Roofing materials are essential components used in construction of residential, commercial and industrial infrastructure in order to protect buildings from external elements such as rain, snow, wind and heat. Roofing materials provide shelters, reduce energy costs and enhance aesthetic beauty of structures.
The global Roofing Materials Market is estimated to be valued at US$ 170.03 Billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing construction industry worldwide is one of the major drivers of the roofing materials market. Rapid urbanization and infrastructure development activities across both developed and developing economies are fueling demand for new residential, commercial and industrial construction. According to data by Global Construction 2030, the global construction output is projected to grow by 85% to $15.5 trillion worldwide by 2030. Emerging economies such as China, India are expected exhibit strong growth in construction industry. For instance, India’s construction industry is projected to grow at 7-8% annually till 2025. Rising demand for new construction projects is positively impacting demand for various roofing materials such as asphalt shingles, tiles, slates and metal sheets. Moreover, increasing repair and renovation activities of old construction is further augmenting market growth over the forecast period.
SWOT Analysis
- Strength: Roofing materials have strong demand from construction industry globally. Their use ensures protection from external elements like rain, heat etc.
- Weakness: Frequent repair and maintenance requirement adds to operational costs. Environmental regulations regarding disposal can impact manufacturers.
- Opportunity: Growing infrastructure development and urbanization in developing regions present new project opportunities. Research on eco-friendly and self-healing materials can capture future demand.
- Threats: Fluctuations in raw material prices impact product costs. Growing popularity of green roofs presents substitution threat to traditional materials.
Key Takeaways
The global roofing materials market is expected to witness high growth over the forecast period driven by increased construction spending worldwide. Residential construction dominates roofing materials demand currently. The global Roofing Materials Market is estimated to be valued at US$ 170.03 Billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
Regional analysis comprises Asia Pacific region dominates the global roofing materials market currently accounting for over 35% share led by China, India and other developing Asian countries. Rapid urbanization, housing projects and infrastructure development projects in countries like India, Indonesia, Vietnam etc. are expected to drive the regional market higher.
Key players operating in the roofing materials are Owens Corning, C CertainTeed, Fibrex, ETEX, Berkshire Hathaway, Etex Group, Saint Gobain, Boral Limited, and Asia Cuanon. Growing focus on r&d to develop advanced, sustainable, and eco-friendly roofing products. Strategic collaborations and acquisitions remain key strategies by industry majors to leverage new opportunities.
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