Roofing Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

The roofing market size is projected to reach US$ 379.33 billion by 2031 from US$ 267.35 billion in 2023. The market is expected to register a CAGR of 4.5% during 2023–2031. The influence of the green roofing approach in the flourishing residential construction industry is likely to remain a key roofing market trend.

Roofing Market Analysis

With the surge in urbanization and infrastructure development, the construction sector increasingly creates a demand for roofing systems such as asphalt shingles, metal roofing, clay roofing, concrete tiles, slate tiles, wood shakes, and rubber or plastic tiles. Roofing is an integral part of buildings. A roof in good condition protects buildings from unforeseen situations. Roofing requirements in construction projects revolve around the need for optimal safety. Government bodies in various countries take initiatives to back the development of the residential construction sector.

Roofing Market Overview

The roofing business is a dynamic and expanding segment of the construction industry, driven by increasing urbanization, infrastructural development, and rising demand for residential and commercial buildings. As cities expand and new residential and commercial buildings are constructed, the need for reliable roofing solutions becomes critical. The roofing market has seen significant growth in recent years due to a surge in construction activities worldwide, supported by residential and commercial real estate developments. This growth is further fueled by the availability of technologically advanced materials that enhance the durability, energy efficiency, and aesthetic appeal of roofing systems. With the rising awareness of environmental issues and energy conservation, there is a notable shift toward cool roofs and green roofs, which help lower energy consumption and carbon footprints. Additionally, innovations in roofing technologies such as reflective coatings and advanced insulation materials, are gaining traction for their benefits in improving building performance and reducing operational costs.

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Roofing Market: Strategic Insights

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Roofing Market Drivers and Opportunities

Growing Renovation and Remodeling Activities Favor Market Growth

Renovation involves reconstructing infrastructural facilities with state-of-the-art construction materials to promote structural properties, improve lifespan, and minimize environmental impact. Renovation and remodeling activities help align infrastructural facilities with present and future needs. Rapid urbanization propels the demand for better residential and commercial facilities, leading to the rise in home improvement budgets. According to information provided by the 2022 US Houzz and Home Study, the median spending of homeowners rose by 20% from US$ 15,000 in 2020 to US$ 18,000 in 2021. As per the data published by the Joint Center for Housing Centers of Harvard University (JCHS), home improvement project spending in the US increased from US$ 328 billion in 2019 to US$ 472 billion in 2022; it is further estimated to surge to US$ 485 billion in 2024. In Europe, renovation activities represent 30% of total investment in construction, as stated by the European Construction Industry Federation (FIEC). The demand for roofing materials ultimately surges with an increase in renovation and remodeling activities.

Rising Popularity of Solar Roofs to Create Growth Opportunities in Future

Societies worldwide grapple with the urgent need to transition toward renewable energy sources and mitigate the consequences of climate change, and solar power has been emerging as a frontrunner among all renewable sources due to the abundance and accessibility of solar energy in many parts of the world, along with the environmental benefits associated with its usage. According to the US Energy Information Administration, the overall share of renewable energy in total electricity generation is expected to rise to 26% by the end of 2025. In contrast, the share of natural gas would drop from 42% in 2023 to 41% by 2025. The surging use of solar energy is revolutionizing the building and construction landscape. The demand for innovative solutions such as solar roofs to seamlessly integrate solar technology into building structures is rising across the construction industry. The building and construction sector contributes notably to global climate change, accounting for ~21% of global greenhouse gas emissions. As per data published by the UN Environment Programme (UNEP) 2022, buildings were responsible for 34% of global energy demand and 37% of energy and process-related carbon dioxide emissions. The rising concerns about greenhouse gas emissions have added to the popularity of energy-efficient buildings, which is likely to propel the demand for green roofs in the coming years.

Roofing Market Report Segmentation Analysis

Key segments that contributed to the derivation of the roofing market analysis are material, type, and end use.

• Based on material, the market is segmented into asphalt, metal, clay, concrete, plastic, and others. The metal segment held the largest share of the market in 2023.
• In terms of type, the market is segmented into shingles, tiles, and sheets. The tiles segment held the largest share of the market in 2023.
• By end use, the roofing market is divided into residential, commercial, industrial, and institutional and others. The residential segment held the largest market share in 2023.

Roofing Market Share Analysis by Geography

The geographic scope of the roofing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Asia Pacific dominates the market with the largest revenue share. The roofing market in Asia Pacific is consistently growing with significantly increasing investments in residential and commercial construction across major countries such as China, India, and Japan. The rising demand for infrastructure development with rapid urbanization and industrialization compel governments of developing economies to raise investments in the building and construction industries, along with the businesses complementing these industries. The construction industry is anticipated to expand considerably due to growing disposable income in developing economies. In China, the total investment in infrastructure during the 14th Five-Year Plan period (2021–2025) is predicted to reach ~US$ 4.2 trillion as per the International Trade Administration.

Roofing Market Regional Insights

The regional trends and factors influencing the Roofing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Roofing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Roofing Market Report Scope

Roofing Market Players Density: Understanding Its Impact on Business Dynamics

The Roofing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Roofing Market are:

1. JSW Steel Ltd
2. Hindalco Industries Ltd
3. Siam Cement PCL
4. PT Utomodeck Metal Works
5. Hangzhou Singer Building Materials Co Ltd
6. Holcim Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

Roofing Market News and Recent Developments

The roofing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the roofing market are listed below:

• Russell Roof Tiles (RRT), a concrete roof tile manufacturer, has announced an £18.5 million (US$ 22.8 million) investment in a new factory, doubling output at its Burton site. The company supplies products for housebuilders, and high-profile social housing and commercial projects. It produces thousands of concrete roof tiles and accessories used on roofs every week. The expansion will help Russell Roof Tiles meet the burgeoning demand for its products to satisfy the UK's house-building industry. The new project at the Burton site represents a multinational coordination of suppliers from Sweden, Denmark, Germany, and British suppliers. The investment will create 25–30 skilled and semi-skilled jobs in engineering and maintenance. (Source: Russell Building Products Limited, Press Release, May 2023)

Roofing Market Report Coverage and Deliverables

The "Roofing Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Roofing market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Roofing market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Roofing market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the roofing market
• Detailed company profiles