Roofing Materials Market Size, Share Report, Analysis, Trends,...

Roofing Materials Market Size, Share Report, Analysis, Trends, Growth (2024–2032)

نشر بتاريخ 2024-09-16 12:23:35

The value of the worldwide market for roofing materials was estimated to be USD 119.86 billion in 2024 and is expected to increase to USD 168.07 billion by 2032, with a compound annual growth rate (CAGR) of around 4.32% estimated for 2024–2032.

Overview of the Global Roofing Materials Market

The building materials used to create the exterior covering of a commercial, industrial, or residential building are known as roofing materials. Numerous materials, including plastic, elastomers, metals, clay tiles, concrete, bituminous, and many more, are used in the process. These roofing materials provide the building with several benefits, including temperature control and waterproofing.

Roofing Materials Market

Growth Factors for the Global Roofing Materials Market

Global population increase is one of the main factors propelling the global roofing materials market’s expansion. Moreover, during the course of the forecast period, the global market is anticipated to rise significantly due to the rising investment in the rehabilitation and refurbishment of commercial buildings. Demand for residential buildings is rising significantly in the world’s developing countries. The increasing global urbanisation rate and rising per capita income of the population are the main causes of the strong demand. The market for roofing materials is expanding due in part to the high rates of adoption of reflective coating. Superior heat reflection qualities and a decrease in overall energy usage are well-known benefits of reflective coatings. In addition, the market for roofing materials is expanding globally due to a number of additional aspects, including improved durability, excellent aesthetics, and high insulation.

Roofing Materials Market

International Market for Roofing Materials: Division

There are various ways to segment the global roofing materials market, including by applications, products, construction types, materials, and geographies.The market can be divided into residential and non-residential segments based on applications. Due to the increased government support for building housing infrastructure in the developing economies, the residential application segment maintains the greatest share in the worldwide roofing materials market.

Furthermore, the growing desire for single-family homes is the reason for the high demand for roofing materials in residential applications. Another element driving the segment’s growth is the world’s population, which is expanding at an accelerating rate. In addition, other significant variables propelling the growth of residential applications during the projection period include the low interest rates and simple access to credit. The segment’s growth is expected to be further fuelled by the renovation of social infrastructure, such as government offices, hospitals, schools, and prisons.

The market can be divided into categories based on items, such as plastics, metal roofing, clay and concrete tiles, and asphalt shingles. Due to their many benefits, including ease of recycling, versatility, superior aesthetics, durability, and many more, concrete and clay tiles hold the greatest proportion of the worldwide roofing materials industry.

The market for asphalt shingles is also anticipated to develop rapidly during the forecast period because of its many advantages, including affordability, ease of installation, and longer lifespan. Additionally, it has better waterproofing and algae resistance, which is predicted to greatly accelerate the segment’s growth over the course of the projection period. The market can be divided into new construction and roofing segments based on the types of constructions.

Regional overview of the global market for roofing materials

Asia Pacific has the biggest market share for roofing materials worldwide because of the region’s fast industrialisation and urbanisation. Furthermore, the industrial sector is growing significantly in the region’s largest countries, China and India. The demand for roofing materials in the market has increased dramatically as a result of the region’s increasing investment in new building and repair projects.

Furthermore, the regional market is anticipated to benefit from the rising demand for residential applications. North America is expected to have significant growth during the projected period as a result of ongoing advancements in roofing material technology. Over the course of the forecast period, the region’s expanding R&D activities are anticipated to significantly fuel the growth of the regional market.