Global Roofing Market - 2023-2030

Global Roofing Market - 2023-2030

Global Roofing Market reached US$ 129.4 million in 2022 and is expected to reach US$ 181.2 million by 2030, growing with a CAGR of 4.3% during the forecast period 2023-2030.

The roofing market is experiencing significant growth driven by rapid urbanization and infrastructure development, especially in emerging economies. As more people shift from rural areas to urban areas, there is a growing need for residential buildings, commercial spaces and industrial facilities. These factors increase construction activities that create a substantial demand for roofing materials.

North America is among the growing regions in the global roofing market, due to government stringent policies that focus mainly on energy efficiency and sustainability. These factors led to an increased demand for roofing materials that provide better insulation which has made the region cover more than 27.6% globally. Companies are coming together to improve the product’s revenue in the region.

For instance, On 3 April 2023, Holcim, a leading roofing systems company, completed the acquisition of Duro-Last, a U.S. leader in commercial roofing systems. This strategic move strengthens Holcim's position in the highly profitable North American roofing market, which is valued at US$ 40 billion. Duro-Last's proprietary technologies, custom-made solutions and strong brands have driven its double-digit growth in the industry.

Market Dynamics

Growing Market of the Construction Industry

Retrofitting with energy-efficient roofing materials and insulation improves the building's thermal overall performance, reducing energy consumption and enhancing sustainability. By minimizing heat loss in winter and heat gain in summer, buildings require less heating and cooling, resulting in reduced energy consumption and lower utility bills. This financial benefit makes energy-efficient retrofitting an attractive investment for building owners which is driving the roofing market.

For instance, On 5 April 2023, Triple Diamond Construction, a reputable construction company in Oklahoma, is now offering storm damage and roof repair services to homeowners in Norman and surrounding areas. Recent hail and wind storms have caused significant damage to homes, necessitating prompt repairs to prevent further deterioration. Triple Diamond Construction provides free comprehensive home inspections and emergency roof tarping services to stop leaks.

Rising Demand for Eco-friendly Roofing Materials

Solar roofing systems provide homeowners to generate their own clean renewable energy by harnessing sunlight. Solar panels or solar tiles had been installed on the roof that converts sunlight into electricity which can be used to power the home's electrical appliances and reduce reliance on traditional energy sources. Various countries across the globe are adopting eco-friendly roofing solutions leading to a boost in the roofing market.

An integrated solar roofing system developed in India has received approval from Dubai's Electricity and Water Authority. For instance, On 9 August 2022, the product, called ATUM, is a sleek and lightweight roof that generates 375W per unit. It is manufactured by Visaka Industries Limited and has been certified by UL Labs in the USA. The system is seen as a significant step towards making the UAE more sustainable and eco-friendly.

High Production Cost

Certain roofing materials may require regular maintenance to ensure their longevity and performance. This includes periodic inspections, repairs and cleaning to prevent issues such as leaks, moss or algae growth and deterioration. Some roofing systems, such as flat roofs or more intricate designs, may require specialized installation techniques and skilled professionals.

Some roofing systems, such as flat roofs or more intricate designs, may require specialized installation techniques and skilled professionals. Improper installation can cause lead to leaks, structural damage and other issues. One major issue witnessed in roofing systems is the occurrence of leaks that cause water damage and mold growth.

COVID-19 Impact Analysis

During the pandemic the rules and regulations initiated by the government which leads to affect the growth of roofing. During the pandemic, consumers face a lot of challenges, so to address these challenges research and development accelerate research for the growth of the roofing market.

The pandemic has accelerated the adoption of digital tools and remote services in the roofing industry. Virtual consultations, digital project assessments and online communication have become more common that allows roofing companies to continue serving customers while minimizing physical contact.

Russia-Ukraine War Impact

The conflict has caused damage to infrastructure, including residential and commercial buildings. Roofing systems have been damaged or destroyed, necessitating repairs or replacements are required. The need for post-war reconstruction and rehabilitation can potentially create opportunities for the roofing market once the situation stabilizes.

The rise in conflict resulted in a decline in construction projects in the affected regions. Many projects were put on hold or delayed. This leads to decreased demand for roofing materials and services. Due to this the growth of the roofing market downfalls.

Segment Analysis

The global roofing market is segmented based on roofing system, product, application and region.

Concrete and Clay Tiles Roofing Solution for Enhanced Protection

Tiles made of concrete and clay are known for their outstanding toughness and durability which has made it to cover nearly 1/3rd in the market. They can survive extreme weather, including as strong winds, flooding and even fire. These materials are valued by residents and contractors because they can offer enduring protection while lowering the frequency of roof replacements.

A building's overall visual appeal is improved by the distinctive and graceful appearance of concrete and clay tiles. They are a popular option for residents looking to create a distinctive and eye-catching roof since their natural colors, textures and shapes offer creative design options.

Geographical Penetration

Promoting Durable and Energy-Efficient Roofing Materials in North America

North America witnessed various changes in climatic conditions that range from tropical to temperate that includes heavy rainfall, high temperatures and typhoons. These factors create demand for more durable and energy-efficient roofing materials. The government in this region implemented various initiatives to promote energy-efficient roofing materials.

For instance, On 12 July 2023, Task Force RISEUP, also known as the Roofing Installation Support Emergency Utilization Program, celebrated the completion of its 100th temporary roof installation in Guam as part of the Typhoon Mawar recovery efforts. The program, launched by U.S. Department of Defense and the U.S. Army Corps of Engineers in coordination with FEMA and the Guam government, aims to repair metal roofs damaged by the typhoon.

Competitive Landscape

The major global players include Duro-Last, Inc, Atlas Roofing Corporation, 3M, Dow, BASF SE, BMI Group, Johns Manville, Siplast, IKO Polymeric, Godfrey Roofing Inc.

Why Purchase the Report?
• To visualize the global roofing market segmentation based on roofing system, product, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of roofing market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global roofing market report would provide approximately 61 tables, 60 figures and 181 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies