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The global roofing materials market size was USD 119.69 billion in 2019 and is projected to reach USD 151.49 billion by 2027, registering a CAGR of 3.1% during the forecast period.
Roofing materials encompass a wide variety of roof casing elements to support the underlying construction. The roof is a vital part of building a house that protects against climatic conditions, and natural elements. The exterior layer of a roof varies as per the availability of materials and complexity of building structure. Building materials vary from natural products such as slates, and thatches to products available commercially, such as bituminous, tiles, plastic sheets, and others. Rising investments in the development and renovation of the commercial and residential buildings will drive the market.
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Increasing Demand for Bituminous Roofing to Augment Market
Bituminous is very affordable, and the most common roofing materials. In bituminous, shingles & plates are commonly used. Bituminous shingles are not only a cost-effective roofing alternative but also provides 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 the 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 how well it is maintained and on the local climate. Bituminous is a durable building material that can easily adapt to almost any kind of environmental condition and withstand even the harshest weather conditions without wear and tear is 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 as well as 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 being too reliant on heating and cooling system. Shingles made from bituminous also resist effects. Their effect resistance level of 1-4 makes them suitable for conditions of inclement weather, such as hail storms. bituminous shingles retain a fire classification of class A. This gives building one less threat in case of a disaster.
Excellent Fire Resistant Property of Metal Roofing to Drive Market
Metal roofing is expected to expand rapidly due to increasing cases of wildfires. Metal roofing has excellent fire-resistant roofing benefits, thus making it an imperative option for fire codes and standards. Metal roofing comes in copper, aluminum, stainless steel, and zinc and are available in two forms, panels & shingles. The most common cost-effective metals among them all are galvanized steel and aluminum.
Metal roofing is a durable roofing material that lasts far longer than other materials. Metal roofing captures the sun's UV rays and keeps the building cooler during the summer months. The metal roofing also adds some extra insulation to the building maintaining steady temperatures both during the winter and summer months. Metal roofing sales are on the rise in both 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 is Support Growth
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.
China, Indonesia, Japan, South Korea, and Malaysia showing the greatest potential for expansion. China's commercial construction is experiencing exponential growth rate, powered by increasing consumer spending on manufactured products and services. North America was held a significant share of the global non-residential construction industry. The construction industry is likely to be affected by the widespread shutdowns to minimize COVID-19 spread. A wide variety of construction materials are imported from countries battled with COVID-19, many of which have closed 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 material which are interconnected to provide weatherproof protection in buildings. As well as being waterproof, roofs also help to 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 have 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 activities are hampered which is likely to detain the roofing materials market growth .
Major Drawbacks of Building Materials to Hinder Market
A Massive amount of time, electricity, and money is involved in resurfacing worn-out roofs. Climatic conditions may affect product quality. For example, some of the materials are not able to 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 and since they are not of high quality as other counterparts, they are more vulnerable to wind lifting and can quickly break at varying temperatures. The initial cost of a metal roofing is typically higher than that of other roofing materials.
Although very durable, slate, and concrete, and clay tiles can be broken if they have a strong effect, such as falling branches of the tree, or even walking pressure on them. Repairs can be costly when needed. Roofing material's durability should be kept in mind and maintenance requirements. Such as shakes and shingles of untreated wood that requires heavy maintenance. The natural resources, electricity, and toxicity of any emissions produced should be considered while the manufacturing of roofing materials. These are made from resources that are scarce or ecologically sensitive should be avoided.
Bituminous Material to be Leading Segment of the Market
In terms of material, the market is segmented into bituminous, tile, metal, elastomeric, and others. The bituminous segment accounted for a prime 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 materials 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 very heavy and thus are advised to be mounted. Concrete tiles are flexible and less costly than real clay but they also weigh heavily.
Metal roofing 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, a metal roofing can last as long as the building, seal off water, withstand high winds, and shed snow easily.
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Commercial Segment to Account for the Major Share of the Market
In terms of end-use, the market is segmented into residential, non-residential, and industrial. The residential segment constituted the key share of the global market and is likely to expand at a rapid pace during the forecast period. The factor fuelling the demand in the residential sector is increasing policy and institutional support for building housing infrastructure in emerging economies. Residential demand is growing due to 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, 2019 (USD Billion)
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The market in Asia Pacific size stood at USD 44.61 billion in 2019. Asia Pacific held the major share of the global market. In Asia Pacific, product demand is growing due to the growing construction sector, which includes new construction and renovation activities. The increase in industrial operations, especially in China and India, coupled with a growing population, has led to increased demand for construction and building activities, thus boosting the demand for the market. Residential construction was 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 register a significant impact on the market.
The Middle East & Africa market is majorly driven by the rapid growth of the residential building sector in Kenya, Nigeria, Egypt, and Ethiopia. Also, considerable demand for the market is created by the ongoing construction boom in Qatar, Saudi Arabia, and UAE.
In the UK, 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 European market.
While booming due to residential and commercial construction in the U.S., the construction industry has been hit by the suspension of building activities. The U.S. construction industry is expected to take on a major hit due to labor shortages and the government's shutdown during COVID-19, which is expected to be exacerbated by the resulting supply chain problems and funding difficulties due to non-compliance with the completion times.
Key Players Blending Strategies to Maintain Their Dominance in the Market
Major market players are concentrated on increasing their market share by providing a wide range of construction materials that are robust and simple to install. 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.
GAF Materials Corporation, Owens Corning, Atlas Roofing Corporation, Braas Monier Building Group; Etex; Boral Ltd Atlas Roofing Corporation, Carlisle Companies Incorporated, and Atlas Roofing Corporation are the major players operating in the industry. Major market players depend on backward integration to ensure that quality is preserved and production costs are kept under control.
The roofing materials market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, material types, and leading end-use industries of the product.
An Infographic Representation of Roofing Materials Market
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Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
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Value (USD Billion) and Volume (Million Square Meters)
Fortune Business Insights says that the global market size was USD 119.69 billion in 2019 and is projected to reach USD 151.49 billion by 2027.
In 2019, the market value stood at USD 119.69 billion.
Growing at a CAGR of 3.1%, the market will exhibit steady growth in the forecast period (2020-2027).
The bituminous segment is expected to be the leading segment in this market during the forecast period.
Growing construction industry is driving this market
Asia Pacific held the highest market share in 2019.
Increasing demand for bituminous roofing materials
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