The Global Roofing Materials Market Size is predicted to be valued at $186.7 billion by 2031, surging from $123.2 billion in 2021, at a noteworthy CAGR of 4.3%.
Impact Analysis of COVID-19 on the Roofing Materials Market
The COVID-19 impact on roofing materials market has led to severe disruptions that have affected the demand, supply, import-export, and availability of roofing materials across end-use industries. The global construction sector has been negatively affected by the COVID-19 outbreak. The construction industry experienced significant change in the first half of 2020. Furthermore, the nationwide lockdown and suspension of the main domestic and marketable building systems showed a sharp decline in the sales of roofing materials. The worldwide construction sector has experienced a limited increase as a result of the COVID-19 crisis's financial crisis, which has diminished investor confidence and curtailed construction activity. As a result, there has been a significant decline in the market. The spread of the COVID-19 in the United States had an effect on the growth of the engineering and construction industries. Supply chain interruptions and growing prices for construction supplies and equipment are the main obstacles preventing this industry's growth. However, throughout the pandemic, the use of 3D modelling and aerial measurement technology increased, helping the industry's growth.
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Global Roofing Materials Market Analysis
Roofing material is the material used in the last layer of a home's, industrial, or commercial space's roof. Concrete and clay tiles, bituminous, elastomers, metals, and plastics are among the materials employed in the process. The material provides several benefits to the construction, including water proofing and temperature management. Rising discretionary income, greater affordability, and the ease with which loans are available have prompted homeowners to spend more on residence restoration and reorganization. Growing consumer interest in house restoration and improving the aesthetics of living structures has created a plethora of prospects for growing product sales. Similarly, severe energy-efficient housing rules and increased customer interest in green buildings will drive adoption of products in the forecasted future time period. These are the major factors anticipated to boost the roofing materials market share during the analysis timeframe.
One of the most significant challenges for the market is the requirement of high capital costs to invest in relevant machinery and conduct operations. Furthermore, high operating and maintenance costs for machinery will limit the scope of growth. According to current global recession trends, the market growth rate is bound to slow down. In addition, the high expenses connected with research and development capabilities could impede the roofing materials market growth share.
The worldwide roofing market is primarily driven by the expanding construction sector and the continuous rehabilitation of old structures in several countries. Demand will rise as more office buildings, shops, and accommodation facilities are built. Furthermore, a rising need for modern hospitals, medical facilities, and senior living complexes to suit the demands of an ageing population and a thriving industrial sector is expected to be important driving reasons behind the increased demand for roofing goods. Solar roofing, vegetative roofing, pre-engineered steel, cool roofs, and liquid-applied roof coatings are all driving the roofing materials market growth.
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Global Roofing Material Market, Segmentation
The global roofing material market is segmented based on material, construction type, application, and region.
Material:
The material segment is further classified into asphalt shingle, metal roofs, concrete roofs, tile roofs, clay roofs, and others. Among these, the asphalt shingle sub-segment accounted for a dominant market share in 2021. Asphalt shingles are used in residential applications by homeowners because they are less expensive to install and maintain than metal and concrete. They may give roofing structures a wooden, cedar, or slate-like appearance with a variety of colors and textures, increasing their aesthetic appeal. Roofing materials include dark-colored roofing materials, stone-coated steel roofing materials, and fire-resistant roofing materials. Furthermore, asphalt shingles are employed in residential applications by homeowners because they are easier to install and require less upkeep than metal and concrete. These are available in a variety of colors and textures and can provide a wood, cedar, or slate-like look while also improving the aesthetic value of roofing structures.
Construction Type:
The construction type segment is further classified into new construction and re-roofing. Among these, the re-roofing sub-segment accounted for a dominant market share in 2021. The growing emphasis on improving aesthetics and atmosphere through new designs and textures has led to an increase in restoration and remodeling initiatives. This can be attributed to steady increases in disposable income and a good economic outlook in numerous economies. Nonetheless, the fast use of improved reroofing techniques will accelerate market growth throughout the projection period.
Application:
The application segment is further classified into residential and non-residential. Among these, the residential sub-segment accounted for a dominant market share in 2021 and it is anticipated to show the fastest growth during the forecast period. Rising institutional and governmental support for residential development structures in emerging nations is driving demand for domestic roofing materials. Furthermore, the expanding population and desire for single-family home structures are important factors driving the need for roofing material. Similarly, the easy availability of low-interest rates and loans is critical to the overall demand for residential constructions.
Region:
The roofing materials market size in the Asia-Pacific region is projected to show the fastest growth and accounted for a dominant market share in 2021. This dominance has been attributed to the region's quick and profitable expansion. In addition, the region's large population and the existence of various product producers are boosting market expansion. This region also acts as a manufacturing hub for the electronics and automotive sectors, and it is home to more than 55% of the world's population. Increased disposable income and developing domestic markets in Indonesia, China, India, and South Korea are driving corporate growth. Demand for roofing materials is commensurate with the Asia-Pacific building industry's expansion, which comprises house remodeling. Population expansion and increased industrial activity, notably in China and India, have boosted the demand for buildings and construction activities, resulting in increased demand for roofing materials.
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Key Players in the Global Roofing Materials Market
Some of the leading roofing materials market analysis players are
- 3M Company
- Atlas Roofing Corporation
- BASF SE
- Johns Manville
- Duro-Last Inc
- E. I. Du Pont De Nemours Inc
- Owens Corning
- Sika AG
- Standard Industries Inc
- The Dow Chemical Company
In January 2021, LafargeHolcim revealed its new market strategy, which included a purchase of Firestone Building Products (FSBP). FSBP is a US-based firm that is an industry leader in commercial roofing and building envelope solutions. This purchase will help LafargeHolcimin become a global leader in sustainable and creative construction solutions.
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