Global roofing market to reach value of us$ 143,273.2 mn by 2027 – KSU

Key Highlights of the Global Roofing Market

  • It’s global roofing marketwas appreciated on US $ 96,135.03 million in 2018 and is expected to expand at a CAGR of9% during the forecast period
  • The global roofing market is driven by expansion in the global construction industry. Asia Pacific accounts for much of the global roofing market, led by the increase in construction activity and an increasing awareness of sustainable building materials in the region.

Main drivers of global roofing market

  • The construction industry is a major end user of roofing materials. It is steadily expanding in developing countries and sub-regions such as India, China, ASEAN, GCC and Africa.
  • Due to the improvement of living standards, urbanization is increasing in these countries and sub-regions. The roofing market is growing rapidly with industrialization and growth in residential and commercial developments.
  • Significant expansion in the construction industry in developing countries and technological advancements have spurred the adoption of high performance roofing systems. The construction industry in India and the Middle East has grown at a rapid pace in recent years. This trend is expected to continue for the foreseeable future.
  • Robust expansion in the construction industry in UAE and Qatar due to the increase in government spending on commercial and industrial projects is expected to boost the roofing market in these countries. This is estimated to provide significant opportunities for roofing manufacturers, mainly in the industrial sector.
  • An increase in the roofing business for existing buildings, typically in the US, Canada and Germany, is expected to drive demand for roofing materials over the forecast period. In addition, the increase in Asia-Pacific reconstruction activities in countries such as Malaysia, Singapore, Nepal and Sri Lanka is expected to stimulate the market during the forecast period.

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Rising demand for metal roofing is likely to offer attractive growth opportunities

  • Metal roofing, especially steel roofing with galvanized iron or ZN-Al coating, has been gaining momentum in recent years in commercial and industrial applications of the roofing market. It is also gaining popularity in residential projects, including multi-storey apartments, complexes and single-family homes.
  • Currently, metal roofs are a rapidly evolving innovation in home remodeling applications, they are durable and provide exceptional protection and long life. These roofing materials are recyclable and come in a wide variety of shapes, colors and finishes.
  • Metal roofing is attractive to many homeowners because it is designed to last for 50 years. Metal roofing is suitable for green technologies such as solar panels and water collection systems.
  • For example, the government of India is planning to introduce tax breaks for homeowners installing metal roofs. The rising demand for energy-efficient metal roofs with built-in solar panels is expected to provide lucrative opportunities for roofing manufacturers.

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Volatility in commodity prices expects to hinder the roofing market

  • The global roofing market is subject to fluctuations in the prices of raw materials such as acrylic acid. The constant volatility of raw material prices has an adverse effect on the roofing market. Bitumen or asphalt is the main raw material used in the manufacture of bituminous roofing materials, which is the leading product segment of the roofing market. Petrol is an important raw material for bitumen. The demand for gasoline is still declining.
  • This has adversely affected the supply of bitumen and asphalt. In addition, the high production costs, such as the oxidation process, have increased the production costs of bituminous roofing. In addition, it is estimated that high polymer and fiber cement prices will hamper the roofing market during the forecast period.

Asia Pacific dominates global roofing market

  • In terms of region, Asia-Pacific accounted for much of the global roofing market in countries such as India, China, Vietnam and Indonesia, which are expected to provide lucrative opportunities to roofing manufacturers due to the increase in disposable income, the growth of population, expansion in the construction industry and increasing demand for residential complexes and industrial warehouses.
  • The demand for residential complex renovation is significantly high in the US and Europe. This is estimated to boost the roofing market in these regions over the forecast period. The Middle East and Africa are expected to provide lucrative opportunities to the roofing market during the forecast period due to rising investment in the construction sector, which includes commercial institutions, public infrastructure and utilities, in the region.
  • The increase in government spending on commercial and industrial projects, typical in the UAE and Qatar, due to government efforts to reduce its dependence on oil revenues, is expected to boost the market in these countries. These factors drive the global roofing market.

Fragmented nature of the global roofing market

  • The global roofing market is highly fragmented. The main players in the roofing market are GAF Materials Corporation, CertainTeed Corporation, Owens Corning Corp., Braas Monier Building Group and Carlisle Companies Incorporated.
  • Market parties are developing new products to broaden their consumer base. This is likely to intensify competition in the global roofing market in the coming years.

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