Roofing Market to Reach USD 322 billion by 2031, Growing a CAGR 4.9% | Transparency Market Research, Inc.
Transparency Market Research
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Transparency Market Research
The global roofing market is being driven by a rise in the amount of infrastructure development as well as commercial construction projects.
Wilmington, Delaware, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global roofing market was estimated at a value of US$ 190 billion in 2020. It is anticipated to register a 4.9% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 322 billion by 2031.
The global market is being driven by the building and construction sector's growing need for roofing. A sizable number of producers are active in the world market. In order to meet customer demands, these firms are raising their capital investments and placing a greater emphasis on research and development activities and enhanced product quality.
The global expansion of residential, commercial, and non-commercial construction projects has led to a robust growth in the roofing market.
Key Findings of the Market Report
The growing infrastructure construction activities brought on by the global population explosion are the cause of the roofing market's increase.
Rapid urbanization in developing nations, an increase in building and construction activity worldwide, and technological developments in roofing materials are the main factors driving the global market.
The building and construction industry in both developed and emerging nations is expected to take on more projects, which will expand demand for roofing.
Bitumen, granules coated in ceramic, clay, sand, fiberglass, concrete, and polycarbonate are roofing materials that are frequently utilized in the construction of both residential and commercial structures, including offices, hotels, and schools.
Market Trends for Roofing
During the forecast period, rising industrial activity and increasing urbanization will support the growth of the global roofing market. In this sector, manufacturing enterprises from China and India are becoming more prevalent. Materials for roofing are a crucial part of building.
The expansion of the residential and commercial construction industry as well as the rise in consumer disposable income are factors driving the growth of the global market. The construction industry's consistent rise in developing nations propels the global market.
Global Market for Roofing: Regional Outlook
Various reasons are propelling the growth of the roofing market throughout the region. These are:
The growing construction activity in Asia Pacific is a primary element driving the global market growth. The growing population, industrialization, and increased construction activity in the region are propelling the global market, which could present growth prospects for market players.
Manufacturers in the Asia Pacific region have a profitable presence in this industry. Growing infrastructure development initiatives and residential, commercial, and non-commercial building projects are driving the roofing market in nations like the United Arab Emirates, Saudi Arabia, Qatar, and Kuwait.
Manufacturers that operate in growing nations like China and India can benefit greatly. By satisfying the growing demand from the expanding building and construction sector, manufacturers in the roofing business are reaping large rewards.
Market growth is probably going to come from restoration projects combined with industrial expansion in North America and Europe. Growing consumer awareness of energy efficiency, cutting-edge technology, and environmentally friendly roofing materials is helping the North American market to grow.
To remain competitive, manufacturers within the global roofing market use a variety of strategies. Many businesses concentrate on product innovation, creating cutting-edge roofing materials with enhanced sustainability, energy efficiency, and durability. They can meet changing client needs and comply with strict laws by using this strategy.
Manufacturers employ deliberate pricing tactics, such offering competitive prices or combining services, in order to draw in budget-conscious customers and protect their market dominance. The following companies are well-known participants in the global roofing market:
Atlas Roofing Corporation
GAF
Duro-Last Roofing Inc.
Certain Teed Corporation
Brass Monier Building Group Services S.A.
Johns Manville
Firestone Building Products Company
IKO Industries Ltd.
Owens Corning
TAMKO Building Products Inc.
Carlisle
Some prominent developments by the players in this market are:
Company name
Key Developments
Atlas Roofing Corporation
Atlas Roofing announced project New Horizons, a new $200 million shingle production facility in the Midwest, in April 2023. The 500,000-square-foot plant will be built on a 150-acre tract of land in the City of Clinton, where the business broke ground a few months later in August.
GAF
In 2022, a deal was reached by GAF to buy over 100 acres of land in Bureau County, Illinois, which would eventually house a 450,000 square foot plant that will produce the company's EnergyGuardTM product line.
Saint-Gobain
In 2021, Saint-Gobain stated that it plans to construct a new gypsum logistics facility through its building goods subsidiary CertainTeed LLC. This facility will be incorporated into the rehabilitation of a vacant Superfund site located along the St. Johns River in Jacksonville, Florida.
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