- Growing demand for roofing materials in residential, commercial, and non-commercial constructions propel revenue gains in roofing market; awareness of environment-friendly roofing materials to rise
- Strides in construction sector in developing regions to spur revenue growth; Asia Pacific to witness massive lucrative avenues; growing renovation projects in Europe and North America generating incremental opportunities
ALBANY, N.Y., March 9, 2022 /PRNewswire/ -- Changing requirements of roofing materials in buildings has underpinned the rapid evolution of the roofing market. The commercialization of new materials has expanded the scope of protection from various atmospheric conditions is a key driver for revenue growth, note the TMR analysts in a study of the growth dynamics and promising investment avenues. The global valuation of the roofing market is projected to reach worth of US$ 322 Bn by 2031.
Rise in commercial construction especially in the developing regions of the world has spurred revenue prospects of the roofing market. Evolving technical and aesthetic considerations have driven advancements in various roofing materials such as in ceramic coated granules, bitumen, clay, sand, concrete, polycarbonate, and fiberglass.
Demand for environment-friendly roofing materials has opened up new avenue which players are expected to increasingly capitalize on in the near future, assert the analysts in the TMR study on the roofing market. A recovery in demand for residential construction in recent years since the onset of the COVID-19 pandemic has been creating incremental avenues.
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Key Findings of Roofing Market Study
- Rise in Use in Energy Conservation and Protection Applications Propelling Sales:Energy-efficient cool roofs are gaining popularity in commercial, residential, and other non-commercial applications. Of note, the use of environmental-friendly roofing materials has added a massive impetus to new avenues in the roofing market. A case in point is integration of photovoltaic solar panels into modern residential roofs. On the other hand, roofing materials have advanced to protect buildings from natural damage and offering long-term protection against leakage, observe the analysts in the TMR study.
- Booming Construction Sector to Underpin Vast Lucrative Avenues During Forecast Period: Strides made in the construction sector are propelling revenue gains to companies in the roofing market. They have captured substantial revenues from the booming construction of commercial buildings in urban spaces in emerging economies around the world. Low-maintenance roofing products have opened new avenues, especially to meet the demand for roofing materials in renovation of commercial buildings and public infrastructure. Furthermore, governments have grown their initiatives for affordable residential buildings, which has boosted the sales of products in the roofing market.
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Roofing Market: Key Drivers
- The rapid pace of urbanization, due to both cross-border migration and within states, is a key driver for building and construction industry. This, in turn, is spurring the growth of the roofing market.
- Advancements in architecture materials have been crucial for construction of low-maintenance and aesthetic roofing for commercial buildings. The strides in industrialization in emerging economies is catalyzing the demand, assert the TMR study on the roofing market.
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Roofing Market: Key Regional Growth Dynamic
- Asia Pacific is expected to account for a leading share of the global roofing market during the forecast period of 2021 - 2031. Southeast Asia is expected to generate sizable revenues share to the Asia Pacific roofing market. Rise in sales of roofing materials for a booming construction and building sector is catalyzing revenue growth.
- Europe and North America are expected to witness demand for roofing for renovation projects. Focus on energy conservation initiatives by building and construction sector in developed countries is extending the horizon for new revenue streams, find the authors of the study on the roofing market.
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Roofing Market: Key Players
Some of the prominent players in the roofing market are TAMKO Building Products Inc., Carlisle Companies, Owens Corning, IKO Industries Ltd., Johns Manville, Brass Monier Building Group Services S.A. Brass Monier Building Group Services S.A., GAF, Duro-Last Roofing Inc., and Duro-Last Roofing Inc.
Global Roofing Market: Segmentation
Roofing Market, by Product
- Bituminous Roofing
- Metal Roofing
- Tile Roofing
Roofing Market, by Application
- Residential
- Commercial
- Non-commercial
Roofing Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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