Roofing Market size, share & Forecast

 

Chemical material

The Roofing Market is expected to expand at a remarkable CAGR during the forecast period (2020-2027).

The factors driving growth of the market includes increase in the construction of hotels, schools, and industrial buildings around the world, rising focus of manufacturers on developing energy effecient roofing systems, expansion of the construction industry, launch of environment friendly roofing solutions and improvements in the living standards. Roofing materials possess enhanced heat reflection property, high durability, minimizes energy consumption in building structures, provides better air quality, improved aesthetics and are easy to install, are some of the features pushing the Roofing Market share. Moreover, rise in Government’s expenditure on infrastructure projects, growing demand for bituminous roofing solutions in residential and commercial buildings, increasing adoption of advanced technologies by manufacturers, and rapid urbanization, are some of the additional factors supplementing the Roofing Market size. In addition, the increasing investments by major companies on research and development, strategic partnerships, and collaborations between key industry players, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Roofing Market is hindered attributed to insufficient knowledge amongst end-users about its benefits.

The leading players operating in the market are Owens Corning, Berkshire Hathaway Company, IKO Industries Ltd., Atlas Roofing Corporation, Duro-Last Inc., BASF SE, TAMKO Building Products LLC, 3M Company, The DOW Chemical Company, and Sika AG, among other companies.

Based on Product Type, the Tile Roofing segment is predicted to grow at a significant CAGR during the forecast period

Tile roofing solutions are available in different designs, provides enhanced durability and resistivity, easy to install and maintain and offers high aesthetic appeal, are some of the factors pushing the segment’s growth.

Based on Application, the Residential segment is projected to expand at a robust CAGR over the forecast period

Increasing demand for durable roofing systems and rise in the construction of housing projects across the globe, are propelling segment’s growth.

Based on Region, the North American region is predicted to capture the greatest market share during the forecast period

Growing popularity of homes, rise in the construction of non-residential buildings such as hotels, schools and malls, increasing adoption of advanced technologies, rapid urbanization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.

 

Key Developments

  • In 2020, Sika AG completed the acquisition of Modern Waterproofing Group, one of the leading manufacturers of roofing and waterproofing systems in Egypt. This acquisition is expected to enhance the product portfolio of Sika AG and offer new opportunities for growth in the Egyptian construction market.
  • In 2020, Nouryon introduced elastomeric cool roof coatings solution for the building and construction market. This solution is expected to boost the effectiveness of energy-saving cool roof coatings by improving their ability to reflect light and enhancing their self-cleaning properties.

 

Market Segmentation

Segmentation by Product Type

  • Bituminous Roofing
  • Tile Roofing
  • Metal Roofing
  • Fibre Cement Roofing
  • Plastic Roofing
  • Rubber Roofing

Segmentation by Application

  • Residential
  • Non-Residential

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

 

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

 

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