Roofing Market – Snapshot

Roof is a vital part in house construction that provides protection from natural elements and climatic conditions. Roofing materials are external layers applied on the roof of a building. These are sometimes self-supporting, but are generally supported by underlying structures. The outer layer of a roof varies depending on the availability of material and the nature of the supporting structure. Roofing materials range from natural products such as thatches and slates to commercially available products such as bituminous, tiles, and plastic sheeting.

The global roofing market has been segmented based on product and application. In terms of product, bituminous is the leading segment of the roofing market. The segment is anticipated to consolidate its position during the forecast period, as bituminous roofing provides advantages such as easy installation, high durability, long lifespan, and technological innovations. Bituminous roofing offers protection against water and harsh weather, owing to the waterproofing property of bitumen. It can be reused to manufacture new shingles. This is another property that adds to the advantages of bitumen roofing. Rise in demand for laminated asphalt shingles with textured surface is projected to drive the global roofing market in the next few years. Tiles is also one of the major product segments of the global roofing market. Increase in concern about the environment is significantly influencing prospective homebuyers and developers. Clay tiles and concrete tiles are considered sustainable due to their durability, renewability, and long term positive effect on the environment. They help in the conservation of energy. They also help in maintaining an optimum temperature inside the building, as free spaces are available for air circulation between the loosely arranged tiles. Thus, tile roofing lowers the need for air conditioning, leading to a decrease in electricity consumption. This is projected to boost the demand for tiles during the forecast period. Metal roofing is gaining momentum in the global roofing market owing to the increase in demand for green construction materials. Metal roofing has exceptional longevity, and, thus, low lifecycle cost. Additionally, it possesses 30%-60% of recycled metal content and is 100% recyclable at the end of its service life. These factors are expected to boost the sales of metal roofing during the forecast period.

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Based on application, the global roofing market has been divided into residential, commercial, and non-commercial. Commercial is the dominant segment of the roofing market, followed by residential. Urbanization is a major factor driving the roofing market. The need for urbanization is fueled by an increase in standard of living in emerging economies. Demand for commercial and residential buildings is rising, led by the growth in population and urbanization in developing economies. The roofing market is anticipated to expand substantially during the forecast period due to government support for construction activities in the form of subsidies and tax benefits in emerging economies. Governments in developing and developed economies plan to provide incentives to citizens to replace existing roofs with energy-efficient ones. This is estimated to boost economic development by creating new jobs and augment the demand for labor in the construction industry. For instance, in 2016, the Government of India proposed an additional US$ 717.28 reduction in interest on loans for first home buyers and tax incentives on development of affordable housing of up to 60 square meters. These factors are projected to propel the roofing market across the globe.

Urbanization initiatives have gained momentum in several emerging economies, thus driving the construction industry. This, in turn, acts as a primary factor boosting the roofing market. Steady emigration from rural to urban areas in underdeveloped countries is likely to boost the market during the forecast period. The high volume of emigration is expected to ensure steady demand for new housing, leading to stable demand for roofing products. Additionally, increase in re-roofing activities in developed economies such as the U.S., Germany, France, and Sweden and favorable housing loan plans for expatriates are some of the other factors boosting the market. On the other hand, fluctuation in prices of raw materials is anticipated to restrain the market during the forecast period. For instance, bitumen and polymer resin are derived from petroleum feedstock. Therefore, they are prone to fluctuation in prices. This is estimated to hamper the roofing market. High cost of manufacturing techniques such as the oxidation process have raised the production cost of bituminous roofing in recent years. This is also projected to adversely affect the market during the forecast period. However, increase in research and development activities have led to the emergence of new and improved technologies in roofing materials. This is likely to provide lucrative opportunities to roofing manufacturers. Building integrated photovoltaic roofing systems is an emerging technology that is expected to boost the demand for roofing materials. Metal roofing with integrated photovoltaic roofing systems can survive harsh weather conditions and wind blowing at a speed of 160 miles per hour. They are esthetically more appealing than mounted solar panels.

In terms of region, the global roofing market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the global roofing market during the forecast period. The building & construction industry in the region is expanding significantly due to rapid urbanization in India, Bangladesh, Vietnam, and the Philippines. This is boosting the roofing market in the region. Rise in population, growth in urbanization, and increase in industrialization in Asia Pacific have provided an impetus to economic activities in the region, thereby augmenting the demand for industrial and commercial spaces. Furthermore, rise in the number of construction activities in commercial and residential sectors is anticipated to propel the demand for roofing in the next few years. Middle East & Africa is expected to be a prominent region of the roofing market during the forecast period due to the expansion in the construction sector, which consists of commercial establishments, public infrastructure, and utilities, in the region. Robust expansion in the construction industry due to the increase in government expenditure on commercial and industrial projects is estimated to drive the roofing market in the UAE and Qatar. This is projected to create significant opportunities for roofing manufacturers primarily in the industrial sector. The roofing market in North America and Europe is likely to expand at a sluggish pace, as these are mature regions. However, demand for new construction projects is expected to rise in the U.S. in the near future owing to the positive economic conditions. This, in turn, is anticipated to propel the demand for roofing in the next few years. The construction industry in Latin America expanded significantly over the last decade. Demand for sustainable buildings is driving the need for materials that help conserve energy. Growth in the construction industry in Mexico is fueling the demand for roofing in the country. Various U.S.-based roofing companies such as Owens Corning are setting up operational bases in Mexico in order to establish their presence in the country as well as in the neighboring supply markets in Latin America and optimize production costs owing to the low labor rates in the country.

