Asphalt Shingles is Fastest Growing Segment Fueling Growth of Roofing Materials Market
Market Overview:
Roofing materials are used for sheltering residential and commercial buildings from external elements like rain, sunlight, wind, snow etc. Common roofing materials are asphalt shingles, clay tiles, concrete tile, metal roofing etc. They provide weather resistance and protection to buildings.
Market key trends:
One of the key market trends is the rising demand for energy efficient and eco-friendly roofing materials. With growing awareness about green buildings and reducing carbon footprint, there is significant demand for roofing materials made from recycled content, bio-based materials or having high solar reflectance. Metal roofing, single ply membranes and cool roof coatings offer high solar reflectance and help reduce roof temperature thus improving energy efficiency of buildings. Sustainable or green roofing systems installed with vegetation also witness increased uptake due to their environmental benefits.
The global Roofing Materials Market Demand is estimated to be valued at US$ 131.04 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Roofing materials such as asphalt shingles have high durability and weather resistance which makes them suitable for various climatic conditions. They also offer low maintenance and have competitive pricing.
Weakness: Certain roofing materials like stone-coated steel have potential threat of corrosion over time. The processing of some materials involves greenhouse gas emissions.
Opportunity: Increasing demand for green roofing solutions like solar roof tiles and growing repair and re-roofing activities present opportunities.
Threats: Fluctuations in raw material prices and availability poses risks. Strict regulations regarding material disposal can also impact businesses.
Key Takeaways
The global roofing materials market is expected to witness high growth, exhibiting a CAGR of 3.8% over the forecast period, due to increasing construction activities driven by rising population and urbanization.
Regional analysis: North America dominates the global roofing materials market, owing to extensive repair and remodeling of aging infrastructure in the region. Asia Pacific is expected to be the fastest growing market stimulated by significant development of residential and non-residential construction sector in China and India.
Key players operating in the roofing materials market are 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.
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