Roofing Materials Industry Overview
The global roofing materials market size is estimated at USD 120.34 billion in 2021 and is expected to reach USD 171.25 billion by 2030, registering a CAGR of 4.0% from 2022 to 2030. Increasing expenditures in the renovation and redevelopment of commercial and residential building are expected to propel market growth.
The global construction sector is undergoing limited growth as a consequence of the economic recession caused by the COVID-19 crisis, which has resulted in low investor confidence and a decline in construction activities, as a result, the market has also experienced a catastrophic setback.
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The spread of the COVID-19 in the U.S affected the growth of the engineering and construction industries. The increasing costs of construction materials and equipment, along with supply chain disruptions, are the major factors limiting the growth of this industry. However, the use of aerial measurement and 3D modelling technologies had increased during the pandemic, which supported the market growth.
According to the State of the Industry Report for Roofing Contractors, U.S., roof replacements in North America accounted for a share of approximately 94% of the overall roofing projects in 2020. Several properties in North America and Europe are more than 25-30 years old. Hence, they are expected to undergo roof replacements in the coming years.
The advent of reflective coatings that can be applied to dark-colored roofing materials is expected to have a positive influence on the industry. Reflective coatings have excellent heat reflection properties and help to reduce the overall energy consumption of the building structure.
The power of suppliers is expected to be moderate owing to the presence of a large number of suppliers of raw materials in the market used for developing various roofing materials. A diversified product range, coupled with high-quality services, is anticipated to play a crucial role for suppliers to attain a competitive edge in the market.
Roofing Materials Market Segmentation
Based on the Product Insights, the market is segmented into Asphalt Shingles, Concrete & Clay Tile Roofs, Metal Roofs, Plastic Roofs and Others.
Based on the Application Insights, the market is segmented into Residential and Non-residential.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
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Key Companies Profile:
The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market.
Some prominent players in the global Roofing Materials market include
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