Construction Industry’s Growth Propels Global Roofing Market

Rise in research and development activities has been driving the roofing material industry.

Market Research Reports Search Engine (MRRSE) has added a new research report to its database on the global construction industry. The report is titled “Roofing (Bituminous Roofing, Metal Roofing, Tile Roofing and Others) Market for Residential Construction, Commercial and Nonresidential Construction Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” It highlights the key factors that are influencing the global roofing market for the given forecast period.

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The global roofing market is exhibiting a CAGR of 6.30% within a forecast period from 2014 to 2020. The market is expected to reach US$97.6 bn in 2020, after being recorded at US$64.5 bn in 2013. In 2013, the global roofing market was measured at 10,600.9 mn sq. meters in terms of volume.

The primary driver for the global roofing market is the booming construction industry around the world. The report explains how roofing falls under two aspects of construction and maintenance. This implies that the global roofing market can benefit from the construction of new roofs as well as the restoration of old ones.

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The report expects plastic and fiber cement to be the most consumed materials for roofing in the given forecast period, while they already have been two of the most commonly used materials in the recent past. In 2013, the global roofing market was dominated by bituminous roofing, in terms of materials. This segment occupied over 45.00% of the market in that year. The report also expects this segment to be highly favored in the coming years.

In terms of application, the global roofing market was dominated by nonresidential roofing in 2013, when this segment accounted for more than 40.00% of the market.

Geographically speaking, the report states that the global roofing market will owe most of its future growth to the Asia Pacific region. The developing economies of China and India as well as other nations in the region are exhibiting a high rate of construction activity, owing to rapid rates of industrialization and urbanization. The growing need for more suburban homes as well as industrial infrastructure is providing a major revenue stream for the global roofing market and will continue to do so for the given forecast period.

North America is one of the largest consumers of roofing materials, which is attributed to the U.S. being the second largest national market in terms of consumption. The U.S. roofing market benefits greatly from the multiple subsidies and tax cuts given to it. For instance, the U.S. government offered a tax reimbursement of 10.00% on the use of standard materials and bituminous materials that are rated positively on Energy Star.

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The key players in the global roofing market are Beacon Roofing Supply, Inc., Atlas Roofing Corporation, Owens Corning Corporation, Duro-Last Roofing, Inc., IKO Industries Ltd., CertainTeed Corporation, Johns Manville, GAF Materials Corporation, and Braas Monier Building Group S.A.

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