The roofing market is primarily driven by the construction industry's growth, especially in emerging economies. Rapid urbanization and industrialization are fueling the demand for residential, commercial, and industrial infrastructure, leading to increased roofing activities. Moreover, the need for energy-efficient and environmentally sustainable roofing solutions is driving market growth. Manufacturers are focusing on developing innovative and eco-friendly roofing materials to meet these demands.
Government assistance for construction projects in the form of subsidies and tax incentives in developing economies is anticipated to lead the roofing market to rise significantly throughout the projected period. Governments in both developing and developed nations intend to offer incentives to citizens to replace old, inefficient roofs with new ones that use less energy. Thus, all such aspects are boosting sales growth.
Key Takeaways from Market Study
- Sales of roofing materials are expected to reach US$ 140.4 billion by 2033.
- The roofing market (지붕 시장) in China is predicted to expand at a CAGR of 7% during the forecast period.
- Demand for metal roofing materials is expected to rise at a CAGR of 6.5% during the next 10 years.
- Germany’s roofing market is predicted to progress at a CAGR of 5% from 2023 to 2033.
Market Future Outlook:
The roofing market is expected to continue its growth trajectory in the coming years. The increasing focus on energy efficiency and sustainable building practices will drive the adoption of green roofing materials such as solar panels, green roofs, and cool roofs. Technological advancements, such as the development of smart roofing systems integrated with sensors and IoT technology, will also shape the future of the market.
Market Insights:
The roofing market is segmented based on material type, application, and region. By material type, the market is segmented into asphalt shingles, metal, tiles, and others. Asphalt shingles are the most widely used roofing material due to their cost-effectiveness and easy installation. Metal roofing is gaining popularity due to its durability and recyclability. By application, the market is segmented into residential, commercial, and industrial roofing. The residential segment dominates the market, driven by the increasing demand for new housing units and renovation projects.
Recent Market Developments
Tesla unveiled a new kind of solar roof tiles in October 2019 to boost its renewable energy business. Solar Roof version 3 makes use of various materials and a few components from the prior generation to ensure that it is installed more quickly than other roofing shingles.
ProVia introduced a series of metal roofing solutions in January 2021 that combines the beautiful appearance of slate or cedar shakes with the sturdiness and durability of a highly engineered, galvanised steel roof system.
Key Players:
- 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
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Competitive Landscape:
Major players in the roofing materials market (Dachdeckermarkt) are prioritizing the development of efficient, advanced, durable, and long-lasting roofing materials. To ensure quality control, many roofing product manufacturers are focusing on backward integration.
In February 2022, Johns Manville, a Berkshire Hathaway company, launched two new solutions for bituminous roofing systems aimed at enhancing roof efficiency. Additionally, Carlisle Companies Incorporated acquired MBTechnology, Inc. in the same month. This acquisition is expected to expand Carlisle's capacity for roofing underlayment and enhance its range of modified bitumen roofing options.
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