- Summary
- Table Of Content
- Methodology
Roofing Materials Market Introduction :
Consegic Business Intelligence analyzes that the Roofing Materials Market is growing with a CAGR of 3.9% during the forecast period (2023-2030), and the market is projected to be valued at USD 145.23 Million by 2030 from USD 107.15 Million in 2022.
Roofing Materials Market Definition & Overview:
Roofing materials are the materials used to cover the top of a building to protect it from the elements. The roofing material is specifically selected to protect against exterior elements including rain, direct sunlight, and snow. They are chosen based on factors such as durability, cost, and aesthetic appeal. The cost of roof renovations can vary extensively. Some of the factors such as the type of roofing material, the cost of labor, and the size & shape of the roof vary the cost of roof replacement. Numerous types of roofing materials are commercialized in the market namely asphalt shingles, metal roofing, solar roof tiles, stone-coated steel, concrete & clay tile roofs, and slate, among others.
Roofing Materials Market Insights :
Roofing Materials Market Dynamics - (DRO) :
Key Drivers :
Growing expenditures in the renovation of commercial and residential construction are key factors that drive market growth
A building's roofing material provides shelter from the natural elements, such as rain, snow, wind, and sun. It also helps to insulate the building and keep it cool in the summer and warm in the winter. The roofing industry has seen significant growth in the last couple of years. Residential construction expenditure contributes to the revenue development for the roofing material industry globally. The demand for residential construction has increased as the housing market expanded in the last five years. There are around 109,331 roofing contractor businesses in the U.S. as of 2022, showing a 1.8% rise from 2021. Several factors such as growing per capita disposable income and low interest rates have made home ownership affordable for consumers growing the requirement for new roofs. Thus, rising spending in the renovation of commercial and residential construction are key factor that drives market growth.
Advancements in roofing technology also help to drive the market
Roofing technology has developed significantly in the last few years, driven by an increasing demand for more sustainable, energy-efficient, as well as long-lasting roofing solutions. Green roof technology is a recent trend in the roofing industry that has gained acceptance owing to its eco-friendly benefits. Moreover, a cool roof is another eco-friendly technology that helps minimize energy prices and battle the urban heat island phenomenon. Thus, the advancement in the roofing technology also drives the market growth.
Key Restraints :
The rising costs of construction materials and equipment and supply chain disruptions are the key factors restraining the growth of this industry
Roofing material is a type of construction material that protects the building against rain, snow, sunlight, wind, and extremes of temperature. The prices of construction materials and equipment increased rapidly in the last couple of years. Increasing building material prices are majorly hampering market growth. Therefore, rising costs of construction materials and equipment and supply chain disruptions are the factors that restraining the growth of the market.
Future Opportunities :
Designing proficient roofing system for long-term performance in harsh weather will provide ample opportunity
Designing proficient roofing systems for long-term performance in harsh weather will offer lucrative opportunities for the market over the forecast period. Designing proficient roofing systems reducing maintenance costs, improved and indoor air quality among others. For instance, in 2020, GAF Energy launched Solaria panels, a roof-integrated solar product, which is 16% more powerful than solar-integrated roofs. Moreover, these panels permit homeowners to fit more roof-integrated solar capacity in the same amount of space.
Roofing Materials Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 145.23 Million |
| CAGR (2023-2030) | 3.9% |
| By Type | Asphalt Shingles, Metal Roofing, Solar Roof Tiles, Stone-coated steel, Concrete & Clay Tile Roofs, Slate, and Others |
| By Construction Type | New Roofing and Reroofing |
| By End-User | Residential, Commercial, and Industrial |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | GAF Materials Corporation, Atlas Roofing Corporation, Owens Corning, TAMKO Building Products, Inc., Carlisle Companies Inc., Metal Sales Manufacturing Corporation, Wienerberger AG, CertainTeed Corporation, Boral Roofing, and IKO Industries Ltd. |
Roofing Materials Market Segmental Analysis :
Based on the Type :
The type segment is categorized into asphalt shingles, metal roofing, solar roof tiles, stone-coated steel, concrete & clay tile roofs, slate, and others. In 2022, the asphalt shingles segment accounted for the highest market share. Commonly used roofing material is asphalt shingles are popular because they are economical as well as easy to install. Moreover, they are comparatively inexpensive than other materials. They are long-lasting and can provide safety in nearly all types of environments. They come in a variety of colors but can fade over time. Thus, the demand for the segment was high and dominated the market in 2022.
