The scope of our recent study on the "Roofing Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Material, Type, and End Use" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The roofing market size was valued at US$ 267.35 billion in 2023 and is expected to reach US$ 379.33 billion by 2031; it is estimated to register a CAGR of 4.5% from 2023 to 2031.
The global roofing market is a dynamic and expanding sector within the construction industry, driven by increasing urbanization, infrastructural development, and rising demand for residential and commercial buildings. As cities expand and new residential and commercial buildings are constructed, the need for reliable roofing solutions becomes increasingly critical. The market has seen significant growth in recent years due to a surge in construction activities worldwide, supported by residential and commercial real estate developments. This growth is further fueled by roofing materials and technologies advancements, which enhance roofing systems' durability, energy efficiency, and aesthetic appeal. With rising awareness of environmental issues and energy conservation, there is a notable shift towards materials such as cool roofs and green roofs, which contribute to reducing energy consumption and lowering carbon footprints. Additionally, innovations in roofing technologies such as reflective coatings and advanced insulation materials, are gaining traction for their benefits in improving building performance and reducing operational costs.
On the basis of end use, the market is segmented into residential, commercial, industrial, and institutional and others. In 2023, the residential segment held the largest roofing market share. The growth of the residential sector is driven by factors such as population growth and urbanization, coupled with the increasing emphasis on home improvement and aesthetic appeal. Homeowners prioritize roofing materials that offer durability, energy efficiency, and visual appeal, leading to a diverse range of roofing products tailored to meet these demands. This segment encompasses new constructions, renovations, and replacements, reflecting the ongoing need for quality roofing solutions in the housing market. Economic conditions play a significant role in the progress of the housing market; during periods of economic growth, more homes are built, and homeowners are more likely to invest in roof repairs or replacements. Additionally, weather patterns and climate change impact the market as extreme weather events can cause damage that necessitates roofing services. Homeowners' increasing focus on energy efficiency and sustainability has also spurred demand for eco-friendly and energy-efficient roofing solutions.
The market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the market in 2023. Demographic factors such as the continuous growth of the elderly population and improvements in the standards of living of the masses owing to urbanization also bolster this industry. The region has the world's largest construction market, which is highly supported by government initiatives. According to a National Bureau of Statistics report, China raised its fixed asset investment to US$ 8.5 trillion in 2022, driving funds availability for infrastructure development. In India, the rising population results in an elevated demand for accommodation, especially in tier 1 cities. As a result, both government bodies and the private sector have redirected their focus on fulfilling the burgeoning demand for housing. Thus, all these factors are driving the roofing market growth in the region.
Global Roofing Market Breakdown - by Region
The report includes the segmentation of the global roofing market as follows:
The roofing market analysis is based on material, type, and end use, and geography. On the basis of material, the market is categorized into asphalt, metal, clay, concrete, plastic, and others. Based on type, the market is segmented into d shingles, tiles, and sheets. In terms of end use, the roofing market is segmented into residential, commercial, industrial, and institutional and others. The scope of the roofing market report focuses on North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, the Asia Pacific dominated the roofing market share.
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