Increasing investments in renovation and redevelopment of the 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.Segment Overview
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.
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.Regional Overview
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.Competitor overview
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.Key Players
- GAF Materials Corporation;
- Atlas Roofing Corporation;
- Owens Corning;
- Braas Monier Building Group;
- Etex; Boral Ltd.;
- Johns Manville;
- Carlisle Companies Inc.
- Asphalt Shingles
- Concrete & Clay Tiles
- Metal Roofs
By End Use
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA