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Roofing Materials Market Size to Reach USD 151.49 Billion by 2027; Architectural Preference for Metal Roofing to Endow Impetus

June 05, 2020 | Chemicals & Materials

The global roofing materials market size is expected to reach USD 151.49 billion by 2027. The growing emphasis on green infrastructure by construction companies will encourage the healthy growth of the market, mentioned in a report, titled Roofing Materials Market Size, Share & Industry Analysis, By Material (Bituminous, Tile, Metal, Elastomeric, and Others), and By End-Use (Residential, Non-Residential, and Industrial), and Regional Forecast, 2020-2027” the market size stood at USD 119.69 billion in 2019 and is predicted to exhibit a CAGR of 3.1% between 2020 to 2027.


Acquisition of Roof Tile Group by IKO to Incite Business Development


IKO Industries Ltd., a leader and distributor of building materials such as insulation boards, and bituminous waterproofing products announced that it has signed an agreement for acquiring the operation of the Roof Tile Group, a manufacturer of metal roof tiles. The transaction will support IKO's operations and production in New Zealand, Hungary, Malaysia, and the United States. The new expansion tactic of IKO will augur well for the roofing materials market growth during the forecast period owing to the expansion of metal roofing business in North America. Furthermore, the introduction of innovative roofing products by pre-eminent players can be a vital factor enabling the growth of the market in the foreseeable future. For instance, in October 2019, Tesla, clean energy and electric vehicle company based in the US announced the launch of a new version of Solar Roof tiles to revitalize its renewable energy business. The ground-breaking Solar Roof version 3 utilizes unique materials and fewer parts compared to previous variants, making it easier and simpler for installation in comparison with other versions and other shingles widely used in roofing. In addition, the increasing research and analysis of companies to introduce novel and modern products for the construction industry will create lucrative opportunities for the market.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/roofing-materials-market-102859


Soaring Demand for Metal Roofing to Support Market Sales


The increasing demand for metal roofing in the construction sector owing to its excellent fire-resistant technology will boost the growth of the market. For instance, metal roofing is available in copper, aluminum, stainless steel, and zinc, along with two forms, panels & shingles. The cost-effectiveness of metals such as steel and aluminum will fuel demand for metal roofing during the forecast period. The durability of metal roofing compared to other materials will further enhance the potential of the market. The rising concentration on green infrastructure with improved ventilation systems in buildings will spur demand for metal roofing. For instance, metal roofing absorbs the sun's UV rays and keeps the building cooler during the summer months. The growing adoption of metal roofing in commercial construction and residential remodeling owing to its durable solutions will foster the growth of the market. The shift from bituminous shingles roofing to metal roofing owing to its lightweight and durability will increase the demand for metal roofs among architects and property owners.


Introduction of Innovative Roofing Materials by key Players will Promote Robust Expansion


The key players in the market are focused on launching a wide variety of roofing materials to remain in the front foot. The development of distribution networks by companies will improve market prospects. The prominent players such as Owens Corning, Atlas Roofing Corporation, Braas Monier Building Group, Boral Ltd, Carlisle Companies Incorporated, and Atlas Roofing Corporation are adopting marketing strategies such as partnerships, deals, acquisitions, and product launches to strengthen its position in the market. The integration of plans by major players to ensure that the quality of products is preserved and production costs are under control will further support the growth of the market.


The Report Lists the Key Companies in this Market:



  • Owens Corning (U.S.)

  • CertainTeed Corporation (U.S.)

  • Atlas Roofing Corporation (U.S.)

  • Braas Monier Building S.A. (U.K.)

  • Johns Manville (U.S.)

  • IKO Industries Ltd. (U.S.)

  • GAF Materials Corporation (U.S.)

  • TAMKO Building Products, Inc. (U.S.)

  • Carlisle Companies Incorporated (U.S.)

  • Firestone Building Products Company, LLC (U.S.)

  • Other Key Players


Further Report Findings:



  • Regional Analysis: The Asia Pacific roofing materials market size stood at USD 44.61 Billion in 2019 and is likely to hold the largest share in the foreseeable future. The growth in the region is attributed to the booming construction sector. The growing renovation activities in India and China will propel the market in the region.

  • Leading Segment: Residential roofing materials are predicted to account for the maximum share in the global market owing to the growing preference for single-family housing structures along with low-interest rates for residential buildings.


This Market is Segmented into:








































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion) and Volume (Million Square Meters)



Segmentation



By Material



  • Bituminous

  • Tile

  • Metal

  • Elastomeric

  • Others



By End-Use



  • Residential

  • Non-residential

  • Industrial



By Geography



  • North America (U.S., and Canada)

  • Europe (Germany, UK, France, Italy, Spain, Russia & CIS, and Rest of Europe)

  • Asia Pacific (China, India, Japan, ASEAN, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)


Roofing Materials Market
  • PDF
  • 2019
  • 2016-2018
  • 100

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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