The global roofing systems market is forecast to reach USD 153.13 Billion by 2027, also valued at USD 123.87875 billion during the forecast period. Increasing investments in the renovation and redevelopment of residential and commercial buildings are expected to drive the market growth. Emerging economies such as India, China, Indonesia, and Vietnam are witnessing a rapid rise in demand for residential structures. This increased demand is primarily driven by population growth, rapid urbanization, and rising per capita income in these countries. This, in turn, is expected to drive the demand for roofing materials over the forecast period.
U.S. is has emerged as one of the leading markets for roofing materials in the last few years owing to an increase in residential housing construction activities in the country. Furthermore, increasing demand for office spaces has had a positive impact on the demand for roofing materials in the U.S.
The emergence of reflective coatings that can be applied to dark-coloured roofing materials is estimated to favourably impact the market. Reflective coatings exhibit superior heat reflection property and reduce the overall energy consumption of the building structure. Superior durability, aesthetics, and ease of installation associated with these products are projected to boost product demand.
Rise in construction industry, rapid urbanization, and innovations in technology are the key factors that drive the growth of the roofing market. In addition, technological innovations such as green roofing, eco-friendly roofing materials, and drones for roof inspections have increased the demand for roofing products. However, the high installation cost of roofing systems is expected to hamper the roofing market growth.
The dwindling number of qualified, skilled laborers is exerting considerable pressure on the overall construction industry. Labour shortage leads to a considerable increase in installation time, resulting in cost escalations. Thus, manufacturers are actively developing training programs for building contractors to make the installation process more effective and less time consuming.
The key market players in the roofing industry include Atlas Roofing Corporation, Duro-Last, Inc., BASF SE, 3M Company, The Dow Chemical Company, Owens Corning, Standard Industries Inc., E. I. du Pont de Nemours and Company, Berkshire Hathaway Inc., and Sika AG.
Furthermore, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the global market during the analysis period due to growth in urbanization and increase in infrastructure investments. China leads the Asia-Pacific roofing market in 2020. This growth is attributed to rise in income levels, rapid urbanization & industrialization, and increase in government initiative to invest in infrastructure development.
In Middle East and Africa, the demand for roofing materials is primarily driven by the rapid growth of the residential construction sector in Nigeria, Kenya, Egypt, and Ethiopia. In addition, the ongoing construction boom in Saudi Arabia, Qatar, and UAE are generating considerable demand for roofing materials.
The U.K. market is projected to register a CAGR of XX % in terms of value from 2020 to 2027. The U.K. government has set up an aim to build about 300,000 residential houses annually over the next three years to overcome the acute shortage of housing. Thus, the growing focus on housing development activities is expected to drive the demand for roofing materials over the forecast period.
U.S. is has emerged as one of the leading markets for roofing materials in the last few years owing to an increase in residential housing construction activities in the country. Furthermore, increasing demand for office spaces has had a positive impact on the demand for roofing materials in the U.S.
The emergence of reflective coatings that can be applied to dark-coloured roofing materials is estimated to favourably impact the market. Reflective coatings exhibit superior heat reflection property and reduce the overall energy consumption of the building structure. Superior durability, aesthetics, and ease of installation associated with these products are projected to boost product demand.
Rise in construction industry, rapid urbanization, and innovations in technology are the key factors that drive the growth of the roofing market. In addition, technological innovations such as green roofing, eco-friendly roofing materials, and drones for roof inspections have increased the demand for roofing products. However, the high installation cost of roofing systems is expected to hamper the roofing market growth.
The dwindling number of qualified, skilled laborers is exerting considerable pressure on the overall construction industry. Labour shortage leads to a considerable increase in installation time, resulting in cost escalations. Thus, manufacturers are actively developing training programs for building contractors to make the installation process more effective and less time consuming.
The key market players in the roofing industry include Atlas Roofing Corporation, Duro-Last, Inc., BASF SE, 3M Company, The Dow Chemical Company, Owens Corning, Standard Industries Inc., E. I. du Pont de Nemours and Company, Berkshire Hathaway Inc., and Sika AG.
Furthermore, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the global market during the analysis period due to growth in urbanization and increase in infrastructure investments. China leads the Asia-Pacific roofing market in 2020. This growth is attributed to rise in income levels, rapid urbanization & industrialization, and increase in government initiative to invest in infrastructure development.
In Middle East and Africa, the demand for roofing materials is primarily driven by the rapid growth of the residential construction sector in Nigeria, Kenya, Egypt, and Ethiopia. In addition, the ongoing construction boom in Saudi Arabia, Qatar, and UAE are generating considerable demand for roofing materials.
The U.K. market is projected to register a CAGR of XX % in terms of value from 2020 to 2027. The U.K. government has set up an aim to build about 300,000 residential houses annually over the next three years to overcome the acute shortage of housing. Thus, the growing focus on housing development activities is expected to drive the demand for roofing materials over the forecast period.
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