With CAGR of 4.5%, Roofing Market Size to Reach $379.33 Billion By 2031 | The Insight Partners

NEW YORK, Nov. 11, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the roofing market is observing significant growth owing to the flourishment of the residential construction industry, and a surge in renovation and remodeling activities. The report runs an in-depth analysis of market trends, key players, and future opportunities. The roofing market analysis focuses on an array of roofing types and materials that are expected to determine the market strength in the coming years.

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Overview of Report Findings

1. Market Growth: The roofing market size is expected to reach US$ 379.33 billion by 2031 from US$ 267.35 billion in 2023 at a CAGR of 4.5%. As new residential and commercial buildings are constructed with the expansion of cities, reliable roofing solutions become critical in such projects. 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 advancements in technologies and roofing materials, which enhance the durability, energy efficiency, and aesthetic appeal of overall roofing systems. With rising awareness regarding environmental issues and energy conservation, there is a notable shift toward materials such as cool roofs and green roofs, which aid in the reduction of energy consumption and carbon footprints. Additionally, innovative roofing technologies such as reflective coatings and advanced insulation materials are gaining traction for their benefits in improving building performance and reducing operational costs.
2. Rapid Growth of Residential Construction Industry: 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. In the US, according to the Associated General Contractors of America (AGC), the construction industry has more than 745,000 employers with over 7.6 million employees and creates nearly US$ 1.4 trillion worth of structures each year. The government spending through the National Housing Strategy (NHS) to encourage energy-efficient construction creates an additional demand for residential projects. The government has announced the funding of more than US$ 82 billion for the NHS from 2018–2019 to 2028–2029. Modern construction increasingly emphasizes sustainable and high-performance buildings. Therefore, various government-supportive measures for developing the residential construction industry create the demand for modern construction materials, including roofing structures.
3. Rising Popularity of Solar Roofs: As societies worldwide grapple with the urgent need to transition toward renewable energy sources and mitigate the consequences of climate change, solar power has been emerging as a frontrunner due to the abundance and accessibility of solar energy in many parts of the world, along with the environmental benefits associated with its usage. Governments, businesses, and individual users increasingly embrace solar power to reduce carbon emissions, combat air pollution, and enhance energy security. Solar roofs play a pivotal role in this transition by enabling buildings to generate renewable energy while simultaneously fulfilling their functional and aesthetic requirements. They provide electrical power to residential spaces in addition to serving the primary function of protecting them from rain, sun, wind, and snow. Moreover, the versatility and design flexibility of solar roofs contribute to their popularity in the construction industry. The solar roof comprises glass solar tiles and steel roofing tiles. Glass solar tiles produce energy, while architectural-grade steel tiles add longevity and corrosion resistance to the roof. These roofs are durable, strong, and engineered for all-weather protection. This versatility allows architects and developers to incorporate solar energy solutions into their designs while maintaining the desired aesthetic appeal and enhancing the overall value of any property. Thus, the rising popularity of solar roofs is expected to drive the roofing market growth during the forecast period.
4. Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.

Read full market research report, "Roofing Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Asphalt, Metal, Clay, Concrete, Plastic, and Others), Type (Shingles, Tiles, and Sheets), End Use (Residential, Commercial, Industrial, and Institutional and Others), and Geographyhttps://www.theinsightpartners.com/reports/poultry-vaccines-market", published by The Insight Partners.

Market Segmentation

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

Competitive Strategy and Development

• Key Players: A few of the major companies operating in the roofing market include JSW Steel Ltd, Hindalco Industries Ltd, Siam Cement PCL, PT Utomodeck Metal Works, Hangzhou Singer Building Materials Co Ltd, Holcim Ltd, Compagnie de Saint Gobain SA, Owens Corning, Everest Industries Ltd, TAMKO Building Products LLC, GAF Inc, Roofseal (M) Sdn Bhd, Atlas Roofing Corp, Maruhachi Ceramics of America Inc, and Union Galvasteel Corp.
• Trending Topics: Residential Solar Installations, Smart Roofing Technology, Home Renovation Trends, Energy-Efficient Solutions, Sustainable Roofing Materials, Solar Integration, and Weather Resilience

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Global Headlines on Sports Nutrition

• Holcim acquired German roofing membrane manufacturer Flachdach Technologie GmbH (FDT), known for developing Rhenofol PVC and Rhepanol polyisobutylene (PIB) roofing membranes for flat roofs.
• Saint-Gobain acquired Building Products of Canada Corp., a leading manufacturer of residential roofing shingles and wood fiber insulation panels in Canada.
• Owens Corning Roofing launched the Solar PROtect Program, a comprehensive initiative that enables platinum and preferred contractors, and homeowners to harness renewable energy from their roofs, leveraging the Total Protection Roofing System's advanced performance and compatibility with BAPV solar panels.
• Saint-Gobain acquired GCP Applied Technologies Inc, a leading global player in construction chemicals.
• Swisspearl Group, the owner of the Eternit brand, acquired Cembrit (Denmark) from Solix, a Swedish investment firm.

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Conclusion

A continuous surge in construction activity involving both residential and commercial construction projects boosts the adoption of roofing, which is an invincible part of any establishment as it protects buildings from harsh environmental conditions. In addition to the flourishing construction sector, rapid urbanization and government investments in infrastructure development boost the demand for roofing structures and services. Demographic factors such as the continuous growth of the elderly population and improvements in the standards of living of the masses owing to urbanization also bolster the roofing industry.

The report from The Insight Partners provides several stakeholders—including roofing service providers, roofing material providers, and roofing material manufacturers—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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