Global roofing market has been segmented into asphalt, tiles, metal, concrete, and others. The tiles segment is expected to dominate the market in the year 2023. Moreover, the tiles segment is expected to register the highest CAGR of 3.89% during the forecast period.
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Roofing Market Competitive Analysis:
The prominent players profiled in the global roofing market are Atlas Roofing Corporation (US), BMI Group Services GmbH (US), Carlisle Companies Inc.(US), GAF Materials Corporation (US), North American Roofing Services, Inc.(US), Owens Corning (US), TAMKO Building Products, Inc. (Tamko)(US), Wienerberger AG (Austria), CertainTeed Corporation (US), Duro-Last, Inc.(US), Etex SA (Belgium), and Firestone Building Products Company (US). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
Features Pushing Market Growth
According to the Market Research Future report, there are numerous factors that are pushing the roofing market growth. These include the burgeoning demand from commercial and residential sectors owing to growing urbanization, remodeling and repairing works in developed countries, rise in the construction industry, and innovations in technology, including drones for roof inspections, eco-friendly roofing materials, and green roofing. The additional factors that are pushing the market growth include refurbishment of current infrastructure, increased usage of synthetic roofing products, efforts to make megacities, growing initiatives undertaken by the government to offer affordable housing, innovative aesthetic designs, and creation of economic zones.
On the other hand, fluctuating costs of raw material coupled with the scarcity of skilled labor are predicted to deter the growth of the roofing market over the forecast period.
Extensive research has been conducted on the global roofing market, which has been segmented on the basis of roofing and application.
On the basis of roofing, the global roofing market has been segmented into asphalt, tiles, metal, concrete, and others. The tiles segment is expected to dominate the market in the year 2023. Moreover, the tiles segment is expected to register the highest CAGR of 3.89% during the forecast period.
On the basis of application, the global roofing market has been segmented into commercial roofing, residential, and industrial. The residential segment is expected to be the largest segment in 2018. The rising residential construction drives the market.
North America and Europe are stagnant markets as these regions already have established infrastructure in both commercial as well as non-commercial aspects. In both regions, technological advancements have introduced various kinds of roofing techniques. In both of these regions, the various government policies and regulations have enhanced the use of such eco-friendly roofing technology. In North America, the strongest economies that can suitable markets are USA and Canada. In Europe, such economies are France, Germany, and the UK. Many key market players are based in North America, especially in the USA.
In the MEA region, the market is small due to limited construction activities, limited availability of relevant technology, majority countries being poor countries, low per capita income, lack of awareness about eco-friendly roofing, and lack of education.
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The roofing market in Europe will have a healthy growth over the forecast period owing to increasing revenue from the construction industry, rising population, growing rehabilitation activities, and demand for green buildings. The market in the European region is predicted to grow at a 3.01% CAGR over the forecast period.
The Rest of the World comprises of Latin America and the Middle East and Africa. Economic growth, coupled with increasing purchasing power, is predicted to boost the growth of the market in these regions. The roofing market in the Rest of the World is predicted to grow at a 3.28% CAGR over the forecast period.
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