Roofing Materials Market: Residential segment is Expected to Record CAGR of 4.6% By 2027
Residential segment across roofing materials market is estimated to register a robust CAGR of over 4.6% through 2027. roofing materials are witnessing heightened demand in this segment owing to the increasing residential construction projects especially across Asia Pacific and Middle East. In addition, growing urbanization, rising disposable income along with increasing consumer inclination towards house renovation is fostering the product adoption further.
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When it comes to which roofing material is witnessing higher adoption, concrete & clay tile materials are gaining massive traction in the industry owing to the benefits offered by them. They offer improved aesthetics as well as durability of materials which makes them suitable for residential applications. In addition, the material is easy to customize, weather & fire resistant, and requires less maintenance when compared to its counterparts.
Technological developments such as integration of these products with solar cells and advancements in insulated roofing tiles are as well offering new growth avenues for the business. According to the report, roofing materials market is anticipated to register an appreciable valuation of around USD 36 billion revenue by 2027 from concrete & clay tile materials segment.
With increasing product demand, several major industry players operating in roofing materials market are focusing on developing new products to widen their product portfolio and effectively serve the growing demand. This allows them to strengthen their foothold in the market. For instance, in 2021, Atlas Roofing Corporation announced the launch of its new hip & ridge shingle StormMaster®.
Growing concern regarding energy consumption across developed countries, along with rising awareness about installing energy-efficient solutions in buildings and establishments are some of the major factors that are driving the growth of roofing materials market significantly. For instance, growing popularity of green buildings in the U.S., Germany and other European countries is impelling the demand for energy efficient roofing systems.
In addition, rapid urbanization across emerging economies and accessibility to financing options is offering lucrative opportunities for roofing materials industry in the residential sector. Considering these factors, roofing materials market size is estimated to surpass USD 159 billion by 2027.
Apart from Asia Pacific and Middle East, the other regions where the demand for roofing products is high are Europe and North America. This is majorly due to the rising reroofing activities in these regions as they have large number of aging houses, requiring renovation and refurbishment. Occurrence of storms and other adverse climatic conditions that are often seen in these areas is further fueling the demand for reroofing activities.
Speaking primarily of the North American region, the regional roofing market is observing substantial growth over the past few years. In 2020, the market had recorded a valuation of more than USD 29 billion revenue in 2020. This can be attributed to increasing renovation projects along with the presence of numerous industry participants offering a large number of roofing materials in the region. Besides, rising construction of various residential and commercial buildings is complementing the industry growth further.
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Some Point from Table of Contents:
Chapter 4 Roofing Materials Market, By Material
4.1 Global roofing materials industry, by material insights
4.2 Bituminous
4.2.1 Global market estimates and forecasts, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3 Concrete & clay tile
4.3.1 Global market estimates and forecasts, 2017 - 2027
4.3.2 Market estimates and forecast, by region, 2017 - 2027
4.4 Metal
4.4.1 Global market estimates and forecasts, 2017 - 2027
4.4.2 Market estimates and forecast, by region, 2017 – 2027
4.5 Elastomer
4.5.1 Global market estimates and forecasts, 2017 - 2027
4.5.2 Market estimates and forecast, by region, 2017 - 2027
4.6 Plastic
4.6.1 Global market estimates and forecasts, 2017 - 2027
4.6.2 Market estimates and forecast, by region, 2017 - 2027
4.7 Others
4.7.1 Global market estimates and forecasts, 2017 - 2027
4.7.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 5 Roofing Materials Market, By Type of Construction
5.1 Global roofing materials industry, by type of construction insights
5.2 New construction
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3 Reroofing
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 - 2027
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