Roofing Materials Market - Overview
The Global Roofing Materials Market is growing with the rapid pace; mainly due to the development of energy efficient cool roofs, increasing use of eco-friendly materials in roofing, and increasing demand of new generation single ply technology in commercial roofing market.
According to a recent study report published by the Market Research Future, The global market of Roofing Materials is booming and expected to gain prominence over the forecast period. The global Roofing Materials market is forecasted to demonstrate an exponential growth by 2027, surpassing its previous growth records in terms of value with a whooping, 3% CAGR during the estimated period (2020 – 2027).
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Key Players:
GAF Materials Corporation (U.S.), Atlas Roofing Corporation (U.S.), CertainTeed Corporation (U.S.), Owens Corning Corp.(U.S.), Braas Monier Building Group S.A. (Europe), Etex (Belgium), Fletcher Building Limited (New Zealand), TAMKO Building Products, Inc. (U.S.), Icopal Holding Aps (Denmark), North American Roofing (U.S.) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Roofing Materials Market.
Currently, the roofing materials market is spurting mainly due to the growing construction sector across the globe. Moreover, increasing FDI in construction in emerging nations and supportive government regulations and policies also fuel the growth of the market. Governments across all regions are seen promoting and developing their construction infrastructure sector. The emerging nations are particularly bringing various reforms and regulations to boost their infrastructure growth and real-estate market. In China the central policies on housing were relaxed, the lowest down payment ratio decreased in 2016. Cheaper down payments encouraged more homebuyers to borrow money from banks. This in turn pushed the construction industry, which ultimately led to the increased demand for Roofing Materials. However, lack of awareness among the consumers is the factor that may hinder the market growth of the market.
Roofing Materials Global Market - Competitive Analysis
Global Roofing Materials Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/RD, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, roofing materials manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product service quality. Manufacturers strive to develop their product portfolio with a wide range of roofing materials for every application.
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Industry News
Beacon Roofing Supply, Inc., the largest publicly traded distributor of roofing and complementary building products in the United States and Canada, announced the successful completion of its previously announced acquisition of Allied Building Products Corp. from global diversified building products group CRH plc.
Visaka Industries Limited has forayed into innovative roofing solution where the solar panel fused with roof panel generates electricity.
St. Louis-based Korte Co. is building a USD 2 million, 23,000-square-foot expansion at the Carlisle Construction Materials plant in Greenville. The plant upgrade will enable the Greenville facility, to produce a line of PVC roofing material in addition to the ethylene propylene diene monomer (EPDM) product currently manufactured there.
Roofing Materials Market - Segmentation
Global Roofing Materials Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Segmentation:
On the basis of Product, global Roofing Materials market is segmented into Tile Roof, Metal Roof, Plastic Roof, Others. Tile Roof dominates the product segment of the market mainly due to use of clay tiles for residential construction owing to environmental as well as a visual advantage which they provide. Metal roofs is expected to be the fastest growing product segment mainly due to high service life and are extremely durable.
Based on application, global roofing materials market is segmented into Residential, and Non-residential. Residential sector dominated the application segment of the market. Increasing housing sector in countries such as the US, India, and China, drive the demand for the roofing materials.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Global Roofing Materials Market - Regional Analysis
The Asia-Pacific region dominates the global roofing materials market and is expected to grow at a highest CAGR during the forecast period. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region. Additionally, growing re-roofing activities also have the positive influence on the growth of the market.
North America is the second largest market for the roofing materials. Increasing demand for residential housing and increased government support in the form of rebate and other tax benefits to the construction companies driving the growth of the market in the region. Moreover, the presence of key manufacturers and their ability to offer a wide product range to customers is expected to play a crucial role to support the industry growth.
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