According to a new report published by Allied Market Research, titled, “ — Roofing Market by Equipment Material Type, Structure, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global roofing market size was valued at $92.9 billion in 2019 and is expected to reach $132.7 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
Asia-Pacific generated the highest revenue in 2019, and is expected to maintain its lead, followed by North America and Europe. Roofing products witnessed a higher demand owing to longer life span, easy installation, and availability of eco-friendly roofing materials. Moreover, technological advancements such as introduction of green roofing, which protects the buildings from direct solar heat in summers and minimizes heat loss in winters through added insulation on the roof, further strengthens the market growth. In addition, surge in construction industry in the developing countries such as India, China, India, and Brazil are expected to increase the demand for roofing products. However, high initial installation costs of such roofing systems hamper the market growth. The impact of this factor is anticipated to reduce in future due to intense completion and technological advancements.
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The outbreak of Covid-19 has greatly affected the global roofing market.
Dearth of workers and lack of raw materials have suspended manufacturing activities across the globe.
Builders and contractors are struggling to obtain permits for both new and in-process projects.
The key market players profiled in the roofing industry report include Atlas Roofing Corporation, Duro-Last, Inc., BASF SE, 3M Company, The Dow Chemical Company, Owens Corning, Standard Industries Inc., E. I. du Pont de Nemours and Company, Berkshire Hathaway Inc., and Sika AG.
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Roofing products are used in various applications such as residential buildings, commercial buildings, and others. Commercial buildings accounted for the largest market share in the roofing market in 2019. Increased adoption of modern roofing materials such as bitumen, tile, metal, and others have changed the commercial construction such as industrial buildings in the last two decades. In addition, increase in migration of population in Europe has created the need for commercial construction, thereby boosting the demand for roofing products.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging roofing market trends and dynamics.
By type, the Bitunumous segment dominated the roofing market, in terms of revenue in 2019 and is projected to grow at a CAGR 5.5% during the forecast period.
By application, the commercial segment registered highest growth in the global market in 2019.
Asia-Pacific region is projected to register the highest growth rate in the coming years.
The report provides an extensive analysis of the roofing market forecast and emerging opportunities of the market.
In-depth roofing market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
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