Roofing Market - Global Outlook & Forecast 2023-2028

INDUSTRY INSIGHTS

The global roofing market was valued at USD 206.00 billion in 2022 and is expected to reach USD 277.66 billion by 2028, growing at a CAGR of 5.10%. The global market is experiencing steady growth due to increasing construction activities, renovation projects, and the growing emphasis on energy-efficient and sustainable roofing solutions. Key factors driving the roofing market include urbanization, industrialization, and the need for advanced roofing materials. Furthermore, in terms of materials, there is a shift towards eco-friendly and durable options such as metal roofing, solar tiles, and cool roofs that offer energy efficiency. Additionally, the demand for asphalt shingles, concrete and clay tiles, and roofing membranes remains strong. Also, the push for innovative materials, sustainable designs, and integrated technologies presents opportunities for growth and differentiation. The market is expected to continue evolving with a focus on sustainability, innovation, and improved performance.

MARKET TRENDS AND OPPORTUNITIES

Growth of the Construction Industry
The demand for roofing materials is closely tied to the growth of the construction industry. As urbanization and infrastructure development continue worldwide, the need for roofing materials increases. Moreover, roofing is a crucial component of the construction industry, as it provides protection from the elements and helps maintain the structural integrity of buildings. In construction, roofing materials such as shingles, tiles, metal sheets, or membranes are used to create a weatherproof barrier over the top of a building. This barrier prevents water, snow, and debris from entering the building, thus protecting the interior and its occupants. Additionally, the roofing market can also contribute to the energy efficiency and aesthetic appeal of a structure. Proper installation and maintenance of roofing are essential to ensure the longevity and performance of a building. The expansion of the infrastructure and building industries is highly correlated with the growth of the roofing sector.

Technological Advancements
Innovations in roofing materials, such as solar shingles, cool roofs, and advanced insulation, are driving roofing market growth. Technological advancements are leading to more durable, efficient, and aesthetically pleasing roofing options. Furthermore, advanced technology integration leads to the innovation of cool roofs, green roofs, solar roofs, smart roofs, and modular roofs, as customers desire to scale down energy usage, decrease their facilities' adverse effects on the environment, and enhance the functionality and durability of their roofs. For improved project management, 3D modeling, and digital estimation, roofing contractors are implementing tools and software.

Consumer Preferences and Aesthetics
Consumer preferences for roof designs, colors, and styles influence the roofing market. Consumers often consider the type of roofing material based on its durability, lifespan, maintenance requirements, energy efficiency, and cost. Aesthetics and architectural trends play a role in shaping the demand for specific roofing materials and systems. Homeowners often desire a visually appealing roof that enhances the overall curb appeal of their property. They may choose roofing materials with distinctive patterns, architectural details, or unique designs to create a standout appearance. Aesthetical roofs can increase the value of a property and make it more attractive to potential buyers. Economic growth, rising disposable incomes, and improving standards of living in developing countries drive the demand for better-quality housing and infrastructure. As individuals and businesses have more purchasing power, they are inclined to invest in higher-quality roofing materials and services, thereby boosting the roofing market.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT
The global roofing market by product is segmented as bituminous roofing, asphalt shingle, metal roofing, concrete roofing, tile roofing, single-ply roofing, and others. The bituminous roofing segment held the largest global market share in 2022. The bituminous roofing segment is gaining momentum as it offers durability, weather resistance, and ease of installation, making it an attractive option for many construction projects. Additionally, advancements in bituminous roofing technology have led to improved performance and longevity, further driving its popularity. Moreover, the cost-effectiveness of bituminous roofing compared to other materials has also contributed to its rising market share. These factors combined have led to the increased demand for bituminous roofing in the construction industry.

INSIGHTS BY APPLICATION
The new construction application segment held the most significant share of the global roofing market in 2022 and is expected to continue the trend during the forecast period. One key factor supporting the segmental growth is the overall growth of new construction projects, driven by population growth, urbanization, and economic development. As new buildings are constructed, there is a natural increase in the demand for roofing materials and services. Additionally, advancements in building technology and materials may make new construction roofing more appealing. New construction projects often incorporate the latest roofing materials and techniques, which can offer improved durability, energy efficiency, and aesthetic appeal compared to older roofing systems. It’s also worth considering that re-roofing projects are often undertaken as a result of necessity, such as aging or damaged roofs. In contrast, the creation of entirely new structures drives new construction roofing. This fundamental difference in motivation may contribute to the relative growth of the new construction roofing market. So, the combination of increased construction activity, technological advancements, regulatory factors, and differing motivations for new construction versus re-roofing likely contribute to the rising trend in the new construction roofing market.

