Roofing Materials Market Is Estimated To Witness High Growth Owing To Rising Construction Activity

 
Roofing Materials Market

Market Overview:

The roofing materials market consists of various types of products used in construction of roofs such as shingles, roof tiles, gutters, and ventilation. These materials provide protection from ultraviolet radiation, rainfall, and snowfall. Asphalt shingles, clay tiles, concrete tiles, metal panels, slate tiles, wood shakes, and other synthetic materials are widely used roofing materials. Rising number of construction projects is propelling the demand for roofing materials.

Market Dynamics:
Increasing construction of residential and non-residential buildings across the globe is a major factor driving growth of the roofing materials market. Rapid urbanization and growing population has increased demand for housing and commercial infrastructure, thus augmenting sales of roofing materials. Further, growing repair and refurbishment activities of existing buildings is also fueling market growth. Moreover, technological advancements resulting in development of innovative and durable roofing materials is expected to present significant growth opportunities over the forecast period. However, high material and transportation costs associated with roofing materials and fluctuations in raw material prices are some factors challenging market growth. Changing climate conditions requiring frequent repair and replacement of roofs also impacts the market dynamics.

The global Roofing Materials Market Demand is estimated to be valued at US$ 131.04 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


SWOT Analysis

Strengths:
- Strong demand from construction industry globally is driving the market growth
- Availability of innovative products like cool roof materials to withstand extreme weather conditions
- Established distribution channels allow easy availability of products

Weaknesses:
- Fluctuating raw material prices increases the product cost
- Environmental concerns regarding waste disposal of some roofing materials

Opportunities:
- Increasing residential and commercial construction activities in developing countries
- Growth in reroofing and remodeling activities especially in North America and Europe

Threats:
- Slowdown in construction industry during economic recession
- Availability of substitutes like wood and aluminum roofing sheets

Key Takeaways

The global roofing materials market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing construction activities globally. The market size for roofing materials was valued at US$ 131.04 Bn in 2023.

Regional analysis:
Asia Pacific dominates the global roofing materials market owing to massive residential and infrastructure development projects underway in China, India. The region is estimated to grow with more than 4% CAGR during the forecast period. North America is the second largest market for roofing materials driven by reroofing and remodeling activities in USA and Canada.

Key players:
Key players operating in the roofing materials market are Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, Fletcher Building, Boral Roofing, Eagle Roofing Products, Johns Manville, CertainTeed, Crown Building Products LLC, TAMKO, Building Products, Inc, Atlas Roofing Corporation, GAF, Georgia-Pacific., Metal-Era LLC, MIDWEST ROOFING SUPPLY, IKO Industries Ltd, Paul Bauder GmbH & Co. KG, Bravo Europa, Bilka, and Maxroof.

For more insights, read-

 

https://www.ukwebwire.com/roofing-materials-market-growth-demand-and-overview/

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