The new report by Expert Market Research titled, ‘Global Roofing Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global roofing market size, assessing the market based on its segments like type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 111 Billion
- Forecast CAGR (2023-2028): 4.9%
- Forecast Market Size (2026): USD 149 Billion
The demand for bituminous roofing is growing as the number of non-residential projects in emerging economies, such as hotels, schools, hospitals, and industrial buildings, are increasing. Because of the introduction of modern roofing technologies, energy efficient roofing systems are now available on the market, which is expected to be a major factor that will drive the growth of the market over the forecast period.
Technological advancements such as green roofing, environmentally sustainable roofing materials, and roof inspection drones have increased demand for roofing products. The use of advanced technologies improves aesthetics, which is projected to help the roofing market grow in the future. The influence of new technologies is moderate at the moment, but it is projected to grow in the future as more people opt for bituminous roofing in their homes and businesses. The market’s growth is being aided by the ongoing recovery of existing structures in a number of countries.
Industry Definition and Major Segments
A roof is a building’s top covering, including all materials and constructions needed to support it on the building’s walls or uprights, providing protection from rain, snow, sunlight, temperature extremes, and wind.
On the basis of type, the market is divided into:
- Asphalt Shingles
- Wood Shingles
- Green Roofs
Based on application, the market is bifurcated into:
Regionally, the industry can be classified into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The key competitors in the industry are focussing their efforts on producing effective roofing systems that will deliver long-term performance even in the most adverse weather situations. This feature will present lucrative chances for market expansion during the forecast period.
The construction industry, increased urbanisation, rising income levels, and technical improvements are driving the roofing market forward. Governments in countries like India and China have made significant investments in infrastructure development, fuelling the demand for bituminous roofing in the global roofing industry. The market is expected to grow due to an increasing demand for modern hospitals, medical facilities, and senior living complexes to suit the demands of an ageing population and a booming industrial sector. Solar roofing, vegetative roofing, cool roofs, pre-engineered steel, and liquid-applied roof coatings are also helping in market expansion.
Key Market Players
The major players in the market are Carlisle Companies, Owens Corning, BMI Group, Saint Gobain, Wienerberger AG, Beacon Roofing Supply Inc., Duro-Last Inc., and Atlas Roofing Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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