Prior to the outbreak of COVI-19, exponential growth in the construction sector with economic growth in emerging economies led to growth in the roofing market. Roof is an essential component of all types of building structures for commercial, residential, and industrial use for protection from natural elements and climatic conditions.
The strength of roofs is increased by using roofing material and also works as a barrier to protect the roof. This makes for roofing material to be an essential element of buildings for the roofing market to be valued at US$ 96,135.03 Mn in 2018. In the coming years, with prospects of continued gains, the roofing market is projected to expand at a CAGR of 4.9% from 2019 – 2027
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Roofing materials are external coatings applied on the roof of building structures. The type of roofing material used, which depends on the availability of material and nature of supporting structure imparts differentiation in the outer layer of a roof. Natural products such as slates and thatches and man-made materials such as plastic sheeting, tiles, and bituminous are some roofing materials used for buildings. Roofing material are generally supported by underlying structures, but sometimes are self-supporting.
Besides Protection of Roof, Slew of Interior Advantages Favors Growth
Roofing material such as tiles work for interior temperatures too. For hot and humid conditions, tile roofing lowers the need of air conditioning, which in turn, reduces electricity consumption. This fuels demand for roofing tiles in the roofing market.
Besides this, rising demand for laminated asphalt shingles with textured surface is anticipated to drive the roofing market in the coming years.
Meanwhile, demand for metal roofing is gaining pace in the roofing market owing to the increasing demand for long lasting and durable roofing material. Metal roofing lasts for exceptionally long period of time, thus, make for low lifecycle cost. In addition, 30-60% material used for metal roofing is recycled, and is completely recyclable at the end of the working life.
The availability of such durable and long lasting roofing materials favors uptick in demand, thus, translates into growth for the roofing market.
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Rising Urbanization in Developing Economies Create New Opportunities; US and Europe Continue to Remain Key Regions
Rapid urbanization in several parts of the world leading to the development of residential and commercial buildings is creating opportunities in roofing market. Government support to promote urbanization and ensuing construction sector in the form of tax benefits and subsidies in emerging economies is indirectly benefitting the roofing market. For example, in 2016, the Government of India proposed an additional reduction in interest loan of US$ 717.28 for first time home buyers and tax incentives for builders for affordable housing of up to 60 square meters.
Asia Pacific currently holds significant share in the global roofing market. Rising disposable income in countries such as China, India, and Vietnam leading to the demand for modern residential units, commercial complexes has amplified growth in the construction sector. This, in turn has led to growth in several ancillary industry sectors including the roofing sector.
Meanwhile, in the U.S. and Europe the demand for retrofitting of residential complexes is significantly high.
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Interruptions in Raw Material Availability amidst COVID-19 slows Growth
On the downside, the roofing market is subject to dwindling growth. Price fluctuations of raw materials such as acrylic acid that impacts demand for the respective roofing material slows growth in the roofing market.
Declining demand for gasoline which is the key raw material for bitumen – the leading product segment in the roofing market – has adversely impacted the supply of the latter.
High prices of fiber cement and polymer – some other roofing materials is hampering growth in the roofing market.
The report segments the roofing market as follows;
Global Roofing Market, by Type
- Bituminous
- Metal
- Tiles
- Elastomeric
- Others
Global Roofing Market, by Application
- Residential
- Commercial
- Non-commercial
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