Albany, NY -- (SBWIRE) -- 12/06/2017 -- The global roofing market features a largely fragmented vendor landscape and a high level of competition owing to the presence of a large number of large and small international and domestic companies, observes Transparency Market Research (TMR) in a recent report. Large international companies dominate the market, holding a significant share of the market's overall revenue. Nevertheless, small regional and domestic companies command strong hold in regional markets with emerging economies that feature a lucrative construction sector. To supersede competitors, companies are resorting to the production of novel and advanced roofing types, including solar roofing.

Some of the leading companies in the market are Atlas Roofing Corporation, Johns Manville, IKO Industries Ltd., Carlisle, GAF, Firestone Building Products Company, and Owens Corning.

TMR projects that the global roofing market will exhibit a promising 6.4% CAGR from 2016 to 2024, rising from an opportunity of US$71.2 bn in 2015 to US$124.5 bn by 2024.

Asia Pacific to Continue to Hold Lion's Share in Global Roofing Market

In terms of type, the segment of bituminous roofing held the dominant share of nearly 45% of the global roofing market, in terms of volume, in 2015. Benefits such as easy installation, availability in several colors, and economy can be attributed to the leading position of the segment in the global roofing market. The segment is also likely to retain its dominant stance in the global market in terms of growth rate as well as share in the global market over the report's forecast period.

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From a geographical standpoint, the roofing market in Asia Pacific is presently the leading revenue contributor to the global market, accounting for over 40% of the global market in 2015. The region is projected to also remain the dominant force in the global roofing market owing to its thriving construction industry.

Rapid Urbanization in Emerging Economies to Remain Leading Growth Driver for Market

The steady growth of the construction industry in most emerging economies and the stable demand for roofing structures mostly for renovation activities in developed economies are at the core of the healthy growth of the global roofing market. Rapid pace of urbanization in emerging economies across regions such as Asia Pacific, Latin America, and Africa constantly continue to fuel the global roofing market. Rapid rise in population in urban settings is leading to an urgent need for new housing, leading to a steady rise in demand for roofing structures across the globe.

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In developed regions such as Europe and North America, stringent environment regulations are compelling consumers to undertake renovation activities to make buildings environment-friendly. This trend is playing a key role in pushing the demand for roofing structures in these regions. Energy conservation initiatives are also driving the market for roofing in these regions as environmentally-oriented roofs witness increased demand from consumers. As the demand for such roofs increase, companies could benefit immensely from economies of scale.

High costs of such roofs continue to limit their usage to mostly developed countries. With economies of scale, companies could manufacture environmentally-oriented roofs at low costs and target high growth potential regional markets as well.