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The global roofing materials market size was valued at USD 86.56 billion in 2021. The market is projected to grow from USD 88.85 billion in 2022 to USD 112.47 billion by 2029, exhibiting a CAGR of 3.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with roofing products and solutions experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 29.5% in 2020 as compared to 2019.
Roofing materials are the outermost layers of a building’s roof used to construct or repair a roof. The roof is a vital part of building a house that offers protection against climatic conditions and natural elements. The exterior layer of a roof varies according to the available material and the complexity of the supporting structure. Roofing materials vary from natural products such as slates and thatches to products available commercially, such as bituminous tiles, plastic roofs, and others. Rising investments in the development and renovation of the commercial and residential buildings shall drive the roofing materials market growth.
Supply Chain Disruptions Impeded Market Progress during the Pandemic Period
The global pandemic and lockdown restrictions imposed by various governments have caused major disruption in the entire construction materials supply chain. Additionally, companies were suffering from a labor scarcity, both skilled and unskilled, resulting in massive losses.
Furthermore, the movement limitations enforced during the lockdown created logistical issues, making it difficult to obtain raw materials for manufacturing. Since roofing is a hands-on job that requires close contact between workers, social distancing norms imposed by various governments created additional challenges. Contractors working in the roofing sector had to adopt additional safety measures and follow COVID protocols to safeguard their employees.
Construction material shortages have also resulted in severe price fluctuation. According to the National Roofing Contractors Association, building material prices increased dramatically during the epidemic. This factor has been accompanied by construction contractors' inability to complete construction projects on time, which is due to a variety of factors such as a shortage of skilled workers, supply route shutdowns and other supply chain disruptions, and an increase in demand for construction materials in both the residential and commercial sectors.
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Increasing Demand for Bituminous Roofing to Augment Market Growth
Bituminous is very affordable and among the most common roofing materials. In bituminous, shingles & plates are commonly used. Bituminous shingles are not only a cost-effective roofing alternative but also provide excellent protection. Available in a vast array of colors and designs, it is easy to find a choice to complement the design of the building and improve its appeal. The bituminous shingles are coated with asphalt and then covered with colored mineral granules that help protect the shingles from the elements. Available in different thicknesses or grades, a bituminous shingle roofing will normally last from 25 to 30 years, depending on the local climate and how well it is maintained. Bituminous is a durable building material that can easily adapt to almost any environmental condition and withstand even the harshest weather conditions without wear and tear easy to succumb to. Shingles made from bituminous can withstand strong winds.
Nonetheless, there are different scores for wind resistance, from the lowest (Class D) to the highest (Class H). Bituminous shingles can meet the Class H grade, which stands against winds of up to 150 mph, with proper installation and support from fasteners and bonds. Instead of absorbing solar heat, it is reflected by bituminous shingles. As a result, the building will be much cooler without relying on a heating and cooling system. Shingles made from bituminous also resist effects. Their effect resistance level of 1-4 makes them suitable for inclement weather conditions, such as hail storms. Bituminous shingles retain a fire classification of class A, thereby reducing accidents in case of a disaster.
Excellent Fire Resistant Property of Metal Roofing to Drive Industry Growth
Metal roofing is expected to expand rapidly due to increasing cases of wildfires. Metal roofing is an excellent fire-resistant roofing choice, which many have used to adapt to modern fire codes and prove their building by fire. It comes in copper, aluminum, stainless steel, and zinc and is available in two forms, panels & shingles. The most common cost-effective metals among them are galvanized steel and aluminum.
Metal roofing is a durable material that lasts far longer than other materials. It captures the sun's UV rays and keeps the building cooler during the summer months. The metal roofing also adds extra insulation to the building, maintaining steady temperatures, ensuring both extra insulation and steady temperatures during the winter and summer months. Metal roofing sales are on the rise in commercial construction and residential remodeling. Experienced building architects and property owners have embraced metal roofing as one of the roofing industry's most durable solutions. Metal roofing weighs less than bituminous shingles roofing or tiles. Like other roofing materials, it does not stress the building’s structure due to its strength, durability, resistance to flames, and low maintenance.
Growing Construction Industry to Drive Roofing Materials Market Share
The global construction industry is the world's largest consumer of raw materials. The industry is projected to expand at 4.2% annually in terms of market value due to growth in residential, non-residential, and infrastructure projects. Europe’s construction market is increasing due to residential, non-residential and civil engineering sectors.
The construction industry is likely to be affected by the widespread shutdowns to minimize the COVID-19 spread. Even ventures which can be permitted to proceed will be impacted indirectly. Many construction materials are imported from countries battling COVID-19, many of which have shuttered factories to contain the pandemic.
The roof is an important structure of the building as it provides protection and enhances the building’s appeal. A roof structure consists of different types of materials that are interconnected to provide weatherproof protection in buildings. As well as being waterproof, roofs also help protect the buildings from rain, heat, snow, and other elements. Roofing materials differ depending on roof form, position and environment and whether they are used for commercial or residential use. Bituminous shingles are common as they are relatively inexpensive and had a good lifespan for residential use. Metal, EPDM, and built-up roofs are widely used in commercial construction, where flat roofs are more common. Thus, the growing construction industry is driving the demand of the market. However, due to the spread of COVID-19, construction activity is hampered, which is likely to detain market growth.
