Growing Construction Activities in Developing Countries Drives Demand Avenues in Roofing Market: TMR

- Growing urbanization, towering demand for residential and commercial buildings, and increased inclination in construction sector to use green materials are key factors that are likely to boost the demand opportunities in the roofing market

- Asia Pacific presents lucrative avenues for market players on the back of increased construction activities in this region

ALBANY, N.Y., Oct. 6, 2020 /PRNewswire/ -- Roof is an important part in the construction of any building. It is intended to protect people living in house from any climatic conditions and natural factors. Roofing materials refers to outer layers applied on a building roof. There are different types of roofing materials including natural products like slates and thatches. Similarly, tiles, plastic sheeting, and bituminous are some instances of commercially available roofing materials.

According to TMR analysts, the global roofing market is foreseen to expand at promising CAGR of around 4.9% in the assessment period of 2019 to 2027. Growing government support for construction activities in the developing countries across the globe will stimulate promising demand avenues for vendors working in the roofing market.

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Key Findings of Roofing Market Report

• The global roofing market was accounted for the valuation of US$ 96,135.03 Mn in 2018.
• The market is predicted to show CAGR of 4.9% in assessment period of 2019 to 2027.
• Of various product types, metal roofing is one of the lucrative segments.
• Another product type gaining popularity across the world is tiles.
• Asia Pacific is projected to show dominance in the global roofing market in the forecast period.

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Roofing Market: Key Driving Factors and Promising Avenues

• In recent period, there is remarkable increase in demand for laminated asphalt shingles with textured surface. This is one of the key factors attributed to promising growth of roofing market.
• Tile roofing is found to be useful in minimizing the requirement of air conditioning. As a result, it helps in consumption of less amount of electricity. Owing to this factor, the global roofing market is foreseen to experience upward curve of demand for tiles during the forthcoming years.
• With growing trend of using green construction material, metal roofing is gaining popularity across the globe. Metal roofing is known for its property of excellent durability. As a result, the lifecycle cost of this product is remarkably low. In addition to this, metal roofing contains around 30%–60% of recycled metal content. It is totally recyclable product when its service life is completed. All these factors suggest that the global roofing market will experience upward graph of the metal roofing sales during 2019 –2027.
• Growth in urbanization in developing countries has resulted into increased need for residential as well as commercial buildings. This is one of the important factors driving expansion avenues in roofing market.
• The government bodies of several emerging economies are offering support for construction activities in the form of tax benefits and subsidies. Thus, the market for roofing is projected to show promising development avenues on the back of growing government initiatives to support construction activities.
• Apart from this, the government bodies in developed as well as developing economies are focused on offering incentives to people for the replacement of their existing roofs with energy-saving ones. This factor may boost the market growth in the forthcoming years.

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Roofing Market: Competitive Assessment

The global roofing market experiences high competition levels. This scenario is result of presence of many well-established players in the market. Several players in the market for roofing are constantly engaged in the launch of superior quality products. This move is allowing them to gain a strong hold in the light of high level of competition.

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The list of important players operating in the roofing market includes CertainTeed Corporation, GAF Materials Corporation, Braas Monier Building Group, Owens Corning Corp., and Carlisle Companies Incorporated.

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The roofing market can be segmented as follows:

Type

• Tile Roofing
• Elastomeric roofing
• Metal roofing
• Bituminous roofing
• Others

Application

• Residential
• Commercial
• Non-commercial

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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