Roofing Systems Market Is Estimated To Witness High Growth Owing To Growing Construction Industry
SWOT Analysis
Strength: Roofing systems provide protection from weather elements such as rain, snow, wind etc. They come in a variety of materials such as asphalt shingles, metal roofing, clay roof tiles etc. which suit different climatic conditions and preferences. These systems improve energy efficiency of buildings and reduce cooling and heating costs. Manufacturers offer warranties ranging from 10-50 years on different roofing materials.
Weakness: Installing or replacing roofing requires skilled labor and heavy machinery which increases project costs. Certain materials like clay tiles are heavier and more expensive than other options. Improper installation can compromise quality and reduce lifespan of the roof.
Opportunity: Rapid urbanization and infrastructure development in emerging economies drives the need for new residential, commercial and industrial construction which offers opportunities for Roofing Systems Market. Rise in renovations and remodeling of existing buildings especially in developed nations also presents an avenue for growth.
Threats: Fluctuations in prices of raw materials used in roofing systems such as bitumen, polymers can squeeze margins for manufacturers. Strict environmental regulations regarding disposal of old roofing materials pose challenges. Natural calamities like hurricanes, cyclones, hailstorms can damage roofs requiring premature replacement.
Key Takeaways
Global Roofing Systems Market Size is expected to witness high growth, exhibiting a CAGR of 3.0% over the forecast period, due to increasing infrastructure development and construction activities across developing nations. Asia Pacific region dominated the market in 2023 with a share of over 30%, driven by China, India and other Southeast Asian countries undertaking massive investment in real estate and industrial sectors.
North America remained the second largest regional market for roofing systems attributed to frequent re-roofing and repairs needed in existing buildings located in snow-prone and high wind areas of U.S. and Canada. Stringent building codes in the region concerning energy efficiency in roof designs have also augmented demand.
Key players operating in the Roofing Systems Market include Atlas Roofing Corporation, BASF SE, Johns Manville, Duro-Last, Inc., E. I. Du Pont De Nemours, Inc., Owens Corning, Sika AG, Standard Industries Inc., and The Dow Chemical Company. These leaders enjoy sizeable market shares due to their broad product portfolios and strong distribution networks across major countries.
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