Higher Price of Roofing Materials to Hinder Market Growth
A massive investment of time, electricity, and money is involved in resurfacing worn-out roofs. Climatic conditions may affect product quality. For example, some of the materials cannot withstand extreme heat and ultraviolet radiation from sunlight but easily succumb to prolonged freeze-thaw cycles. Shingles made from bituminous can be weakened if built during freezing temperatures. Since they are not of as high quality as other materials, they are more vulnerable to wind lifting and can quickly break at varying temperatures. The initial cost of metal roofing is typically higher than that of other materials.
Although very durable, slate, concrete and clay tiles can be broken if they have a strong effect, such as falling tree branches or even walking pressure on them. Repairs can be costly when needed. Roofing materials' durability should be kept in mind and maintenance requirement. Such as shakes and shingles of untreated wood is heavy maintenance. The natural resources, electricity, and toxicity of any emissions produced should be considered while manufacturing roofing materials. These materials are made from scarce or ecologically sensitive.
Bituminous Material to be Leading Segment Due to Wide Usage in Residential Construction
In terms of material, the market is segmented into bituminous, tile, metal, elastomeric, and others.
The bituminous segment accounted for a major share of the market and is likely to maintain its dominance during the forecast period. Shingles made from bituminous are used as the most common residential roofing since they are inexpensive and simple to install. Such shingles may be reinforced with fiberglass or synthetic materials without altering the shingle appearance.
Tiles made of clay and concrete bring texture and beauty to a building. Tiles of flat, ribbed clay are extremely durable and heavy and thus are advised to be mounted. Concrete tiles are flexible and less costly than real clay, but they also weigh heavily.
The metal roof segment is expected to expand rapidly during the forecast period. Metal roofs are immune to severe weather. Metal roofs come in aluminum, copper, stainless steel and zinc and are available in two forms, panels and shingles. Properly mounted metal roofing can last as long as the building, seal off the water, withstand high winds and shed snow easily.
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Residential Segment to Account for the Major Market Share Due to Rise in Infrastructure Projects
In terms of end-use industry, the market is segmented into residential, non-residential, and industrial.
The residential segment holds the key share of the global market and is likely to expand rapidly during the forecast period. The segment is attributed to a rise in policy and institutional support for building housing infrastructure in emerging economies. Residential roofing demand is growing due to the rising population and growing preference for single-family housing structures. In addition, ease of credit access and low-interest rates play an important role in the overall demand for residential structures.
The investment to construct and renovate social infrastructures, such as hospitals, educational buildings, government offices, and correction facilities, is anticipated to fuel the non-residential construction sector.
Asia Pacific Roofing Materials Market Size, 2021 (USD Billion)
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The Asia Pacific roofing materials market share was valued at USD 32.03 billion in 2021. In Asia Pacific, the product demand is growing due to the rise in the construction sector, including new construction and renovation activities. The increase in industrial operations, especially in China and India, coupled with a growing population and rising disposable incomes, has led to increased demand for construction and building activities, thus boosting the industry growth in the region. Residential construction is India's leading segment of the construction industry. The Indian government has set a target of 20 million affordable houses by 2022, which is expected to significantly impact the regional market.
The North American market growth is due to the increase in re-roofing project activities for commercial, industrial, and residential projects in the U.S. The rise in construction activities of residential and commercial projects in the United States and Canada, along with infrastructure spending by the government for construction projects, shall drive market growth. The U.S. construction industry declined during the COVID-19 pandemic due to labor shortages and the government’s shutdown of various manufacturing plants, thus hampering the construction supply chain.
The demand for roofing materials in the Middle East and Africa is majorly driven by the rapid growth of the residential building sector in Kenya, Nigeria, Egypt and Ethiopia. In addition, the ongoing construction boom in Qatar, Saudi Arabia, and UAE creates considerable demand for the market.
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In the U.K., the government has set a goal of constructing about 300,000 residential homes annually over the next three years to address the acute housing shortage. Thus, the increasing emphasis on housing construction activities is projected to drive the demand for the European market.
Key Players Blend Effective Strategies, Acquisition and New Product Launch to Boost Market Stance
The market share is substantially fragmented. Key players include Owens Corning, GAF and Carlisle Companies Inc., among others. Industry players compete primarily based on price and application characteristics of the product. Most global companies have integrated raw material production and sales activities to maintain product quality and expand regional influence.
In addition, these firms have built a robust network of certified roofing contractors to ensure the quality of the roof installation to expand their client base. Major players depend on backward integration to ensure that quality is preserved and production costs are kept under control.
An Infographic Representation of Roofing Materials Market
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The study report thoroughly examines key factors such as major firms, goods, and services. It also provides market trends and highlights important industry advancements. The study includes different variables that have contributed to the market's growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities and historical data and revenue growth estimates at the global, regional, and country levels.
Value (USD Billion), Volume (Million Square Meters)
Material; End-use Industry; and By Region
By End-use Industry
Fortune Business Insights says that the global market size was USD 86.56 billion in 2021 and is projected to reach USD 112.47 billion by 2029.
In 2021, the Asia Pacific market size stood at USD 32.03 billion.
The market will exhibit a CAGR of 3.4% during the forecast period (2022-2029).
The bituminous segment is expected to lead the market during the forecast period.
The growing construction industry and infrastructure spending are factors driving the market.
Owens Corning, GAF and Carlisle Companies Inc. are major players in the global market.
Asia Pacific dominated the market in terms of share in 2021.
The increasing demand for bituminous roofing due to its wide application usage in residential and commercial construction projects aids the market.
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