Roofing Market Size to Cross $130.5 Billion Revenue by 2030

Roofing Market Overview

“The Global Roofing Market is expected to grow rapidly at a 5.3% CAGR consequently, it will grow from its existing size of from $78.52 Billion in 2023 to $130.5 Billion by 2030.”

A building's roof is the primary line of defense against elements, while its design influences its overall appearance. Thus, the following functional and aesthetic aspects are to be considered when contemplating roofing construction, replacement or alteration

• Weather-tight roofing protects the structure and protects it from wind, rain and sun
• The roof defines the building's personality shape, design and silhouette
• The form of the roof the color, texture, and other features can affect the size and massing of a structure.
• Roofing variations provide visual appeal to the streetscape
• An added roofing function or accessory could detract from a roofing's style and design

The roofing is a construction envelope that is made up of the following materials: polymer metal, concrete or any other materials that are needed to support the walls of a structure to protect against sun, rain extremes of temperature and winds. Its form can range between gabled and hipped arched, butterfly flat, mono-pitched and domed.

Bitumen Ceramic-coated granules clay, sand, concrete as well as polycarbonate are typically employed to construct roofs for commercial and residential structures, including hotels, offices and educational institutions. The characteristics of a roof are dependent on the characteristics of the structure it is covering, the available roofing materials, and local construction traditions as well as more advanced ideas of architecture and design and could also be controlled by national or local legislation.

In many nations, a roofing system protects mostly from rain. The roof can also offer an additional living space, such as like an outdoor garden. The large area of a roof is able to repel lots of water that must be directed in a manner that is suitable so that it doesn't cause harm or disruption.

The structure of the roofing is determined by the system of support, as well as the way in which the space beneath is connected, as well as whether it is sloped. It is known as the pitch. This refers to the degree that the roof is extended from its lowest point to the highest point.

The world Roofing Market is driven by the expanding construction industry, as well as the constant rehabilitation of buildings in several countries. The building of retail and office buildings and hotel facilities will drive up demand.

In addition, the growing need for the most modern medical facilities, hospitals and senior living facilities to meet the needs of a aging population as well as a the booming industry sector is expected as one of the main driving forces driving the increase in demand for roofing materials. The rising demand towards solar-powered roofing and vegetative roof pre-engineered steel and cool roofs as well as liquid applied roof coatings are as well driving the rise.

Additionally there is it is also expected that the Roofing Market is expected to grow significantly over the forecast period because of the government's support for construction projects, in the form of tax incentives and subsidies in emerging economies.

Both developed and developing economies are planning to offer incentives to people to replace old roofs and replace them with energy efficient ones. This will stimulate economic growth by creating new jobs as well as increasing the demand for workers in the construction sector.

But, the shortage of skilled workers for installation, the varying raw material costs, the lack of safety-consciousness and the rise of unorganized players as well as issues with installation in certain areas are a challenge for the market.

They also can be a limiting factor to the expansion in the Roofing Market. The main raw material of bitumen comes from gasoline and gasoline demand is decreasing. This has negatively affected supply of bitumen as well as asphalt. Furthermore, the cost of manufacturing that include the oxidation process has increased the price of manufacturing bituminous roofing.

Therefore, it is expected to slow the growth of the market. Nevertheless, a rise in demand for environmentally-friendly roofing materials is expected to act as a pivotal opportunity for the Roofing Market. A rise in the restoration and renovation of old buildings is likely to create lucrative potential for roofs made from metal. The development of new products and the competitive pricing are anticipated to assist companies in enhancing their position on market Roofing Market.

Demand Outlook

A roof, also known as roofing, is the procedure of covering the top portion of a building. The roofing materials used build or repair the uppermost layers of a building's roofing. The roof of a building is a protection from environmental influences is a crucial element of the construction.

Depending on the kind of material is on the market and how sophisticated the structure supporting it is the roof's outer layer will be different. Materials for roofing range from natural elements like slates and thatches, to made-up items like plastic roofs and bituminous tiles other. The expansion of the roofing market is predicted to be fueled by growing investment in the building and remodeling of residential and commercial buildings.

