Portland, OR, December 8, 2020 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global roof tile market reached $ 30.40 billion in 2019 and is projected to reach $ 41.35 billion by 2027, which is a CAGR The report provides a detailed analysis of the drivers and opportunities, top winning strategies, key segments, top investment pockets, value chain, and competitive landscape.
The increase in urbanization and industrialization in developing countries and the increasing spending on home remodeling are driving the growth of the global roof tile market. However, economic uncertainty and high acquisition costs are hampering market growth. On the other hand, technological advances will create new opportunities in the years to come.
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- Clay and concrete roof tile production activities have been hampered due to the lockdown during the Covid-19 pandemic. In addition, there was a shortage of raw materials and barriers to distribution.
- Because new construction, remodeling and other renovation work has been postponed. The demand for roof tiles has been significantly reduced.
- With the start of activities in the construction sector, demand would grow steadily. In addition, the supply chain will be restored.
The report provides detailed segmentation of the global Roofing Tile Market by material type, construction type, end user, and region.
Based on the type of construction, the new construction segment contributed almost three quarters of the total share to the highest market share in 2019 and will maintain its leading position throughout the forecast period. In addition, this segment is estimated to have the highest CAGR of 5.9% from 2020 to 2027. The study also analyzes the renovation and replacement segment.
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In relation to the end user, it is estimated that the residential segment will have the highest CAGR of 5.8% from 2020 to 2027. In addition, this segment had the highest share in 2019, contributing more than two-thirds of the global roof tile market and will maintain its dominance throughout the forecast period.
In regional terms, the Asia-Pacific region had the highest market share in 2019 and contributed more than two-fifths of the total market share. It will maintain its leading position until 2027. In addition, the fastest CAGR is expected in this region at 6.3%. during the forecast period. Regions such as North America, Europe and LAMEA are also discussed in the report.
Leading players in the global roof tile market analyzed in the study include Boral Limited, Roof Tile Factory, Crown Roof Tiles, Ecostar LLC, Eagle Roofing, Marley Ltd., Ludowici Roof Tile, Shital Potteries, MCA Clay Roof Tile and Terreal Malaysia Sdn bhd.
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