CLEVELAND, May 16, 2016 /PRNewswire/ -- Global demand for roofing materials is forecast to rise 2.9 percent per annum through 2020 to 13.8 billion square meters, valued at $124 billion. An expected recovery in roofing demand in the US and other developed regions will offset decelerating growth in the massive Chinese market and, to a lesser degree, in other developing markets. These and other trends are presented in World Roofing, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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China accounted for 29 percent of the global total in 2015 in area terms; demand increases in the country will continue to slow in line with construction spending and housing completions through 2020, but it will remain by far the world's largest market. "Advances in other developing markets in the Asia/Pacific region, including India and Indonesia, are forecast to significantly outpace those in China," notes analyst Mariel Behnke. The Africa/Mideast region will continue to see the most rapid growth of any region through 2020, driven by strong advances in building construction especially new housing construction.
The US roofing market will continue to recover from the prolonged contraction in construction and new housing completions following the economic recession. Roofing demand in Western and Eastern Europe will return to growth after the extended period of declines in many countries triggered by economic recessions and collapses in construction expenditures.
The mix of roofing materials varies among countries and regions, based on local construction styles, aesthetic preferences, climate, and economic conditions. Bituminous and tile roofing are generally the two most popular, accounting for two-thirds of the global market in area terms in 2015. Among the materials that can expect healthy growth going forward are bituminous shingles and plates; demand will be boosted by healthy recovery in the residential markets in North America, where such materials are used intensively on single-family homes, and to a lesser degree by gains in some developing markets. Concrete tile is also projected to see rapid demand increases, supported by rising market share over clay tiles in China (where the use of clay is limited by government restrictions), as well as housing construction recoveries in the US and Western Europe. Plastic is projected to see the fastest increases of any material, driven by strong growth in India and the Africa/Mideast region; however, it will continue to account for less than five percent of global roofing demand.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group