Roofing Materials Market Outlook
According to the report by Expert Market Research (EMR), the global roofing materials market share is projected to grow at a CAGR of 5% between 2024 and 2032. Aided by the escalating demand in construction activities and the burgeoning need for durable and energy-efficient roofing solutions, the market is expected to grow significantly by 2032.
Roofing materials are essential components in the construction industry, playing a pivotal role in providing protection and aesthetic appeal to buildings. These materials range from traditional products such as clay tiles and metal roofing to modern solutions like synthetic shingles and green roofs. The choice of roofing material significantly influences the durability, energy efficiency, and overall cost of a building project.
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The growth in the global roofing materials market demand is primarily fuelled by the continuous expansion of the residential and commercial construction sectors. The increasing urbanisation and the rise in housing construction activities, particularly in emerging economies, are significant factors driving the demand for roofing materials. Moreover, the renovation and retrofitting of existing buildings with modern, energy-efficient roofing systems are further bolstering the market growth.
Technological advancements in roofing materials have been instrumental in the market’s expansion. Innovations such as cool roofing, solar roofing, and green roofing are gaining traction due to their environmental benefits and energy-saving properties. These advancements not only contribute to the sustainability of buildings but also align with global trends in reducing carbon footprints and promoting eco-friendly construction practices.
The commercial sector, encompassing industrial and commercial buildings, is a crucial influencer of the roofing materials market outlook. The need for durable and low-maintenance roofing solutions in commercial buildings drives the adoption of advanced materials like single-ply membranes, modified bitumen, and metal roofing. These materials offer longevity, resistance to extreme weather conditions, and aesthetic versatility, making them suitable for various commercial applications.
Regionally, the Asia-Pacific region accounts for a significant portion of the roofing materials market share, thanks to rapid urbanisation and infrastructure development in countries like China and India. The region’s vast population and growing economies present significant opportunities for market expansion. North America and Europe also maintain robust market positions, supported by well-established construction industries and heightened awareness of energy-efficient and sustainable building practices.
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Roofing Materials Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
- Asphalt Shingles
- Concrete and Clay Tile Roofs
- Metal Roofs
- Elastomers and Plastic Roofs
- Others
Market Breakup by Application
- Residential
- Commercial
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 materials market. Some of the major players explored in the report by Expert Market Research are as follows:
- BMI Group
- Fletcher Building
- Owens Corning
- Atlas Roofing Materials Corporation
- TAMKO Building Products LLC
- GAF Materials LLC
- CertainTeed
- Others
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