Major players operating in the global roofing market include GAF Materials Corporation, CertainTeed Corporation, Owens Corning Corp., Braas Monier Building Group, and Carlisle Companies Incorporated.

Roofing Market - Overview

Roofing materials are the building blocks of external layers of a building. These include shingles, insulation, waterproofing, siding, windows/doors, and railing. Application of roofing materials depends on the raw materials that they are processed from. These raw materials range from natural products, such as thatches and slates, to commercially available products such as asphalt, tiles, metal, bitumen, and plastic sheeting. Roofing materials are placed on top of a secondary layer called ‘underlayment.’ This layer is primarily made up of water-resistant materials. Sometimes, it also consists of cooling materials, heat reflecting materials, etc.

Based on product, the roofing market has been divided into bituminous, tiles, metal, elastomeric, and others. Bituminous is the leading product segment of the global roofing market. In terms of application, the global roofing market has been segmented into residential, commercial, and non-commercial. Rise in demand for durable building products due to concerns about the quality of civil structures is anticipated to drive the roofing market during the forecast period. Increase in construction activities; rise in disposable income; and need to build new commercial buildings, residential complexes, industrial warehouses, etc. in India, China, ASEAN, GCC, and rest of Middle East & Africa are anticipated to propel the roofing market in the near future. India, Bangladesh, Brazil, Mexico, South Africa, Nigeria, Indonesia, Vietnam, and Egypt are the key consumers of roofing products.

Based on region, the global roofing market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominates the global roofing market due to the increase in disposable income, growth in population, and expansion in the construction industry in the region. It is followed by North America and Europe. Increase in retrofitting projects in Europe and North America is a major factor driving the demand for roofing in these regions.

The report analyzes and forecasts the market for roofing at the global and regional levels. The market has been projected in terms of volume (Million Square Meters) and revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global roofing market. It also covers the impact of these drivers and restraints on demand for roofing during the forecast period. The report also highlights opportunities for growth of the roofing market at the global and regional levels.

The report comprises a detailed value chain analysis, which provides a comprehensive view of the global roofing market. Porter’s five forces model for the roofing market has also been included to help understand the competition landscape. The study encompasses market attractiveness analysis, wherein the application and product segments have been benchmarked based on their market size, growth rate, and general attractiveness.

The study provides a decisive view of the global roofing market by segmenting it in terms of product, application, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes current and future demand for roofing in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual product and application segments of the market in all the regions.

The study includes profiles of major companies operating in the global roofing market. Key players profiled in the report are Owens Corning, CertainTeed Corporation, GAF Materials Corporation, TAMKO Building Products, Inc., Carlisle Companies Incorporated, Atlas Roofing Corporation, Berkshire Hathaway Inc., Firestone Building Products Company, LLC, Sika AG, Monier Building Group, and IKO Industries Ltd. Market players have been profiled in terms of company overview, business strategies, recent developments, and SWOT analysis.

The report provides the estimated market size of the global roofing market for 2018 and forecast for the next eight years. The size of the global roofing market has been provided in terms of revenue. Market numbers have been estimated based on product, application, and region. Market size and forecast for each product and application segments have been provided for global and regional markets.

Global Roofing Market, by Product

  • Bituminous
  • Metal
  • Tiles
  • Elastomeric
  • Others

Global Roofing Market, by Application

  • Residential
  • Commercial
  • Non-commercial

 Global Roofing Market, by Region

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Key Takeaways

  • The report provides extensive analysis of market trends from 2017 to 2026 to identify opportunities and market developments
  • It provides analysis of various products and applications wherein roofing is used
  • It identifies key factors responsible to build a roadmap for upcoming opportunities for the roofing market at the global, regional, and country levels
  • The report offers comprehensive analysis with respect to investments and regulatory scenario that would subsequently impact the outlook and forecast of the global roofing market between 2018 and 2026
  • The report provides detailed competition landscape for key players operating in the market to understand competition level
  • It includes Porters’ Five Forces analysis and SWOT analysis to highlight the power of buyers and suppliers
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