end-use, and region.
Roofing Systems Market: Drive Factors
The roofing systems market is being driven by various factors such as the rapidly growing construction industry, urbanization, and increasing demand for sustainable roofing materials. The rising number of construction projects in non-residential sectors such as schools, offices, and malls is also leading to a growing demand for roofing system materials.
Advancements in technology are reducing the input cost of building roofs significantly, thereby driving market revenue growth. The roofing systems offer various benefits such as protection of building interior from extreme weather conditions such as rain, wind, sun, heat, and snow, and providing thermal insulation and desired aesthetic appearance.
The market is also being driven by the increasing popularity of asphalt-based roofing systems due to their ability to withstand wind, hail, or fire damage and discoloration. Other materials used for roofing systems include slate, terracotta, concrete, reflective metal roofing, and white flat tile.
The roofing systems market in the Asia Pacific region is expected to register the fastest revenue CAGR during the forecast period due to substantial investments in research & development on advanced technologies in the construction sector. Rapid urbanization and expansion of the construction industry in developing countries in the region are other factors driving revenue growth of the Asia Pacific market.
Roofing Systems Market: Notable Innovation
There have been several notable innovations in the roofing systems market in recent years. One such innovation is the development of sustainable roofing materials, which are in high demand due to the increasing focus on environmental sustainability. These materials include recycled content, reflective coatings, and vegetative roofs.
Another notable innovation is the use of advanced technology in roofing systems. For example, some roofing systems now incorporate sensors and other smart technology to monitor weather conditions and adjust to changing environmental factors. This helps to improve the energy efficiency of buildings and reduce energy costs.
In addition, there have been advancements in the design and installation of roofing systems to improve their performance and durability. For example, some roofing systems now feature interlocking tiles or shingles that provide enhanced wind resistance and reduce the risk of leaks.
Overall, these innovations are helping to drive the growth of the roofing systems market by providing customers with more sustainable, efficient, and durable roofing options.
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