Key Highlights of Global Roofing Market
- The global roofing market was valued at US$ 96,135.03 Mn in 2018 and is anticipated to expand at a CAGR of 4.9% during the forecast period
- The global roofing market is driven by expansion in the global construction industry. Asia Pacific accounts for major share of the global roofing market, led by the increase in construction activities and rise in awareness about sustainable construction materials in the region.
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Key Drivers of Global Roofing Market
- The construction industry is a significant end-user of roofing materials. It is expanding steadily in developing countries and sub-regions such as India, China, ASEAN, GCC, and Africa.
- The rate of urbanization is on the rise in these countries and sub-regions due to the improvement in standard of living. The roofing market is expanding rapidly with industrialization and growth in residential and commercial developments.
- Significant expansion in the construction sector in developing countries and technological advancements have boosted the adoption of quality roofing systems. The construction industry in India and the Middle East has expanded at a rapid pace in the last few years. This trend is expected to continue in the near future.
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Rise in Demand for Metal Roofing Likely to Offer Attractive Growth Opportunities
- Metal roofing, especially steel roofing with galvanized iron or ZN-Al coating, has been gaining momentum in commercial and industrial applications of the roofing market since the last few years. It is also becoming increasingly popular in residential projects including multi-story apartments, complexes, and single-family homes.
- Currently, metal roofs have become a rapidly developing innovation in the home remodeling applications, they are durable and offer exceptional protection and high longevity. These roofing materials are recyclable and are available in a wide range of shapes, colors, and finishes.
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Fragmented Nature of Global Roofing Market
- The global roofing market is highly fragmented. Major players operating in the Roofing market are GAF Materials Corporation, CertainTeed Corporation, Owens Corning Corp., Braas Monier Building Group, and Carlisle Companies Incorporated.
- Market players are developing new products to widen their consumer base. This is likely to intensify the competition in the global roofing market in the next few years.
Global Roofing Market: Research Scope
Global Roofing Market, by Type
- Bituminous
- Metal
- Tiles
- Elastomeric
- Others
Global Roofing Market, by Application
- Residential
- Commercial
- Non-commercial
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