Roofing Market worth USD 136.9 billion by 2027, registering
New York, July 21, 2021 (GLOBE NEWSLETTER) — Roofing market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Roofing market Research report, by roofing, application and region – Forecast to 2027” the market size is expected to be worth USD 136.9 billion by 2027, growing at a CAGR of 4.85% during the forecast period (2021 – 2027). The market was valued at USD 97.2 billion in 2020.
Growth of the building and construction sector
The increasing development of infrastructure is an important driver for the roofing industry. Today, the construction of a modern building has a beneficial effect on the roofing industry. Due to the modular and high-quality construction with an interior concept, there is more familiarity with the roof system. A modern, elegant and efficient roof can improve the overall appearance of the building. Some roof systems include energy-saving flights and fans. Increasing infrastructure development will continue to increase the need for modern roofing systems.
Moreover, new construction techniques such as modular construction, smart building construction and building automation construction are some of the factors driving the demand in the roofing market. In addition, the variation in the roof system attracts the attention of customers. Another important market factor is the increasing use of plastic roofing. Synthetic roofing is a type of artificial roofing that can be used to finish the interior of a building. The plastic roofing is suitable for a themed building. The professional building can select sophisticated roof designs and patterns to complement the interior of the building.
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State whether the key companies profiled in the Roofing Market Research Report are:
- Atlas Roofing Corporation (US)
- CertainTeed Corporation (US)
- BMI Group Services GmbH (USA)
- Carlisle Companies Inc. (US)
- Duro Last Inc. (US)
- Etex NV (Belgium)
- GAF Materials Corporation (US)
- North American Roofing Services Inc. (US)
- Firestone Building Products Company (US)
- Owens Corning (US)
- TAMKO Building Products Inc. (Statement) (US)
- Wienerberger AG (Austria)
In March 2021, Atlas Roofing Corporation announced the release of their StormMaster® Hip & Ridge shingle, which incorporates the company’s unique Core4™ Enhanced Polymer technology and offers enhanced strength, flexibility, durability and protection against extreme weather conditions.
Browse the in-depth market research report (120 pages) on Roofing
Government initiatives to reduce CO2 emissions
The government plays an important role in the energy efficiency plan. In addition, energy efficiency reduces CO2 emissions into the environment. CO2 emissions are a worldwide problem. The majority of governments are in favor of energy-efficient building. Today there is more understanding of the need to minimize CO2 emissions. The government is implementing a number of measures to reduce CO2 emissions. These government measures to promote energy efficiency will increase in number. It offers numerous market expansion opportunities for the roofing industry.
The roof covering provides the central control system, fans, lighting and other energy-efficient functions. Technological developments in this market can offer more growth prospects. The use of bituminous roofing and other new roofing materials will increase the growth potential. Moreover, the development of smart cities and buildings offers prospects for future growth. Modern building techniques are used in smart cities. The roof system is more suitable for smart buildings, which will ultimately bring a lot of growth opportunities for the market.
Installation of roofing systems
The limitation of the market is the installation of roof systems. Installation costs depend on the design and quality of the roofs. It is also a serious problem for both residential and commercial roofs. However, many end users are concerned about the cost of systematic roofing and installation.
In addition, there is a lack of understanding about the costs of deploying a new roof system. Another major barrier is a lack of knowledge about roofing. Educating people about roofing, its benefits and costs is critical. As a result of this constraint, market demand may suffer over the projection horizon. The construction and construction industry are expensive projects. The roofing concept increases the total cost of the project. This limitation may have a negative effect on the overall market.
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The global market is growing after the COVID-19 pandemic
Current market scenarios have changed due to the COVID-19 outbreak. During the pandemic, the real estate market has suffered significant losses. The COVID-19 has halted construction work. Private individuals investing in real estate are also declining. It reduces the need for the roofing industry. According to the report, demand would increase after COVID-19. All infrastructure projects are restarting, which will have a favorable impact on the market. After COVID-19, the trends in the roofing market will see steady demand. The current difficulties of the market are only temporary. The market restarts its operations and starts generating significant revenue.
The global roofing industry is segmented into roofing, application and end users.
By roofing, the global roofing market is segmented into asphalt, tile, metal, concrete, and others.
By application, the global roofing market is segmented into commercial, residential, and industrial.
By end users, the global roofing market has been segmented into production units, power plants, hospitals, manufacturing facilities, power plants, educational institutions, residents, commercial spaces, industrial spaces.
North America, Europe and Asia-Pacific to dominate the global market
Over the projected period, North America, Europe and Asia-Pacific will lead the roofing market. The cost of a roof system is significant in the United States and Canada. In addition, the massive construction industry in the United States is rapidly adopting modern roof systems. As a result, North America will hold most of the roofing market.
In addition, the government initiative to promote energy-efficient buildings is a key market driver in Europe. Among the competitors, Asia-Pacific is the fastest growing market. This region has a high demand for modern roofing. The strict government requirements for energy efficiency are driving the overall expansion of the roofing market. India, Japan, China and Korea are the largest contributors to the region. In the Asia-Pacific, the infrastructure market is huge. As a result, the market demand prospects for the foreseeable future are huge. Increasing R&D and energy efficiency are the main drivers of demand growth in all these regions. Moreover, the future of the roofing industry in these regions looks bright.
Segmentation of the market covered in the study:
Information by roofing material (asphalt, tile, metal, concrete and others), by application (commercial, residential and industrial), by region (North America, Europe, Asia-Pacific and rest of the world)
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