Asphalt shingles, metal elastomeric roofing tiles modified bitumen roofing and plastic are just a few of the roofing materials. The sales of roofing materials made of metal are expected to rise by an CAGR in the coming 10 years. To match the surface structure of different types of structures, metal roofs can be shaped to any shape you want like slates or shingles.

Aluminium, stainless steel zinc, and copper are a few of the components which make up metal roofing. They are available in two types that are shingles and panels. If properly installed, a metal roof will easily shed snow and keep wind from damaging the roof as well as seal off water, and last for until the time that the building is completed. Additionally, over the coming years metal roofs' low cost of life, their lighter weight, and fire-resistant quality are predicted to drive sales growth.

The demand of asphalt roofing is predicted to increase at an CAGR in the coming years. This is due to their efficiency and cost-effectiveness as well as the simple installation. Numerous technological advances made to reduce the cost of production and waste, as well as rapid industrialization, are boosting the demand for roofing services.

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Market Dynamics

Growth Drivers

“Increase in Residential Construction”

The roof is the most crucial component of a house because it shields your home from the elements such as rain as well as wind storms. Also, because it blocks excessive sunshine, it creates insulation that keeps the homes warm in winter and cool during summer. The increasing number of residential construction because of the increased demand for housing units due to the growing population has had a positive impact on the utilization of roof-making materials.

According to the UK's Ministry of Housing, Community and Local Government In the first quarter of 2021 there were 49,470 homes that were completed in the UK and this was the most impressive figure for over 20 years. Furthermore in the Germany's Federal Statistical Office, in January 2022, construction of 29,951 dwellings was approved in Germany which showed the increase to 8.3 percent compared to the the same month in 2021.

The increase in construction for residential homes will result in a greater use of roofing materials such as ceramic tiles asphalt, hypalon, Teflon fabric, and metal for roofing. This will help boost the roofing industry expansion.

“Growing Spending on Commercials Construction”

Rapid urbanization, emerging economies and technological advancements have resulted in an increase in expenditure for infrastructure development in the countries. This has greatly impacted the utilization of roofing materials for commercial construction. For instance, as per the US Census Bureau during November of 2021 the construction expenditure for health care was US$51.3 million, representing a 9.9 percent increase, in comparison with US$46.7 million in the same month.

Additionally as per Statistics Canada, in January 2022, investments in the building of institutions was up 0.6 percent to US$1.12 billion, while industrial construction investments was up by 2.1 percent US$691.4 million from the middle of 2020. The increased investment in commercial infrastructure will mean greater use of building materials like ceramic tiles, asphalt as well as teflon fabric, hypalon and tef to make roofs that will have a positive impact on the growth of the roofing industry.

Expansion of Construction Industry: Key Driver of Roofing Market

• The rise in urbanization as well as the increase in disposable income of consumers has been a factor in the rise of construction. This is helping the world roofing market.
• The continuous growth of the industry in emerging regions as well as an ongoing demand for revenue-generating operations of the construction industry in developed economies are driving factors for the global market
• Urbanization efforts have gained steam in many of the emerging economies. This has increased the need for global markets, which is a crucial component of the construction sector.
• The steady emigration of rural areas in regions that are not developed is likely to result in the growth of cities in a number of nations. The large number of people emigrating will likely ensure a an ongoing demand for new homes and will lead to a constant demands for roofing.
• A rise in the construction of massive commercial and infrastructure projects, where roofing is needed is also driving the market globally.
• The expansion of both residential and commercial construction is increasing the market globally.

Opportunities

"Widespread Use of Bituminous Shingles for Residential Roofing Purposes"

A very well-known and affordable roofing products is bituminous. Plates and shingles are utilized in bituminous. Bituminous shingles not only are cheaper to roof, also provide better security. They are extensively utilized for roofing residential properties.

