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