INSIGHTS BY ROOF TYPE
The global roofing market by roof type is segmented into slope roofs and flat roofs. The slope roof segment dominates the market share. Sloped roofs are often seen as more aesthetically pleasing and can enhance the overall appearance of a building. They also offer better drainage, which can help prevent water pooling and potential leaks. Additionally, sloped roofs often provide more attic space, which can be utilized for storage or even converted into living space. From a practical standpoint, sloped roofs are better suited for areas with heavy rainfall or snow, as the slope allows for easier runoff and reduces the risk of structural damage. These factors contribute to the increasing popularity and market demand for slope roofs compared to flat roofs.

INSIGHTS BY END-USER
The residential end-user held the most prominent share of the global roofing market in 2022. The residential end-user segment often experiences growth compared to the non-residential. One of the reasons is the increase in new housing construction and home renovation projects, which drives the demand for residential roofing materials and services. Additionally, homeowners tend to prioritize maintenance and replacement of their roofs to protect their investments and ensure the safety and integrity of their homes. Furthermore, factors such as population growth, urbanization, and renovation projects also play a role in driving the demand for residential roofing services.

GEOGRAPHICAL ANALYSIS

The global roofing market is a dynamic and complex industry that is influenced by a variety of geographic factors. In North America, the roofing market is driven by factors such as extreme weather conditions and a strong focus on energy efficiency. The demand for durable and weather-resistant roofing materials is high in this region, leading to a significant market for products such as asphalt shingles, metal roofing, and synthetic roofing materials. In North America, the U.S. holds a significant share of the market. The U.S. roofing market is a thriving industry that is driven by factors such as new construction, renovation, and repair projects, changing weather patterns, and advancements in roofing materials and technologies. The industry is expected to grow at a steady pace in the coming years due to increased demand for residential and commercial roofing solutions.

APAC dominated the global roofing market, accounting for a share of over 37% in 2022. In the Asia-Pacific region, rapid urbanization, population growth, and increasing disposable incomes have fueled the demand for residential and commercial construction, driving the market. Factors such as monsoon seasons, typhoons, and extreme heat have also led to a focus on durable and weather-resistant roofing materials in countries like India, China, and Japan. Additionally, the growing awareness of energy efficiency and sustainability has led to an increasing demand for cool roofing solutions and solar-reflective roofing materials in this region. Further, in Latin America and the Middle East, factors such as rapid industrialization, urban development, and a focus on infrastructure projects have contributed to the growth of the roofing market. The demand for roofing materials that can withstand high temperatures, humidity, and sandstorms is significant in these regions, leading to a market for products such as clay tiles, concrete roofing, and modified bitumen membranes.

The European roofing market is influenced by factors such as architectural trends, environmental regulations, and a growing emphasis on sustainable building practices. This has led to an increasing demand for eco-friendly roofing materials, such as green roofs, solar tiles, and recycled roofing products. Additionally, the prevalence of historic buildings in many European cities has created a niche market for specialized roofing materials and restoration services. The geographic analysis of the global roofing market reveals a diverse and evolving industry that is shaped by a wide range of factors, including climate, building practices, regulations, and cultural preferences. Understanding these geographic influences is crucial for companies operating in the roofing industry to effectively target their products and services to specific regions and capitalize on emerging opportunities.

COMPETITIVE LANDSCAPE

The global roofing market is highly competitive and diverse, with numerous players vying for market share. Key factors that shape the competitive landscape include product innovation, pricing strategies, distribution networks, and brand recognition. Major players in the global roofing market include Owens Corning, CertainTeed Corporation, GAF Materials Corporation, Carlisle Companies Incorporated, and IKO Industries Ltd. These companies offer a wide range of roofing materials, such as asphalt shingles, metal roofing, tiles, and membranes. Additionally, regional players and local manufacturers also contribute to the competitive dynamics of the industry. The industry is influenced by factors such as technological advancements, environmental regulations, and shifting consumer preferences, all of which contribute to the competitive landscape.

Growth Strategy of Key Vendors
The key vendors in the global roofing market are focusing on several growth strategies to maintain and expand their market share. These strategies include product innovation, technological advancements, strategic partnerships, and mergers and acquisitions. By continuously innovating their product offerings and adopting advanced technologies, these vendors aim to meet the evolving needs of customers and stay ahead of the competition. Additionally, strategic partnerships and acquisitions enable them to expand their geographical presence and diversify their product portfolio, thereby catering to a broader customer base and enhancing their overall industry position. These growth strategies are aimed at driving business expansion, increasing market penetration, and sustaining long-term competitiveness in the industry.