June 12, 2024
Roofing Systems Market

The Rapid Urbanization in emerging economies is anticipated to open up new avenue for Roofing Systems Market

The Roofing Systems Market is estimated to be valued at US$ 133.67 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Roofing systems are used in residential and non-residential buildings to protect interiors from rain, sun, cold, and wind. Some key products in the roofing systems include asphalt shingles, concrete and clay tile, metal roofing, roof tiles, and elastomeric roof coatings. Roofing systems provide an essential layer of protection for building structures and occupants. They shield buildings from extreme weather, provide insulation for temperature and noise control, and add aesthetic appeal.

Market Dynamics:
The roofing systems market is expected to grow on account of two key drivers – rapid infrastructural development and reconstruction activities around the world. The urban population is surging globally which is boosting residential construction sector. Additionally, repair and replacement of aged roofs is further propelling demand for roofing systems. Furthermore, rising commercial construction of office buildings, malls, hotels is augmenting non-residential construction which acts as another driver. Countries in Asia Pacific and Latin America regions are witnessing highest construction activities due to large scale urbanization which is creating significant market opportunities for roofing system providers over the forecast period.

Segment Analysis
The global roofing systems market is dominated by the residential segment. The residential segment accounted for over 60% share of the global market in 2022. Rising residential construction activities driven by increasing population and improving economic conditions in developing countries is fueling the growth of this segment. Within the residential segment, asphalt shingle roofing type dominates due to its affordable cost and excellent performance against extreme weather conditions.

PEST Analysis
Political: Regulations regarding energy efficiency of buildings and focus on green construction are encouraging the demand for advanced roofing materials with better thermal and solar reflective properties.
Economic: Growth in the construction sector driven by rising infrastructure spending and housing construction is supporting the roofing systems market growth.
Social: Increasing consumer awareness about benefits of cool roofing technology and preference for aesthetically attractive roofing materials is favoring the market expansion.
Technological: Introduction of advanced material such as thermoplastic polyolefin (TPO), which provides durability and flexibility, is gaining popularity. Ongoing R&D for developing roofing materials with self-cleaning and smart features is opening new opportunities.

Key Takeaways
Global Roofing Systems Market Size
is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing construction activities especially in Asia Pacific and Middle East and Africa regions. The market size for roofing systems was valued at US$ 133.67 Bn in 2023.

Regional analysis: Asia Pacific dominates the global roofing systems market and is expected to exhibit fastest growth during the forecast period. Rising urbanization, growing population and increasing construction spending especially in China and India are driving the roofing systems demand in Asia Pacific.

Key players: Key players operating in the roofing systems market are Atlas Roofing Corporation, BASF SE, Johns Manville, Duro-Last, Inc., E. I. Du Pont De Nemours, Inc., Owens Corning, Sika AG, Standard Industries Inc., and The Dow Chemical Company. BASF SE and Saint Gobain command major share and offers innovative roofing membranes and waterproofing solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it