It is easy to find options to increase the look of the structure because they come in a broad range of colors and styles. Bituminous shingles are sprayed with asphalt, after that, they are covered with a variety of colourful mineral granules that help to guard them from elements.

Based on the climate of the area and the maintenance required the roofing of bituminous shingle typically lasts between 25 to 30 years. It can be found in a variety of sizes or thicknesses. Bituminous is a durable construction material that is able to adapt to any environment and withstand the most difficult weather conditions, without becoming a victim of wear and wear and tear. Bituminous shingles can withstand strong winds.

However it is true that there are different ratings for wind resistance, ranging from the smallest (Class D) to the highest (Class H). With proper installation and support by bonds and fasteners, bituminous roofing materials can be upgraded to Class H grade, which can withstand winds up to 150 mph. Bituminous shingles reflect sunlight instead of absorption it. In the end that, without heating or cooling device, the structure will be much cooler.

"Advancing Construction Industry across the World"

The fast-growing construction industry is predicted to increase the demand for high-end roofing technology in the next 10 years. Along with providing security it can also enhance the appearance of the building. The structure of a roof is comprised of numerous components that are joined to provide the protection of structures against weather. Roofs don't just ensure that buildings are dry, but also protect them from the elements like snow, sun, rain and other environmental influences.

The roofing materials used for roofing differ based on the form, location and the environment of the roof, as well as the use they have for commercial or residential purposes. Because of their cost-effectiveness and their long-lasting durability for residential use Bituminous roofing is extensively employed. For commercial buildings in which flat roofs are the norm metal roofing, built-up roofing are the most popular choices.

Restraints

"High Cost of Roofing Solutions"

Resurfacing costs for an old roof is substantial in both the labor cost and expense and the cost of electricity. Quality of the product could be affected by the climate. Certain types of materials can be susceptible to being destroyed by long freeze-thaw cycles, extreme temperatures as well as ultraviolet rays caused by sunlight.

Bituminous shingles can be damaged when they are constructed in temperatures that are below freezing. They are susceptible to wind lifting and may be easily damaged based on the conditions. Metal roofing usually has a higher cost at first than other kinds of roofing.

Although they're extremely tough and durable, concrete, slate and clay tiles may be damaged by extreme forces like the force of a tree branch or falling branches. If repairs are required, they could cost a lot. It is crucial to think about the maintenance requirements and durability of the roofing products.

It takes a lot of care to keep shingles and shakes composed of untreated wood. When making roofing materials, it's important to take into consideration the usage of natural resources, electricity as well as the harmfulness that any emits. So, the expense of repair could hinder the growth in sales.

Roofing Market Segment Analysis

Metal roofing had a large part of the roofing market in 2021, securing an increase of 22 percent. Metals like zinc, aluminum, and cast iron is extremely resistant to heat and corrosion and has a good standing in high winds and hail. It also helps it is able to keep moisture out. Rapid urbanization, growing infrastructural and economic growth has increased the amount of construction activity, including commercial and residential construction.

For instance, as per Eurostat in the month of October 2021, the production of construction grew by 4.4 percent in the Euro region and 4.2 percent across the EU. Additionally, according the Mexican National Institute of Statistics and Geography In the second quarter of 2021, construction work in Mexico recorded a record year-over-year increase of 33.8 percent. The increase in construction production will result in a greater use of cast iron and zinc for roofing made of metal. This will have a positive impact on the growth of the roofing industry.

Why is the Residential Construction Sector the Prime User of Roofing Solutions?

"Increasing Rate of Population Worldwide"

Residential roofing materials are expected to rise in the coming years as a due to factors like the increasing world population and the increasing preference for single-family homes.

Asphalt shingles are used for residential purposes by homeowners due to the fact that they are less difficult to put up and require less maintenance than concrete or metal. They give roofing structures a wood slate, cedar, or slate appearance and are available in a variety of colors and textures, increasing the aesthetics. Stone-coated roofing materials with dark-colored colours, metal roofing material, as well as fire-resistant roofing products are just a few kinds of roofing materials that are that are used for roofing.

