Roofing Materials Market Size, Share, Global Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Roofing Materials Market


The global roofing materials market size was estimated at USD 119.7 billion in 2019 and is expected to register a CAGR of 3.0% over the forecast period. Increasing investments in the renovation and redevelopment of residential and commercial buildings is expected to drive the market growth.

Emerging economies such as India, China, Indonesia, and Vietnam are witnessing a rapid rise in demand for residential structures. This increased demand is primarily driven by population growth, rapid urbanization, and rising per capita income in these countries. This, in turn, is expected to drive the demand for roofing materials over the forecast period.

U.S. is has emerged as one of the leading markets for roofing materials in the last few years owing to an increase in residential housing construction activities in the country. Furthermore, increasing demand for office spaces has had a positive impact on the demand for roofing materials in U.S.

Emergence of reflective coatings that can be applied to dark-colored roofing materials is estimated to favorably impact the market. Reflective coatings exhibit superior heat reflection property and reduce the overall energy consumption of the building structure. Superior durability, aesthetics, and ease of installation associated with these products are projected to boost product demand.

Rising adoption of cutting-edge technology such as drones to survey the roofs is expected to revolutionize the roof installation process. In addition, the use of 3D printing technology to produce various structural components of roofing systems is anticipated to drive the demand for roofing materials over the forecast period.

The dwindling number of qualified, skilled laborers is exerting considerable pressure on the overall construction industry. Labor shortage leads to a considerable increase in installation time, resulting in cost escalations. Thus, manufacturers are actively developing training programs for building contractors to make the installation process more effective and less time consuming.

Product Insights of Roofing Materials Market

Concrete and clay tiles dominated the roofing materials market with a value of USD 33.9 billion in 2019. These tiles offer advantages such as durability, superior aesthetics, versatility, and ease of recycling, and hence drive product demand. However, growing consumer preference for stone-coated steel roof is expected to restrain the product demand.

The asphalt shingles segment is projected to register a CAGR of 3.0% in terms of value over the forecast period. Properties such as longer lifespan, ease of installation, and cost-effectiveness are expected to drive product demand. In addition, it offers superior water- and algae-resistant properties, which would further boost the segment growth.
In 2019, the metal roof segment held a share of 23.6% of the overall market in terms of value. Metal roofs exhibit superior lifespan and fire resistance, which is likely to fuel their demand in new construction activities. Furthermore, the adoption of metal roofing in industrial applications on account of advantage such as easy installation is anticipated to drive the segment growth.

The plastic roofs segment is expected to register a CAGR of 2.0% over the forecast period owing to advantages such as low maintenance and ease of installation. However, plastic roofs offer lower visual appeal as compared to their counterparts. In addition, the product is highly susceptible to UV radiation damage, thereby limiting its use.

Application Insights of Roofing Materials Market

Residential application emerged as the leading segment in 2019 with a share of over 50.0% in terms of revenue in 2019. Rising government and institutional support for the development of housing infrastructure in emerging economies is the factor driving the demand for roofing materials for residential purposes.

The key factors driving the demand for roofing materials for residential applications include increasing population and growing preference for single-family housing structures. Furthermore, easy availability of credit and low-interest rates plays a significant role in the overall demand for residential structures.

Increasing investments for the construction and renovation of social infrastructures, such as educational buildings, hospitals, government offices, and correction facilities is expected to drive the demand for roofing materials for non-residential applications.

Furthermore, increasing popularity of online shopping is expected to boost the growth of commercial construction units such as warehouses, sorting facilities, and distribution centers. Growing investments in the development of data centers by major technology firms such as Google, Microsoft, and Amazon is also projected to favorably impact the potential demand for roofing materials.

Regional Insights of Roofing Materials Market

The demand for roofing materials in Asia Pacific is in line with the growth of the construction sector, which includes new construction and renovation activities. Rise in industrial operations, especially in China and India coupled with population expansion, has led to an increased demand for building and construction activities, subsequently driving the demand for roofing materials.

Residential application emerged as the leading segment in India and is expected to register a CAGR of 3.5% over the forecast period. The Indian government has set a target to establish 20 million affordable houses by 2022, which is expected to positively impact the market for roofing materials.

In Middle East and Africa, the demand for roofing materials is primarily driven by the rapid growth of the residential construction sector in Nigeria, Kenya, Egypt, and Ethiopia. In addition, the ongoing construction boom in Saudi Arabia, Qatar, and UAE are generating considerable demand for roofing materials.

The U.K. market is projected to register a CAGR of 3.3% in terms of value from 2020 to 2027. The U.K. government has set up an aim to build about 300,000 residential houses annually over the next three years to overcome the acute shortage of housing. Thus, the growing focus on housing development activities is expected to drive the demand for roofing materials over the forecast period.

Market Share Insights of Roofing Materials Market

Major players in the market are focusing on enhancing their market share by offering a wide range of durable and easy to install roofing materials. Furthermore, these companies have developed an extensive network of authorized roofing contractors to ensure the quality of roof installation so as to increase their customer base.

Key market players include GAF Materials Corporation; Atlas Roofing Corporation; Owens Corning; Braas Monier Building Group; Etex; Boral Ltd.; Johns Manville; and Carlisle Companies Inc. Major players in the market are focusing on backward integration in order to maintain product quality and keep cost of production under control.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Roofing Materials Market Research Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global roofing materials market report on the basis of product, application, and region:

Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2019 - 2030)

  
Asphalt Shingles
  
Concrete & Clay Tiles
  
Metal Roofs
  
Plastics
  
Others

Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2019 - 2030)

  
Residential
  
Non-residential