Roofing Market Growth, Size, Share, Trends Forecast Till 2023
Roofing Market Overview:
The global roofing market is expected to reach USD 1,39,057.0 million by 2023 at a CAGR of 3.55% during the forecast period of 2018 to 2023. Market Research Future (MRFR) offers an in-depth look into the market during the review period. Rise in construction activities and increased use of synthetic roofing products drive the market.
However, the fluctuating raw material prices and lack of skilled labor is expected to restrain market growth during the forecast period.
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The global roofing market has been studied for five key regions—North America, Europe, Asia-Pacific, and the Rest of the World.
As Asia-Pacific is the largest consumer of roofing materials, with China, India, and Japan being the major markets. The growth of the building & construction industry and the improvement in financial conditions in this region have led to the rise in the demand for roofing. Moreover, growth in industrialization and urbanization in emerging economies, such as China, India, and Japan boost the growth of the roofing market. Furthermore, the availability of low-cost roofing and building materials in countries, such as China and India, are also fueling the market growth. Thus, Asia-Pacific is anticipated to be a major market for roofing during the forecast period. It has been projected to witness a CAGR of 3.99% during the forecast period.
In North America, factors such as the growing investments in commercial real estate, high consumer spending, and increasing industrial activities propel the market growth in the region. Additionally, stringent government regulations regarding utilization of roofing materials, such as metals also boost the market growth in the region. The roofing market in North America is expected to grow at a CAGR of 3.69% during the forecast period.
In Europe, factors such as the increased demand for green buildings, rising population rate, and growing revenue from the construction industry drive the market. For example, according to the data published by the European Construction Industry Federation (FIEC), the total construction output in 2017 was USD 1,364 billion. Furthermore, increasing rehabilitation activities in the region boost the market. The roofing market in Europe is expected to grow at a CAGR of 3.01% during the forecast period.
The rest of the world is comprised of the Middle East & Africa and Latin America. The increasing purchasing power and economic growth are expected to propel the market growth during the forecast period. Thus, the roofing market in the rest of the world is anticipated to witness a CAGR of 3.28% during the forecast period.
Extensive research has been conducted on the global roofing market, which has been segmented on the basis of roofing and application.
On the basis of roofing, the global roofing market has been segmented into asphalt, tiles, metal, concrete, and others. The tiles segment is expected to dominate the market in the year 2023. Moreover, the tiles segment is expected to register the highest CAGR of 3.89% during the forecast period.
On the basis of application, the global roofing market has been segmented into commercial roofing, residential, and industrial. The residential segment is expected to be the largest segment in 2018. The rising residential construction drives the market.
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The prominent players profiled in the global roofing market are Atlas Roofing Corporation (US), BMI Group Services GmbH (US), Carlisle Companies Inc.(US), GAF Materials Corporation (US), North American Roofing Services, Inc.(US), Owens Corning (US), TAMKO Building Products, Inc. (Tamko)(US), Wienerberger AG (Austria), CertainTeed Corporation (US), Duro-Last, Inc.(US), Etex SA (Belgium), and Firestone Building Products Company (US). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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