Global Roofing Market Report and Forecast 2023-2028

Global Roofing Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global roofing market reached a value of USD 121.8 billion in 2022. Aided by the mounting need for housing and the diversification of roofing materials and techniques, the market is projected to further grow at a CAGR of 4.7% between 2023 and 2028 to reach a value of USD 160.44 billion by 2028.

Roofing, an integral component of construction, is paramount for safeguarding structures from various environmental adversities and enhancing the aesthetic appeal of buildings. Historically limited to traditional materials such as clay tiles, slate, or wood, modern roofing materials and solutions now span a vast array, including metal sheets, bitumen, polymers, and eco-friendly green roofs.

The consistent uptick in global construction activities, be it residential, commercial, or industrial, stands as the primary impetus behind the roofing market growth. As urban centres burgeon and the demand for sustainable and modern living spaces escalates, roofing solutions have evolved, mirroring architectural advancements and addressing the pressing need for energy efficiency.

Driving the market's trajectory further is the rising cognisance regarding energy conservation and the need to reduce carbon footprints. This has fostered the adoption of "cool roofing" solutions, which reflect more sunlight and absorb less heat, thus moderating energy costs associated with air conditioning. Similarly, green or living roofs, festooned with vegetation, have also gained traction, contributing not only to energy efficiency but also to urban biodiversity and air purification.

The technological evolution in roofing materials has engendered durability and longevity in modern roofing systems. For instance, the introduction of elastomeric and silicone roof coatings provides heightened resistance to weathering, UV rays, and temperature-induced damages, extending the lifespan of roofs and reducing maintenance costs. These advancements are likely to augment the roofing market demand in the forecast period.

Innovation has also paved the way for integrated roofing systems that incorporate solar panels. These roofs, while catering to the structural and protective prerequisites, concurrently generate electricity, fitting seamlessly into the global shift towards sustainable and renewable energy.

Furthermore, the need for disaster-resistant structures, especially in regions prone to hurricanes, cyclones, and heavy snowfall, has magnified the demand for high-strength roofing materials and techniques. This has led to the advent and subsequent popularity of metal roofing and impact-resistant shingles, ensuring safety and longevity.

According to the roofing market analysis, booming economies with robust infrastructural development activities, notably in Asia-Pacific and Africa, are notable hotspots for the roofing industry. Rapid urbanisation, coupled with government initiatives to promote sustainable housing and infrastructural projects, has bolstered the demand for advanced roofing solutions in these regions.

Market Segmentation

The market can be divided based on type, application, roof type, and region.

Market Breakup by Type

• Asphalt Shingles
• Metal
• Tiles
• Wood Shingles
• Green Roofs
• Others

Market Breakup by Application

• Residential
• Commercial

Market Breakup by Roof Type

• Asphalt Shingles
• Metal
• Tiles

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global roofing market. Some of the major players explored in the report by Expert Market Research are as follows:

• Carlisle Companies
• Owens Corning
• BMI Group
• Saint Gobain
• Wienerberger AG
• Beacon Roofing Supply, Inc.
• Duro-Last, Inc.
• Atlas Roofing Corporation
• Sika AG
• GAF Materials LLC
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.