Competitive Landscape of the Roofing Market

• Carlisle Companies, Inc.
• Atlas Roofing Corporation
• American Hydrotech, Inc.
• Axter Ltd.
• ARTWOOD SRL
• Alton Industrial Pty Limited
• Arkistruct Pty Ltd
• Blachotrapez
• Architectural Panels Pty Ltd
• Asc Profiles, Inc.
• Bilka Steel SRL
• Alliance Design and Development Group, Inc.
• Agway Metals Inc.
• Boato International S.P.A. Con Socio Unico
• Aluform System GmbH & Company KG

Recent Developments in Roofing Market

In 2022, Holcim acquired Malarkey Roofing Products and this acquisition will expand Holcim’s range of roofing systems in the highly profitable U.S. residential roofing market.

In February 2022 to increase the efficiency of the roof, Johns Manville, a Berkshire Hathaway firm, introduced two new solutions for bituminous roofing systems.

Carlisle Companies Incorporated purchased MBTechnology, Inc. in February 2022. This acquisition will increase the capacity for roofing underlayment and broaden CWT's selection of modified bitumen roofing options.

January 2022 - Owens Corning acquired Natural Polymers LLC, a company that specializes in the manufacturing of spray polyurethane foam insulation for building and construction applications.

February 2022 - Carlisle Companies Incorporated acquired MBTechnology, Inc. (MBT). This acquisition will expand CWT’s modified bitumen roofing offerings and provide additional capacity for roofing underlayment.

December 2021: Tata Realty and Infrastructure Limited planned to develop ultra-luxury residential apartments near Hailey Road, Delhi, with an investment of INR 150 crore. The Hailey Road project will have about 100,000 square feet of built-up area with 40 to 42 7-star luxury apartments with an average size of 2,000 square feet. The company is currently exploring the idea of having an internationally renowned designer or architect to design this, and it will possibly be a branded residence.

December 2021 - Cornerstone Building Brands, Inc. completed the acquisition of Union Corrugating Company Holdings, Inc., a provider of metal roofing, roofing components, and accessories. This acquisition will expand Cornerstone Building Brands’ solutions offerings to customers in the growing residential metal roofing market.

June 02, 2021- Carlisle Companies Announces Construction of New TPO Manufacturing Line

January 2021 - ProVia launched a metal roofing product line that combines the luxury and beauty of slate or cedar shakes with the durability and longevity of a galvanized, highly-engineered steel roof system.

In 2021, Cornerstone Building Brand Inc. the largest manufacturer of exterior building products in North America acquired Union Corrugated Company Holding Inc. a leading provider of metal roofing, roofing components, and accessories.

In 2021, LafargeHolcim acquired Firestone Building Products a leader in commercial roofing and building envelope solutions based in the United States and this acquisition will make LafargeHolcim a global leader in innovative & sustainable building solutions.

In October 2019, New Version of Solar roof tiles was launched by Tesla in order to revitalize its renewable energy business. Different materials and a few parts of previous model is used by Solar Roof version 3 making sure that it is easily installed as compared to other shingles used in roofing.

In January 2018, Allied Building Products Corp was acquired by Beacon Roofing Supply Inc. This acquisition actually enhanced Beacon’s status as one of the largest distributors of construction materials in bulk which is publicly traded in US and Canada.

Regional Insights

Why are Sales of Roofing Materials Increasing Substantially in India & China?

"Rapidly Increasing Residential Construction Sector"

It is expected to be that Asia Pacific region will experience an increase in the demand for infrastructure and residential construction due to the rising population of important countries like India and China and the rapid growth of urbanization in emerging countries.

• In the China's Ministry of Finance, China's infrastructure spending grew annually between the months of January and July 2022, by 7.4 percent and the country's central government is considering allowing local governments to auction off approximately US$220 milliards of the special bond quota for 2023 to raise funds for infrastructure development.
• As per Invest India, India's infrastructure investment budget for 2019-2025, as part of the National Infrastructure Pipeline (NIP) is US$ 1.4 trillion in which 16 percent is earmarked as urban infrastructure. On the other hand it is predicted that between the years 2019-2025 the the demand for real estate will be able to increase in major cities, ranging from 15 million to 18, millionsquare feet.

