Market Overview: The global roofing tiles market experienced significant growth in 2020 and is expected to maintain a steady revenue compound annual growth rate (CAGR) throughout the forecast period. Roofing tiles, which are used to cover building roofs, are manufactured using materials such as concrete, clay, and others. The market for roofing tiles is expected to be driven by increasing residential construction and growing consumer expenditure on house remodeling and improvement projects.
Key Factors Driving Growth in the Global Roofing Tiles Market: In recent decades, the global roofing tiles market has witnessed notable advancements. Factors such as increasing urbanization in emerging countries and favorable government initiatives for green construction have contributed to the expansion of the roofing tiles market. The growth of the middle-class population, along with their rising disposable income, has also played a role in the increased usage of roofing tiles. Compared to asphalt shingles, roofing tiles for residential applications can reduce heat transmission into the attic space by over 70%. Roofing tiles are suitable for various structures, including single-family houses, townhomes, condominiums, and apartment complexes.
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Factors Limiting Growth in the Global Roofing Tiles Market: The growth of the global roofing tiles market is hindered by several unfavorable factors, such as high installation costs and the need for skilled workers. While roofing tiles like terracotta, pantile, and slate have low long-term expenses, their upfront prices are high. Additionally, the overall cost of constructing a roofing system can be substantial. Despite their durability and weather resistance, tiles can still crack or shatter due to impact damage. Moreover, the installation of roofing tiles requires specialized labor, which comes at a higher cost. Clay or concrete roof tiles can be twice as expensive as asphalt shingles. These factors are expected to restrain the expansion of the roofing tiles market during the forecast period.
Opportunities for Companies in the Global Roofing Tiles Market: The global roofing tiles market is expected to offer rapid growth opportunities in the coming years. The increasing popularity of solar roof tiles and technological advancements in tile manufacturing are projected to present profitable avenues for market participants. The rise in housing developments worldwide, along with increased spending on building remodeling and retrofitting, will drive market growth. The growing urbanization and the need for new residential projects further contribute to the demand for roofing tiles, providing additional opportunities for market expansion.
Global Roofing Tiles Market Revenue Led by Material Type Segment: The global roofing tiles market is segmented based on material type, including clay roof tile, concrete roof tile, and others. Concrete tiles hold the largest market share. Cement-based concrete is a highly robust material that offers design versatility and durability, making it suitable for both residential and commercial purposes. Concrete tiles outlast ceramic tiles and hardwoods, making them a cost-effective choice for various applications.
Global Roofing Tiles Market Dominated by Residential End User Segment: The global roofing tiles market is segmented based on the end user segment, including residential and non-residential. The use of roofing tiles in residential applications reduces heat transfer into the attic compared to asphalt shingle roofs. Roofing tiles are suitable for different property types, including single-family houses, townhomes, condominiums, and apartment complexes. The installation of roofing tiles in residential applications is cost-effective due to their extended lifespan. Despite the growing demand, there is still a significant undersupply of housing globally, presenting a significant potential for investors and developers to adopt alternative building methods and accelerate growth through new collaborations.
North America Continues to Lead in Terms of Revenue CAGR: North America holds the largest market share and is expected to continue leading in terms of revenue growth. The United States, with its rapid residential development, is at the forefront of the North American market. The purchase of new single-family homes has increased, creating a positive impact on the construction sector and driving demand for roofing tiles.
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