However, metal roofing is likely to grow at the fastest CAGR over the forecast period. Metal roofs are made of materials such as aluminum, steel, or copper. They are very durable and can last for many years, even in extreme weather conditions.
Based on the Construction Type :
The construction type segment is categorized into new roofing and reroofing. In 2022, the reroofing segment accounted for the highest market share in the overall roofing materials market. Reroofing is the process of replacing the top layer of roofing material on a roof. It is typically done when the existing roof is starting to show signs of wear and tear, such as leaks, missing shingles, or curling edges. Increasing demand for renovating old buildings among consumers is boosting the demand for the reroofing segment in the market.
However, the new roofing segment is anticipated to grow at the fastest CAGR during the forecast period. Urbanization and industrialization across developed and developing regions are some of the major factors favoring the need for new buildings. Thus, the above-mentioned factor is likely to help the segment grow at the fastest CAGR over the forecast period.
Based on the End-User :
The end user segment is categorized into residential, commercial, and industrial. In 2022, the residential segment accounted for the highest market share of 41.35% in the overall roofing materials market and it is likely to grow at the fastest CAGR over the forecast period. The segment is attributed to an increase in the policy and institutional support for home construction in developing economies. Residential roofing demand is driven not only by replacement roofs due to age or weather-related events but also by new construction taking place. Residential roofing demand is growing due to the increasing population and rising preference for the single-family housing structure.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
In 2022, North America accounted for the highest market share at 35.18% and was valued at USD 37.70 million, and is expected to reach USD 51.40 million in 2030. This is owing to the construction activities of residential and commercial projects in the U.S. and Canada along with infrastructure expenditure by the government for the construction projects. In North America, roof replacements are the most in-demand service at over 90% of the market. There are around 81,175 roofing contractors businesses in the U.S. as of 2022, an increase of 1.5% from the previous year. All these factors led to the region's dominance in the global market.
Moreover, Asia Pacific is expected to grow at the fastest CAGR of 4.3% during the forecast period owing to the increasing roofing material demand, and growth in the construction sector, such as new construction as well as renovation activity. India, Japan, China, and other countries in the region are promoting the construction of new residential as well as commercial buildings. Thus, the region is likely to grow at the fastest CAGR over the forecast period.
Top Key Players & Market Share Insights:
The roofing materials market is highly competitive, with numerous large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- GAF Materials Corporation
- Atlas Roofing Corporation
- CertainTeed Corporation
- Boral Roofing
- IKO Industries Ltd.
- Owens Corning
- TAMKO Building Products, Inc.
- Carlisle Companies Inc.
- Metal Sales Manufacturing Corporation
- Wienerberger AG
Recent Industry Developments :
- In February 2022, Johns Manville, launched two new products namely DynaSet 1K and 1-Part PermaFlash for bituminous roofing systems to help increase productivity on the roof.
- In February 2022, Carlisle Companies Incorporated announced the acquisition of MBTechnology, Inc., a manufacturer of energy-efficient, styrene-butadiene-styrene modified bitumen roofing and underlayment systems for residential and commercial applications. The acquisition will expand the company's presence throughout the building envelope and continue to provide its customers with energy-efficient solutions.
Key Questions Answered in the Report
What was the market size of the roofing materials market in 2022? +
In 2022, the market size of roofing materials was USD 107.15 million.
What will be the potential market valuation for the roofing materials market by 2030? +
In 2030, the market size of roofing materials is expected to reach USD 145.23 million.
What are the key factors driving the growth of the roofing materials market? +
Growing expenditures in the renovation of commercial and residential construction is fostering market growth.
What is the dominant segment in the roofing materials market by type? +
In 2022, the asphalt shingles segment accounted for the highest market share in the overall roofing materials market.
Based on current market trends and future predictions, which geographical region will have the fastest impact on the roofing materials market's growth in the coming years? +
Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
