Roofing Market Outlook 2031
The global roofing market size was valued at nearly USD 223.31 Billion in 2022 and is anticipated to reach USD 343.47 Billion by 2031, expanding at a CAGR of 4.9% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing need for re-roofing activities.
Roofing refers to the covering area of the top of a building. Several substances are used for roofing as per the nature of the building and different styles of building construction.
Some of the major substances mainly used in roofing can be polymer, metal, concrete, or other needed materials that ensure to protect the building from snow, sunlight, rain, wind, and temperature extremes.
Roofs in commercial and residential structures are also primarily made of bitumen, polycarbonate, ceramic-coated granules, clay, concrete, sand, and fiberglass. Besides its necessity, roofing helps to increase the aesthetic value of a building, improves its durability, and protects it from harsh environmental conditions.
Furthermore, there are other advantages to modern roofing such as ventilation, air cooling, and aesthetic enhancements to infrastructure.
Roofing Market Dynamics
Major Drivers
Growing urbanization and technological innovations in the construction sector are the primary drivers fuelling the global roofing market. Increasing investment in infrastructure development and a growing preference for reroofing activities are expected to drive the market in the coming years.
Rising popularity of translucent roofing panels in sunrooms, patios, and other places that require natural light through the roof is propelling the market.
Existing Restraints
The high cost of repairing the roofing system is expected to restrain the market. The metal roofs if get damaged are not easily fixed, this happens due to storm damage, and damage from rusting from the painted finish.
Moreover, Heavy storms and heat result in shingle roofing rotting quickly or easily tearing the roof off. Shingle roofing is likely to damage by heat and excess moisture, which is further expected to restrain the market.
Emerging Opportunities
The growing need for environmentally friendly goods is increasing the demand for sustainable roofing systems which is expected to create opportunities for the market players.
This includes white roofs (cool roofs), shingled roofs, green roofs, and others. The ability to lower the effect of greenhouse gas emissions and protect energy resources is increasing the demand for such roofing systems.
- For instance, in June 2023, ORB Roofing Solutions, a leader in roofing solutions, announced the launch of its new line of innovative and sustainable roofing products. These innovative solutions focus to revolutionize the roofing industry by combining advanced technology with eco-friendly materials. It further aims in offering advanced performance and environmental benefits.
Scope of Roofing Market Report
The market report includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Roofing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Slope Roof and Flat Roof), Construction Type (New Construction and Re-roofing), Material (Plastic, Bituminous, Clay, Metal, Concrete, Elastomer, and Others), and Application (Commercial, Industrial, and Residential)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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3M; Owens Corning.; DuPont.; Sika AG; Holcim Solutions and Products US, LLC; Standard Industries Inc.; Johns Manville.; Dow.; Atlas Roofing Corporation; Carlisle Companies Inc.; BASF SE; The Lubrizol Corporation; Clariant; LANXESS; Mayzo, Inc.; Akzo Nobel N.V.; Arkema; and Eastman Chemical Company
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Roofing Market Segment Insights
Type Segment Analysis
Based on type, the global roofing market is bifurcated into slope roof and flat roof. The slope roof segment is projected to hold a significant market share due to the advances in the construction sector and rising urbanization.
Moreover, the increase in the number of construction activities in the residential and commercial sectors is expected to drive the segment market in the coming years.
Construction Type Segment Analysis
On the basis of construction type, the market is divided into new construction and re-roofing. The new construction segment is anticipated to account for a substantial market share owing to the rising industrialization in developing countries and growing urbanization.
Several economies are bolstering the residential construction sector through customer-centric regulations and the implementation of affordable housing projects. Furthermore, the simple availability of credit and rising discretionary income of middle-class families worldwide are driving the segment.
Material Segment Analysis
In terms of material, the global roofing market is segmented into plastic, bituminous, clay, metal, concrete, elastomer, and others. The bituminous segment is expected to expand at a substantial growth rate during the projected timeline. Bituminous materials such as asphalt shingles are the most prevalent and favored material choice in North America and Asia Pacific.
