PORTLAND, Ore., Oct. 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, Roofing Tiles Market by Material Type (Clay Tiles, Concrete Tiles, and Others), by Construction Type (New Construction, and Renovation & Replacement), and End-User (Residential and Non-residential): Global Opportunity Analysis and Industry Forecast, 2020–2027. As per the report, the global roofing tiles industry was pegged at $30.40 billion in 2019, and is projected to reach $41.35 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in demand for roofing tiles due to population growth and rapid urbanization and industrialization coupled with disposable income drive the global roofing tiles market. However, high installation cost hampers the market growth. On the contrary, improvement in lifestyle and increase in new construction and remodeling activities across the globe are expected to create lucrative opportunities for the market players in the future.
The Covid-19 outbreak has several affected the construction industry as the majority of the workers have migrated to their hometown and governments have temporarily suspended all construction activities, especially in the metro cities.
Due to the global adoption of work from home culture, there will be a significant decline in the construction of commercial places and offices even after the pandemic.
By material type, the concrete tiles segment held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the segment is expected to manifest the highest CAGR of 5.9% during the forecast period, owing to rise in adoption of concrete roof tiles in the countries such as Columbia, Panama, Malaysia, India, Bangladesh, and Indonesia as concrete roof tile suits to the construction of fabricated roofs and sloping roofs. The report also analyzes clay tiles and others.
The residential segment to manifest the highest CAGR through 2027
By end user, the residential segment to portray the highest CAGR of 5.8% during the forecast period. In addition, the segment held the largest share in 2019, contributing to more than two-thirds of the market, owing to government programs such as Housing for All by 2022 and Smart Cities 2.0 and the popularity of residential construction in the Indian construction sector. The research also analyzes the non-residential segment.
Asia-Pacific, followed by Europe and North America, held the lion's share
By region, the market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market and is expected to manifest the highest CAGR of 6.3% during the forecast period. This is owing to rise in awareness regarding green buildings and favorable policies of the government of Asian countries. The market across North America is expected to register a CAGR of 3.6% from 2020 to 2027.
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.