Global Roofing Market - 2021-2028
Global Roofing Market Overview
The global roofing market size was worth US$ XX billion in 2020 and is estimated to show significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% between the forecast period (2021-2028).
Roofing is a form of building envelope made primarily of concrete, polymer, metal, or other materials that protects the building's walls from snow, rain, sunlight, temperature extremes, and wind. Gabled, butterfly, hipped, arched, flat, mono-pitched, and domed are some of the shapes available. Roofs in residential and commercial buildings, including hotels, offices, and educational institutions, are usually made of bitumen, ceramic coated granules, cement, sand, asphalt, and polycarbonate. The structure determines the properties of a roof it covers, the roofing materials available, local construction traditions, and more extended architectural design and practice principles. It may also be governed by local or national legislation.
Roofing Market Dynamics
The global roofing materials market is driven by the growing market of the construction industry across different parts of the globe. The arrival of green roofing, eco-friendly roofing materials, and drones for roof inspections has improved the roofing market, thereby creating immense opportunities in the forecast period.
The global roofing materials market is driven by the growing market of the construction industry across different parts of the globe.
One of the world's most flourishing industries is construction, divided into many subsegments such as civil engineering construction, building construction, and advanced construction. The construction industry grew to a spending value of close to 12 trillion U.S. dollars before the coronavirus pandemic and is expected to grow by 3% per annum. This includes real estate developments, both residential and commercial, as well as utilities and industrial structures. The cost of labor and materials and architectural and engineering costs are all included in construction spending results. Also, the increasing need for medical facilities, the latest hospitals, and senior living complexes to meet an aging population's demands is anticipated as the major pushing forces behind the increased market for roofing market in recent times.
The arrival of green roofing, eco-friendly roofing materials, and drones for roof inspections leads to the improve the technology, thereby expected to create immense opportunity for the product in the forecast period
Growing technological advancements in roofing materials such as the arrival of green roofing, eco-friendly roofing materials, and drones for roof inspections have to build immense opportunities for the product in the forecast period. The increasing inclination towards vegetative roofing, cool roofs, solar roofing, pre-engineered steel, and liquid-applied roof coatings also adds value to the roofing market growth. Furthermore, the market is expected to benefit from introducing reflective coatings applied to dark-colored roofing materials as reflective coatings have superior heat reflection properties and reduce the building structure's total energy consumption. Product demand is expected to increase further in the coming years due to the aesthetics, superior durability, and ease of installation associated with these items.
Increased adoption of paper recycling technologies and growing government and manufacturers' R&D activities are creating immense opportunities for the paper packaging market to grow at the highest rate in the coming tenure.
Lack of skilled manpower for installation, fluctuating raw material prices, lack of safety awareness, the emergence of unorganized players, and installation issues in some areas are all challenges for the industry. They are severely hampering product development. The primary raw material for bitumen is gasoline, and gasoline demand continues to decline. This has had a negative impact on the availability of bitumen and asphalt. Furthermore, costly manufacturing methods such as the oxidation process have increased the cost of bituminous roofing output. As a result, the roofing's business growth is expected to be hampered, particularly in recent years.
COVID-19 Impact Analysis
The COVID-19 pandemic has noteable impacted the construction sector's growth, which is sensitive to economic cycles. In addition, many projects remained in the unfinished stages due to the unavailability of enough funds, and those that were finished remained unsold because of changing buyer preferences. Residential real estate demand was also lagging, as aspirational homeowners postponed their purchases due to various factors, including the COVID crises' uncertainty. Thus, a severe impact on the construction industry has negatively impacted the roofing industry's growth in 2020-2021.
Roofing Segment Analysis
The global paper packaging materials market is segmented based on type, product, application and region.
Increasing demand for roofing materials such as fiberglass/plastics, metals, tiles, membranes, and others among different end-users creates immense opportunities for the material segment of the roofing industry.
In terms of type, the global roofing materials market is segmented into materials and chemicals. Out of the two types material segment is more likely to build a bigger market share in the forecast period due to increasing demand for roofing materials such as fiberglass/plastics, metals, tiles, membranes, and others in non-residential construction activities such as transport infrastructure, power infrastructure, and others. Besides, increasing investment in non-residential infrastructures, including warehouses, transportation systems, manufacturing facilities, power plants, and production units, among other things, is expected to trigger the growth of roofing materials from segments across the globe.
Roofing Market Geographical Analysis
The growing construction industry, which involves both new construction and renovation projects, is triggering the demand of roofing market in the Asia-Pacific region
The Asia Pacific is growing in lockstep with the construction industry, which involves new construction and renovation projects. Furthermore, increased demand for building and construction activities has resulted from increased industrial operations, especially in China and India, and population growth, driving demand for roofing materials. India's construction industry is booming due to ongoing urbanization, upcoming infrastructure projects, and a rising population base. It is the third-largest contributor to economic development, with several ongoing project opportunities. Furthermore, the sector hires over 40 million people and has a wide pool of low-wage labor.
Moreover, government flagship programs such as 'Smart Cities,' 'Housing for All,' 'Make in India,' and 'Atal Mission for Urban Rejuvenation and Transformation (AMRUT)' will spur development. It is predicted that more foreign investment will be attracted due to these efforts and the government's desire to expand public-private partnerships with foreign companies. This leads to uplifted the roofing market in the Asia-Pacific region.
Roofing Market Competitive Landscape
The roofing market is highly competitive with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Atlas Roofing Corporation, 3M, Dow Inc., Duro-Last, Inc, BASF SE, BMI Group, Johns Manville, Siplast, IKO Polymeric, Godfrey Roofing Inc. and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the roofing market's growth globally. The key players are adopting acquisition and collaboration as the major growth strategy to build revenue for their company
Overview: Duro-Last Inc. is the world's largest producer of thermoplastic single-ply roofing systems that are custom-fabricated based in Saginaw, Michigan. Up to 85% of field seams can be eliminated using factory-controlled custom welding, resulting in lower on-site labor costs and easier installation. Duro-Last offers roofing systems that are long-lasting and environmentally friendly in nature.
Duro-Last X Membrane: Duro-Last X is an excellent choice for contractors seeking the convenience of roll goods coupled with the customization of custom-cut lengths. The Duro-Last X membrane is offered in 10-foot wide rolls that can be custom-cut to any length up to 200 feet, reducing scrap and improving installation efficiency over typical roll goods.
The global roofing market report would provide access to an approx: 61 market data table, 56 figures and 251 pages.
Target Audience 2022
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