The global roofing materials market size was valued at US$ 126.24 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. Several factors are driving the global roofing materials market, including the rising population and the growth in industrial activity. Moreover, increasing government expenditure on infrastructure projects is anticipated to fuel revenue growth. In addition, technological advancements and the emergence of innovative business models are further projected to boost the demand for roofing materials in commercial buildings, thereby fueling market growth.
Global Roofing Materials Market: Regional Insights
Based on geography, the global roofing materials market is segmented into North America, Europe, Asia Pacific and Rest of World
North America is expected to dominate the global roofing materials market over the forecast period. The region is characterized by heavy winters and storms, which result in increased demand for roofing materials. Roofing manufacturers in this region are developing eco-friendly roofing technology based on changing environmental norms. In addition, the increased construction and renovation of infrastructure is further projected to augment regional market growth.
Asia Pacific is also expected to register the highest growth owing to the increase in the number of industrial and commercial buildings. The rising population and growing disposable income are boosting market growth in this region. In addition, the government is promoting the development of affordable housing structures in this region to promote economic growth.
Figure 1. Global Roofing Material Market By Region, 2022
Global Roofing Materials Market Drivers:
Growing remodeling and renovating activities to propel market growth
According to the State of the Industry Report for Roofing Contractors, U.S., roof replacements in North America accounted for a share of approximately 94% of the overall roofing projects in 2020. A number of properties in North America and Europe are more than 25–30 years old. Hence, they are expected to undergo roof replacements in the coming years. Moreover, according to the Joint Center for Housing Studies (JCHS) of Harvard University, home renovation expenditure accounted for US$ 420 billion in the U.S. in 2020 that was a 3% increase in home renovation spending of the previous year.
Increasing demand for green building worldwide to expand market size
Green buildings material are an excellent way to reduce energy costs, manage stormwater runoff and provide insulation to home. They are also good for reducing carbon footprint, and they can add aesthetic value to property. According to the International Finance Corporation, green buildings will provide a US$ 24.7 trillion investment potential in emerging market cities by 2030 with a population of more than 500,000 people. The majority of this investment potential worth US$ 17.8 trillion is concentrated in South Asia, which is projected to house more than half of the global urban population by 2030.
Global Roofing Materials Market Opportunities:
Increasing use of concrete tile as roofing materials is expected to provide significant growth opportunities. Concrete tiles are another popular option for people who are looking for a more affordable way to get the same durable benefits as clay tiles, but without the high price tag. They are less expensive than clay, but they are also heavier and require more support to install correctly. In addition to being more durable, these materials are also resistant to weather and moisture, ensuring that they are not damaged by rain or snow. They are also a great option for homes that are located in areas with high winds and extreme temperatures.
The global roofing materials market is a fragmented with several players striving to gain higher market share by investing in the development of improved products and adopting strategies such as partnerships and acquisitions & mergers. The key players are focusing on establishing and maintaining competitive pricing to ensure maximum revenue generation for their companies. This is expected to hold potential market opportunities.
|Base Year:||2022||Market Size in 2022:||US$ 126.24 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||3.8%||2030 Value Projection:||US$ 170.03 Bn|
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
|Restraints & Challenges:||
Global Roofing Materials Market Trends:
Emergence of reflective coatings is a growing trend
The emergence of reflective coatings is expected to be a positive factor in the global roofing materials market. These products allow for superior heat reflection, thereby reducing the consumption of energy. These products are also gaining popularity in commercial buildings for their superior aesthetics and durability.
Laws governing energy-efficient homes
Laws governing energy-efficient homes and the rise in consumer concern about green buildings are expected to create ways for product adoption in the near future. Besides, the growth in residential constructions has led to the need for newer roofs with advanced features. Roofing materials manufacturers are investing in manufacturing fire-resistant roofs that can withstand a large variety of environmental conditions.
Global Roofing Materials Market Restraints:
Increasing labor cost and shortage of skilled workers to restrict market growth
The increasing labor cost and shortage of skilled workers have been a major restraint on market growth. In addition, the social distancing norms imposed by various governments during Covid-19 pandemic have made it difficult for contractors to obtain raw materials and complete construction projects on time.
Increasing adoption of roof coatings to hinder market growth
According to the State of the Industry Report 2021 for Roofing Contractors by the National Federation of Roofing Contractors, U.S., roof replacement projects accounted for shares of 91% and 94% in terms of value and volume, respectively in 2020. This shows that the worldwide demand for roofing materials is increasingly dependent on the number of roof replacement projects. However, as consumers are adopting cost-effective solutions such as roofing coatings, this hampers the demand for roof replacements, thereby negatively impacting the growth of roofing materials market.
Figure 2. Global Roofing Material Market By Material, 2022
Global Roofing Materials Market Segmentation:
The global roofing materials market report is segmented into product, application, and region
Based on product, the market is segmented into asphalt shingles, concrete & clay tiles, concrete & clay tiles, plastic roof, and others. Out of which, asphalt shingles are expected to dominate the global market over the forecast period. Asphalt shingles are the most inexpensive and effective type of roofing option for many homeowners. They are lightweight, effective and easy to install. They are also energy-efficient and recyclable, making them a good option for eco-conscious home builders and owners.
Concrete and clay tiles segment is also expected to witness significant growth in the near future. Concrete and clay tiles are durable, even against fire. They are available in a variety of colors and styles, including reddish-orange terracotta, gray concrete, brown clay and blue glazed clay tiles. They can add a rustic or contemporary feel to your home and are an excellent choice for hot climates.
Based on application, the market is segmented into residential and non-residential. Out of which, residential category is estimated to lead the market during the forecast period owing to growing population and increasing preference for single-family homes. Also, increasing investments for residential buildings is further projected to fuel segment growth.
Non-residential segment is also expected to witness significant growth in the near future and this is owing to the owing to the increasing use of roofing for industrial and commercial construction.
Global Roofing Materials Market: Key Developments
In November 2021, GAF announced the completion of the expansion of its fourth polyisocyanurate (polyiso) insulation manufacturing plant. The production increase is expected to expand the company’s position in commercial roofing segment.
In September 2021, GAF acquired premium synthetic underlayment manufacturer FT Synthetics based in British Columbia. The acquisition is expected to strengthen the former’s product offerings and allow it to scale further.
In April 2021, GAF announced that it has been able to develop asphalt shingles using its patented waste recycling shingles process. The new development is expected to improve sustainability and circularity across the supply chain.
In March 2021, Atlas Roofing Corporation launched new shingles StormMaster Hip and Ridge Shingles using its Core4 enhanced polymer technology. The new shingles have superior strength, flexibility, durability, and are weather-resistant
In January 2021, Atlas Roofing Corporation announced the construction of a new line at its Ardmore, Oklahoma, U.S. facility. The new line is expected to increase overall throughput of asphalt shingles.
In March 2021, TAMKO Building Products, Inc. launched two new laminated asphalt shingles under Heritage Proline series, namely Titan XT and StormFighter IR. This move by the company is expected to expand its portfolio of shingles.
Global Roofing Materials Market: Key Companies Insights
The global roofing materials market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global 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
*Definition: Roofing materials provide a layer of protection for a building that can also enhance the look and value of a property. There are many different types of roofing materials available, with some of the most common and popular being asphalt shingles, wood shingles and shakes, concrete, clay and fiber-cement tiles, slate roofs and synthetic or composite shingles.