According to a new report published by Introspective Market Research, titled, “Roofing Materials Market by Material Type, Application, End-User: Opportunity Analysis and Industry Forecast, 2024–2030,”
The Roofing Materials market was worth USD 122.35 Billion in 2023. As such, the forecast is that the market is expected to reach USD 181.82 Billion by 2032 with a CAGR of 4.5% over the period from 2024 to 2032.
Roofing materials are the various types of materials used to construct or cover roofs. These materials can vary widely in terms of composition, durability, cost, and aesthetic appeal. The roofing materials market encompasses a diverse array of products used in the construction and maintenance of roofs across residential, commercial, and industrial sectors.
The roofing materials market is also witnessing innovations driven by technological advancements. For instance, the development of solar roofing solutions integrates photovoltaic cells directly into roofing materials, allowing buildings to generate renewable energy while maintaining their aesthetic appeal. Additionally, advancements in coatings and sealants enhance the durability and weather resistance of roofing materials, prolonging their lifespan and reducing maintenance requirements.
Global economic conditions, regulatory policies, and shifts in consumer preferences play crucial roles in shaping the dynamics of the roofing materials market. For example, government incentives and regulations promoting energy-efficient construction practices stimulate the demand for eco-friendly roofing materials and technologies. Conversely, economic downturns or fluctuations in raw material prices can impact market growth and pricing strategies within the industry.
The construction industry's growth is the primary driving force behind the roofing materials market. As urbanization continues to surge globally, the demand for residential, commercial, and industrial infrastructure rises, propelling the need for roofing materials.
Population growth, coupled with increasing disposable income, fuels construction activities, stimulating the roofing materials market further. Moreover, renovations and remodeling projects contribute significantly to the demand for roofing materials as existing structures require maintenance and upgrades.
Roofing Materials Market, Segmentation
The Roofing Materials market is segmented based on Material Type, Application, End-User.
Material Type:
The dominance of asphalt shingles is their affordability compared to other roofing materials. They provide an excellent balance between quality and price, appealing to both budget-conscious consumers and those seeking reliable, long-lasting roofing solutions. Additionally, advancements in technology have led to the development of asphalt shingles with enhanced performance characteristics, such as improved weather resistance and energy efficiency, further bolstering their appeal.
Application:
The sheer volume of residential construction projects worldwide contributes substantially to the market's direction. As populations grow and urbanization accelerates, the demand for housing proliferates, propelling the need for roofing materials. Residential structures, ranging from single-family homes to multi-unit dwellings, constitute a vast majority of construction endeavors, thereby amplifying the segment's impact on the roofing materials market. Moreover, the evolving preferences and priorities of homeowners play a pivotal role in shaping market trends. As consumers increasingly prioritize factors such as energy efficiency, durability, and aesthetic appeal, manufacturers respond by innovating and diversifying their product offerings within the residential sector.
Region:
North America is poised to maintain its dominance in the roofing materials market due to several key factors. Firstly, the region's robust construction industry, fueled by urbanization and infrastructure development, continues to drive demand for roofing materials. Additionally, stringent building codes and regulations regarding energy efficiency and sustainability push the adoption of advanced roofing materials such as metal roofing, cool roofs, and green roofs, further bolstering market growth. Moreover, the increasing frequency and intensity of extreme weather events, including hurricanes and storms, underscore the need for durable and resilient roofing solutions, spurring investments in high-performance materials like asphalt shingles, tiles, and synthetic roofing membranes.
Some of The Leading/Active Market Players Are-
- Eagle Roofing Products (USA)
- Firestone Building Products (USA)
- Boral Roofing (USA)
- BMI Group (United Kingdom)
- Sika AG (Switzerland)
- Monier Group (Australia)
- Metal Sales Manufacturing Corporation (USA)
- Euroshield (Canada)
- DECRA Roofing Systems (USA)
- Carlisle Companies Incorporated (USA)
- Gerard Roofing Technologies (New Zealand)
- Englert Inc. (USA), Other Active players
Key Industry Developments
- In January 2023, Owens Corning acquired Natural Polymers LLC, a company that specializes in the manufacturing of spray polyurethane foam insulation for building and construction applications.
- In February 2023, Johns Manville, a Berkshire Hathaway company, announced two new products for bituminous roofing systems to help improve productivity on the roof.
- In February 2023, Carlisle Companies Incorporated acquired MBTechnology, Inc. (MBT). This acquisition will expand CWT’s modified bitumen roofing offerings and provide additional capacity for roofing underlayment.
Key Findings of the Study
- Asphalt shingles dominate the roofing materials market due to their affordability and improved performance characteristics driven by technological advancements. These shingles offer a balance between quality and price, appealing to budget-conscious consumers while still providing reliable, long-lasting roofing solutions.
- The residential construction sector significantly influences the roofing materials market, fueled by population growth, urbanization, and evolving consumer preferences. As the demand for housing proliferates, the need for roofing materials escalates, with residential structures constituting a vast majority of construction projects worldwide. Homeowners increasingly prioritize factors like energy efficiency, durability, and aesthetic appeal, prompting manufacturers to innovate and diversify their product offerings to meet these demands.
