The Global Market for Roofing is Projected to Exceed US$95 Billion by 2024

Need for High Strength, Energy Efficient Roofing Solutions Drives Global Growth in the Roofing Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Roofing market. The global market for Roofing is projected to exceed US$95 billion by 2024, driven by growing focus on energy efficient buildings, recovery in new construction and renovation activity, and increasing reroofing activity due to severe storms and other climate changes.

Roofing represents a perennial need in residential and non-residential buildings offering fundamental protection against elements such as sun, wind and rain. The market for roofing materials grows in tandem with the global construction industry and is currently benefitting from rising construction activity around the world. The market is witnessing an exciting interplay of traditional and emerging trends. While newer options are gaining traction, various proven and well-established roofing systems and materials such as asphalt shingles, wood, tile, slate, and metal will continue to exist. Though asphalt shingles are still the dominant product category, other options including elastomeric roofing, modified bitumen roofing, and some green roofing varieties are steadily growing in demand. Rising investments in infrastructure projects and the urban sprawl caused by the migration of population from rural to urban areas and the resulting pressure on housing infrastructure is helping spur demand opportunities in the roofing market.

Healthy growth is projected for the market in the coming years driven by the growing popularity of environmentally friendly materials with minimum carbon footprint, emergence of new and more efficient roofing materials, and rise in demand for new generation single-ply technology, particularly in the commercial roofing segment. Green building certifications are spurring the need for eco-friendly roofing, given that the building sector accounts for about 40% of total energy consumption worldwide. Rising air pollution, loss of biodiversity and urban heat island effect are leading governments across the world to focus on green roofs as a means to reduce environmental degradation. Especially poised to gain are eco-friendly roofing products such as light colored tiles and membranes; roofing products made from recycled materials; integrated photovoltaic roofing; vegetative roofs; advanced shingles made from fibreglass technology, and roofs that are resistant to winds, hail, fires and other climate changes. Another important growth driver include the steady proliferation of cool roofing solutions driven by increasing consumer awareness about the technology’s potential to save energy cost amidst stringent energy efficiency standards and regulations. The phenomenon of Internet of Things (IoT) is expected to offer huge potential by effective integration of energy absorbed by solar rooftops into a structure’s main energy system.

As stated by the new market research report on Roofing, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 8.3% over the analysis period. Robust residential and non-residential construction activity, growing focus on energy efficient buildings, increasing governmental subsidies in countries like China, India, Indonesia and Malaysia where infrastructure development is currently the top priority, and re-roofing activities in rural parts of several countries represent key growth drivers in the region. The roofing market in the region will further benefit from rapid urbanization and the resulting demand for housing, office space, hospitals, shopping malls, and hotels, among other amenities.

Key players in the market include American Hydrotech Inc., Atlas Roofing Corporation, BMI Group, Carlisle Construction Materials LLC, Duro-Last Roofing Inc., Etex Group SA, Firestone Building Products, Fletcher Insulation, GAF, IKO Industries Ltd., Johns Manville, Masterplast Group International, NCI Building Systems Inc., Nucor Building Systems, Owens Corning, Rockwool International A/S, Saint-Gobain SA, CertainTeed Corporation, Sika AG, Sika Sarnafil Inc., TAMKO Building Products Inc., USG Boral, Wienerberger AG, and Xtratherm Limited, among others.

The research report titled “Roofing: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product launches and recent industry activity of major companies. The report provides market estimates and projections for the global and major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), The Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product segments analyzed in the report include Asphalt Shingles, Metal, Elastomeric, Built-Up, Roofing Tile, Modified Bitumen, Plastic, and Others.

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