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Roofing Materials Market Revenue To Touch $171.25 Billion By 2030 Driven By Increasing Expenditures In The Renovation Of Commercial & Residential Building | Grand View Research, Inc.

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Roofing Materials Market Revenue To Touch $171.25 Billion By 2030 Driven By Increasing Expenditures In The Renovation Of Commercial & Residential Building | Grand View Research, Inc.

May 04
20:55 2022
Roofing Materials Market Revenue To Touch $171.25 Billion By 2030 Driven By Increasing Expenditures In The Renovation Of Commercial & Residential Building | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, increasing efforts to convert old energy-consuming buildings into energy-efficient and sustainable structures is anticipated to fuel the demand for roofing materials over the forecast period.

Roofing Materials Industry Overview

The global roofing materials market size is estimated at USD 120.34 billion in 2021 and is expected to reach USD 171.25 billion by 2030, registering a CAGR of 4.0% from 2022 to 2030. Increasing expenditures in the renovation and redevelopment of commercial and residential building are expected to propel market growth.

The global construction sector is undergoing limited growth as a consequence of the economic recession caused by the COVID-19 crisis, which has resulted in low investor confidence and a decline in construction activities, as a result, the market has also experienced a catastrophic setback.

Gather more insights about the market drivers, restrains and growth of the Global Roofing Materials Market

The spread of the COVID-19 in the U.S affected the growth of the engineering and construction industries. The increasing costs of construction materials and equipment, along with supply chain disruptions, are the major factors limiting the growth of this industry. However, the use of aerial measurement and 3D modelling technologies had increased during the pandemic, which supported the market growth.

U.S. Roofing Materials Market size, by product, 2020-2030 (USD Billion)

According to the State of the Industry Report for Roofing Contractors, U.S., roof replacements in North America accounted for a share of approximately 94% of the overall roofing projects in 2020. Several properties in North America and Europe are more than 25-30 years old. Hence, they are expected to undergo roof replacements in the coming years.

The advent of reflective coatings that can be applied to dark-colored roofing materials is expected to have a positive influence on the industry. Reflective coatings have excellent heat reflection properties and help to reduce the overall energy consumption of the building structure.

The power of suppliers is expected to be moderate owing to the presence of a large number of suppliers of raw materials in the market used for developing various roofing materials. A diversified product range, coupled with high-quality services, is anticipated to play a crucial role for suppliers to attain a competitive edge in the market.

Roofing Materials Market Segmentation

Based on the Product Insights, the market is segmented into Asphalt Shingles, Concrete & Clay Tile Roofs, Metal Roofs, Plastic Roofs and Others.

  • Asphalt shingles segment is projected to register a CAGR of 4.1% in terms of value over the forecast period.
  • Concrete and clay tiles product segment led the market and accounted for more than 29% share of the global revenue in 2021.
  • In 2021, the metal roof segment held a share of 22.4% of the overall market in terms of revenue.
  • The plastic roof segment is anticipated to grow at a CAGR of 2.6% over the forecast period owing to advantages such as ease of installation, and low maintenance.

Based on the Application Insights, the market is segmented into Residential and Non-residential.

  • Residential application segment led the market and accounted for more than 55% of the global revenue share in 2021.
  • Rising investments for the renovation and replacement of roofs of commercial buildings, such as hospitals, educational institutions, sports facilities, government offices, and recreational buildings are anticipated to fuel the penetration of roofing materials in various non-residential applications.  

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

  • Asia Pacific region led the market and accounted for over 32% share of global revenue in 2021.
  • Increased tourism, retail trade, and business turnover in the member states of the European Union are projected to fuel the construction of commercial buildings. 

Browse through Grand View Research’s Building & Construction Industry Related Reports.

  • Cool Roof Coatings Market– The global cool roof coatings market size was estimated to be worth USD 3.59 billion in 2019 and is expected to register a revenue-based CAGR of 7.1% over the forecast period. The growth is attributed to the energy savings offered by this product. The rising adoption of green building codes by the emerging economies across the globe is anticipated to further fuel the demand for cool roof coatings.
  • Southeast Asia Asphalt Shingles Market – The Southeast Asia asphalt shingles market size was valued at USD 293.6 million in 2017. It is anticipated to expand at a CAGR of 6.2% over the forecast period. Asphalt shingles are estimated to witness healthy growth in demand in Southeast Asian countries in the residential and non-residential sectors over the forecast period.

Market Share Insights:

  • February 2022: Johns Manville introduced two new products for bituminous roofing systems to improve efficiency on the roof.
  • February 2022: Carlisle Companies acquired MBTechnology, Inc. (MBT). This acquisition will help to expand CWT’s modified bitumen roofing offerings which will provide extra capacity for roofing underlayment.

Key Companies Profile:

The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market.

Some prominent players in the global Roofing Materials market include

  • GAF Materials Corporation
  • Atlas Roofing Corporation
  • Owens Corning
  • TAMKO Building Products, Inc.
  • CSR Ltd.
  • Carlisle Companies Inc.
  • Crown Building Products LLC
  • Metal Sales Manufacturing Corporation
  • Wienerberger AG
  • Etex
  • CertainTeed Corporation
  • Johns Manville
  • Fletcher Building Limited
  • Eagle Roofing Products
  • Boral Roofing

Order a free sample PDF of the Roofing Materials Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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Company Name: Grand View Research, Inc.
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