ALBANY, New York, July 30, 2019 /PRNewswire/ -- The global roofing market is adorned with the presence of eminent names such as Duro Last Roofing Inc., Braas Monier Building Group, The Dow Chemical Company, Atlas Roofing Corporation, Owens Corning, and Sika AGare.
According to a new report on global roofing market by Transparency Market Research (TMR), it is foreseen that the market will rise at 4.9% CAGR during the period of review. In 2017, the market had registered a revenue worth US$ 92,430.94 mn and is likely to acquire substantial prominence by the end of review period.
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Growing Urbanization to Drive Roofing Market in Asia Pacific
The global roofing market is analyzed across the primary regions of North America, Latin America, Asia Pacific, Middle East & Africa, and Europe.
Asia Pacific is likely to remain the regional driving force in the market over the forecast period. China, Japan, and India will emerge as the key contributors in the global roofing market. Growth factors such as population explosion, expansion in the construction industry, increasing industrialization and urbanization in countries such as India, China, and Japan are expected to propel market growth. Additionally, increased accessibility to low-cost roofing and building materials have an important role to play in the global roofing market.
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Expansion in the construction industry has been one of the major factors of growth for global roofing market. China's transition to a service- and consumer-driven economy gives opportunity for growth with regards to social infrastructure, education, healthcare, retail, and consumer end-markets fuels growth of global roofing market. Besides, the abolition of China's one-child policy is likely to add impetus to the construction industry in the long-term, which will further propel growth of regional roofing market.
According to the Population Division of the UN Department of Economic and Social Affairs, by 2050, it is projected that China will have added 255 million urban dwellers and India 416 million. Besides, UN also states that Asia is home to nearly 54% of the world's urban population, despite its relatively low level of urbanization. Such massive growth in urbanization is likely to bolster huge demand for roofing market in the region.
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Reroofing Generates Immense Demand for the Roofing Market Worldwide
Roofing has a long history, and its evolution has mostly been driven by performance. Clay tiles and slate and wood shingles were the main roofing choice until mid-19th century, when bituminous and metal roofing systems made low-slope applications a feasible option. After a period of market experimentation with various textures, patterns, and shapes, the asphalt shingle evolved as the popular three-tab version of today's world.
The global roofing market is likely to benefit from the gains in roofing demand arising out of increased building construction activities. This demand exists especially for products installed on residences, such as roofing tiles and asphalt shingles.
Reroofing activity holds the greater share of roofing demand worldwide, especially in the US. Damage caused by various natural calamities, such as hurricanes, tornadoes, cyclones, tsunamis etc. trigger the need for reroofing. Post such calamities, building owners and homeowners replace torn away or damaged roofing.
Reroofing demand in both the nonresidential and residential markets is likely to remain strong throughout 2026. It will be strengthened by environment conducive to lending, as many property owners who procrastinate renovation projects, such as roof replacement, due to lack of finance will be able to undertake them.
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Besides, refurbishment of old existing infrastructure in many developing countries is further bolstering the growth of the roofing market worldwide. The entry of environmentally-oriented roofing systems, such as solar roofs, coupled with the innovation in the roofing system is predicted to offer new growth opportunities to the roofing market globally.
The information shared in this review is based on a TMR report, bearing the title, "Roofing Market (Product - Bituminous Roofing, Metal Roofing, Tile Roofing, Others (RCC and Plastics); Application – Residential, Commercial, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018– 2026."
The global roofing market is segmented based on:
- Bituminous Roofing
- Metal Roofing
- Tile Roofing
- Others (RCC and Plastics)
- North America
- Rest of Europe
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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