Roofing Market is expected to reach US$ 379.33 Billion by 2031

Rising Demand from Industrial and Institutional Sectors Drives Roofing Market Growth

According to our latest market study on "Roofing Market Forecast to 2031 – Global Analysis – by Material, Type, and End Use," the market was valued at US$ 267.35 billion in 2023 and is projected to reach US$ 379.33 billion by 2031; it is anticipated to record a CAGR of 4.5% from 2023 to 2031. The report highlights key factors contributing to the roofing market size and prominent players, along with their developments in the market.

In 2023, Asia Pacific dominated the global roofing market share. Rapid urbanization is one of the primary factors fueling the growth of the construction industry in this region. Demographic factors such as the continuous growth of the elderly population and improvements in the standards of living of the masses owing to urbanization also bolster this industry. The region has the world's largest construction market, which is highly supported by government initiatives. According to a National Bureau of Statistics report, China raised its fixed asset investment to US$ 8.5 trillion in 2022, driving funds availability for infrastructure development. In India, the rising population results in an elevated demand for accommodation, especially in tier 1 cities. As a result, both government bodies and the private sector have redirected their focus on fulfilling the burgeoning demand for housing. In India, the government also emphasizes the development of rural areas. Furthermore, the Government of China invested US$ 1.9 billion in 13 public housing projects in 2019. As mentioned by the State Council of the People's Republic of China, the urbanization rate in the country was the highest globally in 2019; it rose from 60.5% in 2019 to 64.7% in 2021. Under the 14^th Five-Year Plan, China aims to boost its urbanization rate to 65% during 2021–2025. Thus, government support for urbanization has the potential to bring further developments in the construction and infrastructure sectors, thereby driving the demand for roofing products. The Building and Construction Authority announced construction contracts worth US$ 32–38 billion in 2024 in Singapore. Thus, high tender prices, a rising number of contracts for private residential projects, and growing public housing projects create a conducive environment for the roofing market growth in APAC.

Roofing Market Breakdown – by Region

The industrial segment has specialized roofing requirements. Roofing industry players need to focus on installing, repairing, and maintaining roofs for factories, warehouses, distribution centers, manufacturing plants, and other industrial buildings. These projects are often more complex than residential or commercial roofing due to the larger scale of the buildings and the specific needs related to industrial operations, including considerations for heavy machinery, large HVAC systems, and potential exposures to chemicals or other hazardous materials. Economic growth and industrial expansion drive new construction projects, while existing facilities require regular maintenance and occasional replacement of their roofing systems. Regulatory requirements for workplace safety and environmental impact also play a significant role, as businesses must comply with standards that can affect roofing choices. Additionally, the growing trend of sustainable and energy-efficient building operations is impacting the market, driving interest in cool roofs, green roofs, and renewable energy source integrations, such as solar panels.  

The institutional and others segment within the roofing market encompasses a diverse range of buildings that serve public and community needs, including schools, hospitals, government buildings, transportation hubs, and infrastructure facilities such as bridges and tunnels. This segment is characterized by its unique roofing requirements, which often prioritize durability, longevity, and resilience to support essential services and infrastructure. Institutional buildings such as schools and hospitals typically require roofing systems that withstand frequent maintenance activities and strict hygiene standards. Infrastructure projects, including transportation hubs, bridges, and tunnels, present unique challenges in roofing due to their exposure to environmental elements and heavy-duty use. These structures often require specialized roofing materials such as asphalt, concrete, and metal designed to withstand harsh environmental conditions, UV exposure, and structural movements. Maintenance of infrastructure roofs is critical for ensuring safety and operational continuity; advanced techniques such as waterproofing and corrosion-resistant coatings play a crucial role in extending the lifespan of these assets.

Global Roofing Market: Trends

The roofing market trends include a rising emphasis on green roofing. Environmental consciousness and sustainability preferences are rising in all the regions worldwide. As a result, there is a growing preference for energy-efficient, resource-efficient, and eco-friendly green roofing. Green roofs, also known as vegetated roofs or living roofs, are ballasted roofs with a waterproofing membrane, growing medium (soil), and vegetation (plants) overlying a traditional roof. Green roofs provide multiple environmental, social, economic, and aesthetic benefits if designed, engineered, and maintained. Green roofs reduce the temperature of the air around its surface and in proximity by providing shade and removing heat from the air. The concept of green roofing also includes controlling pollution around the surrounding environment. For every 1,000 square feet of green roof space, 40 pounds of pollutants are removed yearly, equal to air emissions produced by 15 vehicles annually. The installation of green roofs in cities and other built environments with limited vegetation can moderate the heat island effect, particularly during the day. In recent years, the demand for green buildings has surged in the recent years. According to environmental studies experts, nearly 40% of the greenhouse gases and wastes come from the construction industry. The construction industry is resource-intensive, and building construction consumes many natural resources. Green roofs lower the pressure on stormwater management systems by absorbing rainwater. They also result in the reduction of greenhouse gas emissions from buildings by lowering energy consumption requirements. Therefore, green roofing is likely to emerge as a crucial trend in the roofing market during the forecast period.

JSW Steel Ltd, Hindalco Industries Ltd, Siam Cement PCL, PT Utomodeck Metal Works, Hangzhou Singer Building Materials Co Ltd, Holcim Ltd, Compagnie de Saint Gobain SA, Owens Corning, Everest Industries Ltd, TAMKO Building Products LLC, GAF Inc, Roofseal (M) Sdn Bhd, Atlas Roofing Corp, Maruhachi Ceramics of America Inc, and Union Galvasteel Corp are among the key players profiled in the roofing market report.  

The roofing market involves the segmentation of the market based on:

The roofing market analysis is based on material, type, end use, and geography. On the basis of material, the market is categorized into asphalt, metal, clay, concrete, plastic, and others. Based on type, the market is segmented into d shingles, tiles, and sheets. In terms of end use, the roofing market is segmented into residential, commercial, industrial, and institutional and others. The scope of the roofing market report focuses on North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, the Asia Pacific dominated the roofing market share.     

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