Bituminous provides a wide range of product durability, availability, strong fire and wind resistance, and good aesthetics. The development of improved bituminous that can withstand high impact is also supporting material demand.
The introduction of sophisticated technology improves aesthetics, which is projected to increase the roofing market. The influence of new technologies is minimal; nevertheless, its impact is projected to grow in the near future due to the increased use of bituminous roofing in commercial and residential buildings.
Application Segment Analysis
Based on application, the market is fragmented into commercial, industrial, and residential. The residential segment is anticipated to register a healthy growth rate in the coming years due to the rising regulatory and institutional support for creating housing infrastructure in emerging nations. The demand for residential construction is increasing as the population grows and people prefer single-family homes.
Furthermore, the availability of credit and low-interest rates play a vital influence on the total demand for residential construction. The increased investments by homeowners in green buildings are further expected to have a positive impact on future demand for roofing materials.
Regional Analysis
In terms of region, the global roofing market share is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market owing to the rapid economic expansion, wide population, and the presence of various product manufacturers in the region.
Moreover, the growth of the regional market is further accelerated due to rising disposable income and changing lifestyles to boost a thriving residential sector in India, South Korea, Indonesia, and China.
This region is projected to experience rapid growth in the building sector, resulting in a significant demand for roofing systems. Increasing industrial operations particularly in India and China along with a growing population have resulted in increased demand for construction and building activities present another key driver of the regional market.
Segments
The global roofing market has been segmented on the basis of
Type
Construction Type
- New Construction
- Re-roofing
Material
- Plastic
- Bituminous
- Clay
- Metal
- Concrete
- Elastomer
- Others
Application
- Commercial
- Industrial
- Residential
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Player
- 3M
- Owens Corning.
- DuPont.
- Sika AG
- Holcim Solutions and Products US, LLC
- Standard Industries Inc.
- Johns Manville.
- Dow.
- Atlas Roofing Corporation
- Carlisle Companies Inc.
- BASF SE
- The Lubrizol Corporation
- Clariant
- LANXESS
- Mayzo, Inc.
- Akzo Nobel N.V.
- Arkema
- Eastman Chemical Company
Competitive Landscape
Key players competing in the global roofing market share are 3M; Owens Corning.; DuPont.; Sika AG; Holcim Solutions and Products US, LLC; Standard Industries Inc.; Johns Manville.; Dow.; Atlas Roofing Corporation; Carlisle Companies Inc.; BASF SE; The Lubrizol Corporation; Clariant; LANXESS; Mayzo, Inc.; Akzo Nobel N.V.; Arkema; and Eastman Chemical Company. These companies are constantly investing in R&D, launching new products, and planning to build new manufacturing facilities in order to influence their market shares.
- In April 2023, Holcim acquired Duro-Last, a US leader in commercial roofing systems. Duro-Last has a track record of double-digit growth in North America’s highly profitable USD >40 billion roofing market, driven by leading brands, and custom-made solutions. With this acquisition, Holcim roofing systems is expected to surpass USD 4 billion in net sales ahead of schedule.
- In March 2023, DuPont launched its DuPont Tedlar film solutions for the roofing industry at International Roofing Expo. The Tedlar film provides superior metal protection ensuring a clean look for decades, in any environment.
- In August 2022, Owens Corning announced the acquisition of Natural Polymers, LLC, a manufacturer of spray polyurethane foam insulation for building and construction applications. The acquisition focuses on advancing business strategy and sustainable solutions to bring an enhanced insulation product portfolio to the customers.
- In March 2022, BMI Group, a Standard Industries company and a leading manufacturer of flat and pitched roofing and waterproofing solutions, acquired Spanish company Asfaltos ChovA, a leader in efficient flat building solutions for waterproofing and acoustic insulation. The acquisition focuses on expanding BMI’s business portfolio in waterproofing and insulation which results in a growth in its Spanish flat roof business.
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