Roofing Material Market to Reach USD 231.1 Billion by 2034 Amid Booming Construction Industry in North America | Future Market Insights, Inc.

The United States roofing material market is expected to reach USD 29 billion by 2034, growing at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2034. This growth is driven by the increasing demand for bituminous roofing.

NEWARK, Del., June 24, 2024 /PRNewswire/ -- The global roofing material market size reached USD 141.1 billion in 2023. Over the forecast period 2024 to 2034, sales are anticipated to rise at 4.6% CAGR. The total market value is predicted to increase from USD 147.1 billion in 2024 to USD 231.1 billion by 2034.

Advances in technology have transformed the industry with the introduction of durable and weather-resistant materials such as composite shingles. Integrating smart technology into roof systems, including sensors for leak detection and energy monitoring, increases productivity and efficiency.

North America has a strong construction industry supported by steady economic growth, particularly in the United States and Canada. Roofing solutions are required due to high demand from residential, commercial, and industrial sectors.

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Technological innovations in materials science and architectural construction have resulted in the development of more efficient roofing solutions for specific needs. The construction industry in North America is subject to stringent building codes aimed at ensuring safety, sustainability, and energy efficiency. These codes mandate the use of quality roofing materials that meet or exceed industry standards.

Key Takeaways from the Roofing Material Market Report

• Sales of roofing materials grew at a CAGR of 2% between 2019 and 2023.
• Chile and ASEAN are set to record high CAGRs of 7.6% and 5.4%, respectively, through 2034.
• The residential segment is anticipated to be lead-based on end-use, showcasing a 4.4% CAGR between 2024 and 2034.
• By product type, the metal roofing segment is forecast to thrive at 5.5% CAGR through 2034.
• The United States roofing material industry is projected to reach USD 29 billion by 2034.

"The roofing material market is poised for significant growth, driven by increasing construction activities across the globe. Rising demand for energy-efficient roofing solutions is also set to aid growth. Innovations, such as advanced composite materials, are reshaping the market scenario." - Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

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Competitive Landscape

Key players operating in the global roofing material market are investing in unique facilities and entering into partnerships. A few roofing material manufacturers are acquiring small-scale companies to broaden regional presence.

For instance,

• In March 2024, PABCO Roofing Products, headquartered in the United States, started shipping the latest version of ridge cap called Shadow Cap Wide. This would act as the ideal shingle option for vented ridge, color matching, and coverage applications.

Leading Roofing Material Market Players

• CertainTeed
• Mapei SpA
• Braas Monier Building Group
• Atlas Roofing Corporation
• ETEX
• Carlisle Companies Inc.
• IKO Industries Inc.
• TAMKO Building Products
• Alumasc Group PLC
• DECRA Roofing Systems Inc.
• Bauder Ltd.
• Worthouse
• Carlisle Companies Inc.
• ETEX

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By Product Type:

A few leading product types include asphalt shingles, concrete tiles, clay tiles, synthetic tiles, metal roofing, membrane roofing, green roofs, and others.

By End-use:

Two key end-uses include residential and non-residential. Both segments are bifurcated into new construction and renovation.

By Region:

North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East Africa

Get More Insights into the Roofing Material Market Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global roofing material industry, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented into product type, end-use, and region.

About the Chemicals and Materials Division at Future Market Insights (FMI)

The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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