Roofing Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

The Roofing Market Size accounted for USD 210.3 Billion in 2022 and is projected to achieve a market size of USD 358.6 Billion by 2032 growing at a CAGR of 5% from 2023 to 2032.

Roofing Market Key Highlights

• Global roofing market revenue is expected to increase by USD 358.6 Billion by 2032, with a 5% CAGR from 2023 to 2032
• Asia-Pacific region led with more than 40% of roofing market share in 2022
• According to the National Roofing Contractors Association (NRCA), approximately 90% of homes in the United States have asphalt shingle roofs
• Green roofs, which are covered with vegetation, can reduce the energy required to cool a building by up to 75%
• Metal roofing is the fastest-growing segment in the residential sector, with a CAGR of 7.3% from 2023 to 2032
• Increase in construction activities and infrastructure development, drives the roofing market value

Roofing refers to the process of constructing or repairing a roof of a building. It involves the use of various materials such as shingles, tiles, metal sheets, and asphalt to create a protective covering over the top of a structure. Roofs provide shelter from weather elements such as rain, snow, and sun, and are essential for ensuring the longevity of a building. The roofing industry encompasses various activities, including manufacturing, installation, repair, and maintenance of roofs.

The roofing market has experienced significant growth in recent years due to various factors, including an increase in construction activities, a rise in urbanization, and growing demand for energy-efficient and sustainable roofing solutions. In addition, the increase in awareness about the importance of proper roofing in protecting buildings and reducing energy costs has driven demand for innovative and eco-friendly roofing solutions. The demand for metal roofing and green roofs has also increased in recent years due to their durability, energy efficiency, and environmental benefits.

Global Roofing Market Trends

Market Drivers

• Increase in construction activities and infrastructure development
• Growing demand for energy-efficient and sustainable roofing solutions
• Rising awareness about the importance of proper roofing in protecting buildings and reducing energy costs
• Advances in roofing technologies and materials, such as smart roofs and self-healing materials

Market Restraints

• Fluctuations in raw material prices
• Stringent government regulations regarding environmental sustainability

Market Opportunities

• Growing demand for green roofs and living walls
• Increased adoption of solar roofing solutions

Roofing Market Report Coverage

Roofing products are generally referred to as the products that form the outermost layer of a building or structure. The outer layer of the roof shows variations and high deviation in the properties which generally depend upon the type of supporting structure and overall availability of material. Various raw materials used in the manufacturing of roofing materials include natural products including slates and thatches as well as commercially available products including plastic sheeting and tiles. Roofing materials are generally installed on top of a water-resistant secondary material called underlayment. Such products mainly provide shelter using several natural materials. Roofing products are manufactured from a wide variety of materials such as metal, bitumen, clay, and cement among others. Roofing products are most commonly used in a wide array of applications including non-residential construction, residential construction as well as commercial construction such as offices, buildings, educational institutes, hotels, and public outlets. A roof is considered to be a part of a building envelope and is the outer covering placed on the uppermost part of any shelter or building to provide protection against weather and animals.

Some of the emerging trends posing a direct and significant impact on the global roofing market include increasing use of eco-friendly materials in roofing, development of energy-efficient cool roofs as well as increasing demand for new generation single-ply technology in commercial roofing processes. The increasing development of new commercial buildings such as shopping malls and hotels has significantly boosted the overall demand for more efficient and improved roofing solutions. In addition, the rising concerns regarding energy consumption in buildings have led building owners and construction firms to invest sums of the amount in energy-efficient roofing procedures. The increasing need for affordable homes is another key factor expected to bolster the global roofing market growth over the forecast period. The rapid rise in urban population is in turn attracting large investments by governments for the development of residential buildings especially in developing economies such as Russia, India, and Nigeria. Also, the rapid growth of the global construction industry as well as an increase in construction activities including institutions, amusement parks, and hospitals owing to rapid urbanization are some other major factors anticipated to boost the overall demand for roofing in the foreseeable years. However, some key factors such as the high cost of production of roofing materials coupled with huge installation costs are estimated to hinder the market growth.

Roofing Market Segmentation

The global roofing market segmentation is based on type, application, and geography.

Roofing Market By Type

• Bituminous Roofing
• Tile Roofing
• Metal Roofing
• Others (RCC, plastics, polymers, fibers etc)

In terms of types, the bituminous roofing segment has seen significant growth in the roofing market in recent years. Bituminous roofing is a type of roofing system that is made up of asphalt or bitumen-impregnated roofing felt or other fabric materials. It is a popular roofing option due to its durability, weather resistance, and cost-effectiveness. The bituminous roofing segment has been experiencing steady growth in recent years, driven by several factors. One of the key drivers of growth is the increase in construction activities and infrastructure development globally. Bituminous roofing is commonly used in both commercial and residential construction projects, and the rise in construction activities has led to a growing demand for bituminous roofing materials. Another factor contributing to the growth of the bituminous roofing segment is the increasing popularity of energy-efficient and sustainable roofing solutions.

Roofing Market By Application

• Residential
• Industrial
• Commercial
• Non-residential

According to the roofing market forecast, the residential segment is expected to witness significant growth in the coming years. This segment includes roofing products used for single-family homes, townhouses, and other residential properties. The growth of the residential segment is primarily driven by the increase in residential construction activities worldwide. As the global population continues to grow, the demand for new housing units is also increasing. Additionally, renovation and remodeling projects also contribute to the demand for residential roofing materials. Another factor driving the growth of the residential segment is the rising awareness of homeowners about the importance of high-quality roofing materials. Homeowners are increasingly seeking durable and energy-efficient roofing products that offer long-term protection against weather elements and reduce energy costs.

Roofing Market Regional Outlook

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)