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
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
Roofing Market Report Coverage
|Roofing Market Size 2022
|USD 210.3 Billion
|Roofing Market Forecast 2032
|USD 358.6 Billion
|Roofing Market CAGR During 2023 - 2032
|Roofing Market Analysis Period
|2020 - 2032
|Roofing Market Base Year
|Roofing Market Forecast Data
|2023 - 2032
|By Type, By Application, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Owens Corning, GAF Materials Corporation, CertainTeed Corporation, TAMKO Building Products LLC, Carlisle Companies Inc., Beacon Roofing Supply Inc., IKO Industries Ltd., Johns Manville, Boral Limited, Sika AG, Firestone Building Products, and Berger Building Products.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis
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
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
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
The Middle East & Africa
Roofing Market Regional Analysis
The Asia-Pacific region is currently dominating the global roofing market due to several factors. One of the primary drivers of growth in the region is the increase in construction activities, particularly in emerging economies such as China and India. These countries are experiencing rapid urbanization and population growth, leading to a surge in demand for new residential and commercial buildings, which in turn drives the demand for roofing materials. Moreover, the Asia-Pacific region has been witnessing an increase in the adoption of energy-efficient and sustainable roofing solutions, such as green roofs, cool roofs, and solar roofing systems. The region has been experiencing high levels of pollution and increasing awareness of the need for sustainable development, leading to a growing demand for eco-friendly roofing products that can help reduce energy consumption and mitigate the effects of climate change.
Roofing Market Player
Some of the top roofing market companies offered in the professional report include Owens Corning, GAF Materials Corporation, CertainTeed Corporation, TAMKO Building Products LLC, Carlisle Companies Inc., Beacon Roofing Supply Inc., IKO Industries Ltd., Johns Manville, Boral Limited, Sika AG, Firestone Building Products, and Berger Building Products.
The market size of roofing was USD 210.3 Billion in 2022.
The CAGR of roofing is 5% during the analysis period of 2023 to 2032.
The key players operating in the global market are including Owens Corning, GAF Materials Corporation, CertainTeed Corporation, TAMKO Building Products LLC, Carlisle Companies Inc., Beacon Roofing Supply Inc., IKO Industries Ltd., Johns Manville, Boral Limited, Sika AG, Firestone Building Products, and Berger Building Products.
Asia-Pacific held the dominating position in roofing industry during the analysis period of 2023 to 2032.
Europe region exhibited fastest growing CAGR for market of roofing during the analysis period of 2023 to 2032.
The current trends and dynamics in the roofing industry include increase in construction activities and infrastructure development, and growing demand for energy-efficient and sustainable roofing solutions.
The bituminous roofing type held the maximum share of the roofing industry.