Roofing Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Roofing Market Research Report, by Roofing, Application and Region - Forecast till 2027” the market size is projected to be worth USD 136.9 billion by 2027, registering a CAGR of 4.85% during the forecast period (2021 - 2027), The market was valued at USD 97.2 billion in 2020.
Growth of the Building & Construction Industry
Rising infrastructure development is a key driver for the roofing industry. Today, the construction of a modern building has a favorable effect on the roofing industry. Due to the modular and high-end structure with an interior concept, there is a greater awareness of the roofing system. A modern, elegant, and efficient roof can improve the overall appearance of the building. Some roofing systems include energy-saving flights and fans. Rising infrastructure development will continue to boost the need for modern roofing systems.
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Furthermore, new construction techniques such as modular construction, smart building construction, and building automation construction are some of the factors driving demand in the roofing market. Additionally, the variety in the roofing system is grabbing customers' attention. Another important market driver is the rising usage of synthetic roofing. Synthetic roofing is a type of artificial roofing that can be used to complete the look of a building's interior. The synthetic roofing is appropriate for a themed building. The professional building might select sophisticated roofing designs and patterns to complement the building's interior.
List if the Key Companies Profiled in the Roofing Market Research Report are:
Atlas Roofing Corporation (US)
CertainTeed Corporation (US)
BMI Group Services GmbH (US)
Carlisle Companies Inc. (US)
Duro-Last Inc. (US)
Etex SA (Belgium)
GAF Materials Corporation (US)
North American Roofing Services Inc. (US)
Firestone Building Products Company (US)
Owens Corning (US)
TAMKO Building Products Inc. (Tamko)(US)
Wienerberger AG (Austria)
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In March 2021, Atlas Roofing Corporation announced the release of their StormMaster® Hip & Ridge shingle, which incorporates the company's unique Core4™ Enhanced Polymer Technology and provides enhanced strength, flexibility, durability, and extreme weather protection.
Government Initiatives to Reduce Carbon Emissions
The government plays a significant role in the energy efficiency plan. Furthermore, energy efficiency lowers carbon emissions in the environment. Carbon emissions are a worldwide issue. The majority of governments favor energy-efficient construction. These days, there is a greater understanding of the need to minimize carbon emissions. The government is enacting a number of policies to reduce carbon emissions. These government measures to promote energy efficiency will grow in number. It offers numerous market expansion opportunities for the roofing industry.
The roofing allows for the central control system, fans, lights, and other energy-efficient features. Technological advances in this market may open up more prospects for growth. The use of bituminous roofing and other new roofing materials will increase growth potential. Furthermore, the development of smart cities and buildings will provide prospects for future growth. Modern construction techniques are used in smart cities. The roofing system is more suited for smart buildings, which will ultimately bring plenty of growth opportunities for the market.
Installation of Roofing Systems
The market's constraint is the installation of roofing systems. The cost of installation varies according to the design and quality of the roofs. It is also a serious issue for both residential and commercial roofing. However, many end-users are concerned about the cost of systematic roofing and installation.
In addition, there is a lack of understanding regarding the cost of deploying a new roofing system. Another significant impediment is a lack of knowledge regarding roofing. It is critical to educate people about roofing, its benefits, and the costs involved. Due to this constraint, market demand may suffer during the projection period. The construction and building sector are expensive projects. The roofing concept raises the overall cost of the project. This constraint may have a negative impact on the overall market.
The Global Market to Grow Post COVID-19 Pandemic
The current market scenarios have been altered as a result of the COVID-19 outbreak. During the pandemic, the real estate market has suffered significant losses. The COVID-19 has stopped construction works. Individuals investing in real estate are also on the decline. It is decreasing the need for the roofing sector. According to the report, it would see an increase in demand following COVID-19. All infrastructure projects are restarting, which will have a beneficial impact on the market. Following COVID-19, the roofing market trends will see a constant flow of demand. The market's current difficulties are only temporary. The market restarts operations and begins to generate significant revenue.
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The global roofing industry has been segmented into roofing, application, and end-users.
By roofing, the global roofing market has been segmented into asphalt, tiles, metal, concrete, and others.
By application, the global roofing market has been segmented into commercial, residential, and industrial.
By end-users, the global roofing market has been segmented into production units, power plants, hospitals, manufacturing facilities, power plants, educational institutions, residents, commercial spaces, industrial spaces.
North America, Europe, and Asia Pacific to Dominate the Global Market
During the projected period, North America, Europe, and the Asia Pacific will lead the roofing market. The cost of a roofing system is considerable in the United States and Canada. Furthermore, the enormous construction sector in the United States is rapidly adopting modern roofing systems. As a result, North America will hold the greatest share of the roofing market.
Furthermore, the government initiative to promote energy-efficient buildings is a critical market driver in Europe. Among its competitors, Asia Pacific is the fastest-growing market. This region has a significant demand for modern roofing. The government's severe energy efficiency requirements are fueling the overall roofing market expansion. India, Japan, China, and Korea are the region's major contributors. In the Asia Pacific, the infrastructure market is huge. As a result, the market's demand prospects are enormous in the foreseeable term. Increasing R&D and energy efficiency are the primary drivers of demand growth in all of these regions. Furthermore, the roofing industry's future in these regions is bright.
Segmentation of Market covered in the research:
Information by Roofing (Asphalt, Tiles, Metal, Concrete, and Others), by Application (Commercial, Residential, and Industrial), by Region (North America, Europe, Asia-Pacific, and Rest of the World)
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