Roofing Materials Market is projected to experience a healthy growth during 2021 to 2027 owing to rising demand for refurbishments and renovation projects and R&D fundings in product development.
The roofing material market is expected to record lucrative growth led by rising demand for refurbishments and renovation projects and R&D fundings in product development. According to a report published by Global Market Insights, the roofing materials industry size is likely to exceed USD 159 billion by 2027.
The industry can be supported by rising disposable income and increasing demand for new housing projects globally. The emerging trend of green building projects along with rising environmental concerns will be some of the major factors contributing to the acceptance of sustainable roofing materials. Prominent manufacturers operating in the roofing material industry include CertainTeed Corporation, Atlas Roofing Materials Corporation, Owens Corning, and others.
Trends emerging in the roofing material industry:
Reroofing construction gaining momentum
The reroofing construction is expected to hold significance in regions like North America and Europe. Report claims that the reroofing segment held around 48% volumetric shares in 2020. Both North America and Europe comprise of residential houses that are in need for renovation and refurbishment. Apart from this, rising number of storms and other adverse weather conditions are frequently observed in the region which is anticipated drive the requirement for reroofing. Easy installation procedures, advancement in products, and affordability of products may drive segment growth in the coming years.
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Growing concerns over energy consumption
Concerns over energy consumption across developed economies have accelerated the adoption of energy-efficient roofing solutions. The rising trend of green buildings projects in developing economies like Germany, the U.S., and other economies along with the usage of energy-efficient gravels in buildings is expected to accelerate the product demand. Rising urbanization and increasing investment by governments of emerging economies in the residential construction industry may offer lucrative opportunities for roofing material suppliers.
Presence of leading companies in North America
The U.S. is the one of the major consumers of roofing materials across the globe. The North America roofing materials market showcases a considerable growth rate and generated over USD 29 billion revenue in 2020. The region is witnessing a requirement for renovation projects. It also composes of the presence of a wide range of companies specializing in roofing materials. In 2021, US LBM announced that two of the company’s working divisions, Raymond Building Supply and Coastal Roofing Supply, in Florida, have amalgamated to add roofing products at its North Fort Myers and North Port locations. Increasing construction of new buildings and proliferating indoctrination could supplement the regional industry overtime.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Name: Arun Hegde
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Organization: Global Market Insights Inc.
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