Therefore, the roofing technology sales across the Asia Pacific region are expected to increase rapidly over the forecast time.

Which Market Trends are Supporting Roofing Product Sales in the United States?

"Growing Demand for Green Roofing Solutions"

The increasing number of infrastructural repairs for the manufacturing sector United States are supporting sales of roofing materials. Rapid urbanization and technological advances are the major factors that drive the market for roofing across the United States.

Demand for environmentally friendly roofing materials is growing as a due to technological advancements like green roofing and sustainable roofing materials. longer life of roofs and security better air quality, less noise and cooling costs as well as drones to inspect roofs.

Particularly in the case for green structures in industrialized nations like those in the United States, green roofs are highly sought-after. Utilizing cutting-edge technology to enhance the appearance of homes is expected to boost sales of environmentally friendly roofing materials. The demand for roofing is expected to rise over the next 10 years, as the number of non-residential structures like hotels, schools, hospitals and industrial structures are rapidly growing across the country.

How is Demand for Roofing Solutions Progressing in Germany?

"German Government Focusing on Better Housing Plans"

It is said that the German economy is ranked fifth in the world and is the largest in Europe. Over the next ten years, the demand of roofing tile is expected to increase in line with the growth of Germany's construction industry.

• Based on the Federal Statistics Office (Destatis) that the construction of 29,597 houses within Germany were approved the month of October 2021. In comparison to the same period in the previous year, permits to build were up 4.2 percent between January and October 2021.
• As of December 2021 in the 3rd quarter 2021 showed an 9.1 percent increase in turnover for construction completions in comparison to the third quarter of the prior year.

The housing crisis in Germany is a key aspect of concern for the current Social Democratic government in Germany. To oversee the housing plan the government has announced the new department. From 2022 onwards the government will build more than 400,000 houses each year, of which will be funded with the help of government. Roof systems are used for the construction of residential homes is predicted to rise because of.

In the forecast period the German construction industry for commercial use is anticipated to witness substantial growth, which could further increase commercial roofing sales. The demand for roofing materials is expected to rise by 5percent over the forecast time.

• Based on Statistisches Bundesamt, the total revenues of the German construction industry grew in the amount of EUR 45.88 billion between 2017 and 2021, which was EUR 98.98 billion. The figures are around 41 percent of the total income in 2021 was derived from commercial building construction in contrast to 32 percent from the roads and public sector. The highest growth in any type was observed in residential structures, which grew by 16.53 billion. 16.53 billion.

Segments Covered in the Roofing Market

Roofing Market By Product

• Asphalt Shingles
• Metal
• Elastomeric
• Roofing Tiles
• Modified Bitumen
• Plastic

Roofing Market By Roofing Type

• Flat Roofs
• Slope Roofs

Roofing Market By Application

• Residential
• Commercial
• Industrial

Roofing Market By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

Frequently Asked Questions:

What is the Size & Growth value of the roofing market in 2023?

Global Roofing Market is expected to grow rapidly at a 5.3% CAGR consequently, it will grow from its existing size of from $78.52 Billion in 2023 to $130.5 Billion by 2030.

Who are the leading end users of roofing solutions?

Residential, commercial, and industrial sectors are the leading end users of roofing materials.

Who are the key producers of roofing materials?

Carlisle Companies, Inc., Atlas Roofing Corporation, and American Hydrotech, Inc. are some of the leading manufacturers of roofing materials.

Segments Covered in the Roofing Market

Roofing Market By Product

• Asphalt Shingles
• Metal
• Elastomeric
• Roofing Tiles
• Modified Bitumen
• Plastic

Roofing Market By Roofing Type

• Flat Roofs
• Slope Roofs

Roofing Market By Application

• Residential
• Commercial
• Industrial

Roofing Market By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

Research Methodology