The roofing tiles market size was valued at USD 11.03 Billion in 2022 and is likely to reach USD 18.09 Billion by 2031, expanding at a CAGR of 5.65% during 2023–2031. The growth of market is attributed to expansion of housing construction market and reliefs in government policies for the companies due to COVID-19 outbreak leads in the encouragement in manufacturing of roof tiles.
Roofing tiles are mainly used to keep the rain waters out and are made traditionally from the resources available locally such as slate or terracotta. As compared to asphalt roof tiles roofing for residential can reduce the overall heat transfer by almost 70% into the attic space.
The major reason behind the growth of the roofing tile market is due to their elegance, durability and hard to disposition in nature and are available in several varieties for different residents including townhomes, apartment buildings, single family homes, and condominiums.
Roofing Tiles Market Trends, Drivers, Restraints, and Opportunities
The demand for the roofing tiles is estimated to increase because its installation is cost effective and durable in nature which provides long life span.
Price fluctuation for the raw materials and price hike in roofing tiles is one of the major factors that can hamper the market growth during the forecast period.
R&D investment and technological advancement for the production of the solar tiles are likely to create lucrative opportunities for the market players in the coming years.
During the COVID-19 outbreak most of the industries temporarily shut down, Over 65% of companies were severally affected thus having a negative impact on the roofing tiles market.
Scope of Roofing Tiles Market Report
The report on the global market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Roofing tiles market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Clay, Concrete, and Others), End-user Sectors (Residential and Non- residential [Commercial, Infrastructure, and Industrial])
Asia Pacific [India, China, Japan, South Korea, ASEAN Countries and Rest of Asia Pacific], North America [Canada, Mexico, United States], Europe [UK, France, Italy, Spain, Germany, Rest of Europe], South America [Argentina, Brazil, Rest of South America], and Middle East & Africa [South Africa, Saudi Arabia, Rest of Middle East and Africa].
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Wienerberger AG; Crown Roof Tiles; Terreal; BMI Group; and IKO Industries Ltd.
Roofing Tiles Market Segment Insights
The concrete segment is anticipated to hold a large market share
On the basis of types, the market is bifurcated into clay and concrete. The concrete segment is anticipated to exhibit a high CAGR during the forecast period due to increase in the housing segment and rising demand for the durable and quality product in the market. However, the clay segment is expected to increase at a rapid pace due to the demand for the cost effective and quality products with long life span.
The residential segment continues to dominate the market
Based on the end-users sectors, the market is fragmented into residential and non-residential. The non-residential segment is further segregated into commercial, infrastructure, and industrial. The residential segment in expected to represent a key major share of the market in the coming years owing to increasing population and rising disposable income. On the other hand the non-residential segment is projected to expand at a substantial pace due to changing government policies and investments.
Asia Pacific is estimated to hold a key share of the market
In terms of regions, the market is classified as Asia Pacific [India, China, Japan, South Korea, ASEAN Countries, and Rest of Asia Pacific], North America [Canada, Mexico, and the United States], Europe [The UK, France, Italy, Spain, Germany, and Rest of Europe], South America [Argentina, Brazil, and Rest of South America], and Middle East & Africa [South Africa, Saudi Arabia, and Rest of Middle East & Africa]). Asia Pacific is anticipated to dominate the market in the coming years owing to the increasing housing construction market in big economies such as China and India. The market in North America is anticipated to expand at a rapid pace during the forecast period due to increasing demand for the single-family homes escalated by 4%, according to the US censor bureau.
The roofing tiles market has been differentiated on the basis of
- Asia Pacific
- South Korea
- ASEAN Countries
- Rest of Asia Pacific
- North America
- United States
- Rest of Europe
- South America
- Rest of South America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Wienerberger AG
- Crown Roof Tiles
- BMI Group
- IKO Industries Ltd.
Key players competing in the roofing tiles market include Wienerberger AG; Crown Roof Tiles; Terreal; BMI Group; and IKO Industries Ltd.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance
In August 2020, Wienerberger AG announced to achieve sustainability in the production they are switching to natural gas for the brick klin firing process.
In September 2021, New Zealand based Ross Roof Group was acquired by IKO Industries leading manufacturers of residential and commercial roofing products.