Roofing Market: is expected to reach US $283.70 billion by 2027, thanks to growth in the residential segment. The report analyzes Roofing market dynamics by region and applications.
Roofing Market Overview:
The Roofing Market was valued at US $202.70 billion in 2020, and it is predicted to grow at a CAGR of 4.92 percent to US $283.70 billion by 2027.
Roofing protects against rain, heat, and other environmental variables. Bitumen, ceramic coated granules, sand, clay, fibreglass, concrete, and polycarbonate are used to make roofs in residential and commercial buildings such as hotels, businesses, and educational institutions.
The worldwide roofing sector is being propelled forward by the development of new, effective roofing materials, investment property, expanding popularity of environmentally friendly hygiene products, growing rubber roofs, and increasing building upgrades and renovations. Furthermore, there is an increasing need for hard coatings from a variety of end-user applications.
Roofing Market Dynamic:
Metal roofing is expected to grow rapidly as the number of wildfires climbs. Metal roofing is a preferred solution for re-codes and standards because of its re-resistant roofing characteristics. Metal roofing is constructed of copper, aluminium, stainless steel, and zinc and comes in two forms: panels and shingles. Galvanized steel and aluminium are the most common cost-effective metals. Metal roofing is a durable solution that outlasts other materials. Metal roofing absorbs the sun’s UV rays in the summer, keeping the building cooler.
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Roofing Market Segmentation:
The roofing market is divided into three types: chemicals, materials, and others. Because of chemical roofing’s enhanced and value-added qualities, the chemicals segment was dominating in 2020, accounting for nearly all of the entire market share in terms of revenue. Corrosion resistance, hardness, and high-temperature stability are all advantages of chemical roofing. The MMR’s report contains detailed information on each section.
The roofing market is divided into four categories based on application: residential, commercial, industrial, and others. In terms of revenue, the residential segment was dominant in 2020, accounting for over percent of the total market. The roof is an important architectural component because it protects the structure while also adding to its visual appeal. Rising demand for roofing materials for residential usage is being driven by increased government and institutional assistance for the construction of housing infrastructure in emerging economies.
Roofing Market Key Players: GAF Materials Corporation, Atlas Roofing Corporation, Owens Corning, Braas Monier Building Group, BASF SE, 3M, The Dow Chemical Company, Duro Last Roofing, Sika AG, Standard Industries Inc, Johns Manville, Saint Gobain, Boral Ltd, Etex, Tamko Building Products, Carlisle Company Inc, Others
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Roofing Market Regional Analysis:
Asia Pacific had the greatest share of the roofing market in 2020, accounting for 39.21%. Asia Pacific is expected to have the highest growth due to a rapid increase in the construction industry, an increase in the manufacturing sector, strict government regulations to improve household energy performance, increased durability, easy installation, and increased urbanisation in developing countries such as China and India in the region. New construction roofing has the largest market share in the global roofing sector, thanks to a boom in all applications in the building industry.
Impact of COVID-19 on the Roofing Market:
The arrival of COVID-19 has turned the world upside down. It has affected every field in the world except for the medical and health industry. Everyone is now getting used to this change that COVID-19 has created. Like every other market, this Roofing market is also affected and has faced many difficulties in these tough times. Our researchers here at the Maximize Market Research have studied and analyzed the market considering the impact of COVID-19 on the market they have found solutions that can overcome the problem that you are facing and it will only help you to grow and expand your position in the market.
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