Developments in the construction industry, rapid urbanization, innovations in technology, government support for residential construction projects, and rise in re-roofing activities drive the growth of the global roofing market
PORTLAND, Ore., Nov. 2, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Roofing Market by Roofing Material (Bituminous Roofing, Metal Roofing, Tile Roofing, and Others), Roofing Type (Flat Roof, and Slope Roof), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global roofing industry was estimated at $102.4 billion in 2020, and is anticipated to hit $156.0 billion by 2030, registering a CAGR of 4.3% from 2021 to 2030.
Drivers, restraints, and opportunities-
Developments in the construction industry, rapid urbanization, innovations in technology, government support for residential construction projects, and rise in re-roofing activities drive the growth of the global roofing market. On the other hand, high installation cost of roofing restrains the growth to some extent. However, several government initiatives for energy efficient buildings are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic gave way to huge disruptions in the production and manufacturing of roofing materials across the world, thereby impacting the global roofing market negatively.
- However, as the situation is getting ameliorated, the market is anticipated to get back on track soon.
The bituminous segment to retain the lion's share-
On the basis of roofing material, the bituminous segment held the major share in 2020, garnering more than half of the global roofing market. The same segment is also projected to cite the fastest CAGR of 4.7% throughout the forecast period. This is because bitumen roofing is extremely long-lasting because of their great tensile strength.
The flat roof segment to dominate by 2030-
On the basis of roofing type, the flat roof segment contributed to the lion's share in 2020, holding nearly three-fourths of the global roofing market. The same segment is also projected to manifest the fastest CAGR of 4.4% from 2021 to 2030. Increase in roofing activities in the developed and developing economies fuels the segment growth.
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Asia-Pacific, followed by North America, held the major share in 2020-
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering more than two-fifths of the global roofing market. The same region is also expected to cite the fastest CAGR of 4.6% throughout the forecast period. The rising expenditure for infrastructure development in the industrial, commercial, and healthcare sectors is boosting the roofing industry in Asia Pacific.
Key Players in the industry-
- Atlas Roofing Corporation
- Johns Manville
- Duro-Last, Inc.
- E. I. Du Pont De Nemours, Inc.
- BASF SE
- Owens Corning
- Sika AG
- Standard Industries Inc.
- The Dow Chemical Company.
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