Albany, NY -- (SBWire) -- 09/14/2018 --The global roofing market was valued at US$ 92,430.94 Mn in 2017 and is anticipated to expand at a CAGR of 4.9% from 2018 to 2026, according to a new report titled 'Roofing Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global roofing market is driven by expansion in the global construction industry. Asia Pacific accounts for major share of the global roofing market, led by the increase in construction activities and rise in awareness about sustainable construction materials in the region.

Expansion in Global Construction Industry to Drive Market

The construction industry is a significant end-user of roofing materials. It is expanding steadily in developing countries and sub-regions such as India, China, ASEAN, GCC, and Africa. The rate of urbanization is on the rise in these countries and sub-regions due to the improvement in standard of living. The roofing market is expanding rapidly with industrialization and growth in residential and commercial developments. Significant expansion in the construction sector in developing countries and technological advancements have boosted the adoption of quality roofing systems. The construction industry in India and the Middle East has expanded at a rapid pace in the last few years. This trend is expected to continue in the near future. Robust expansion in the construction industry in the UAE and Qatar due to the increase in government expenditure on commercial and industrial projects is anticipated to drive the roofing market in these countries. This is estimated to create significant opportunities for roofing manufacturers, primarily in the industrial sector. Increase in re-roofing activities for existing buildings, typically in the U.S., Canada, and Germany, is estimated to boost the demand for roofing materials during the forecast period. Additionally, increase in reconstruction activities in Asia Pacific in countries such as Malaysia, Singapore, Nepal, and Sri Lanka is also projected to drive the market during the forecast period.

Rise in Demand for Metal Roofing Likely to Offer Attractive Growth Opportunities

Metal roofing, especially steel roofing with galvanized iron or ZN-Al coating, has been gaining momentum in commercial and industrial applications of the roofing market since the last few years. It is also becoming increasingly popular in residential projects including multi-story apartments, complexes, and single-family homes. Currently, metal roofs have become a rapidly developing innovation in the home remodeling applications, they are durable and offer exceptional protection and high longevity. These roofing materials are recyclable and are available in a wide range of shapes, colors, and finishes. Metal roofing is proving attractive to many homeowners as it is designed to last for 50 years. Metal roofing can accommodate green technologies such as solar harvesting panels and water harvesting systems. For instance, the Government of India is planning to introduce tax benefits for house owners who install metal roofs. Rise in demand for energy-efficient metal roofs with built-in solar panels is expected to provide lucrative opportunities to roofing manufacturers.

Volatility in Raw Material Prices Anticipated to Hamper Roofing Market

The global roofing market is prone to fluctuations in prices of raw materials such as acrylic acid. Constant volatility in prices of raw materials is adversely affecting the roofing market. Bitumen or asphalt is the major raw material used in the manufacture of bituminous roofing materials, which is the leading product segment of the roofing market. Quality and availability of asphalt is a challenge for manufacturers of roofing materials. Gasoline is a key raw material for bitumen. Demand for gasoline is still declining. This has adversely affected the supply of bitumen and asphalt. Furthermore, high cost of manufacturing techniques such as the oxidation process have raised the production cost of bituminous roofing. Additionally, high prices of polymer and fiber cement are estimated to hamper the roofing market during the forecast period.

Bituminous Segment to Dominate Global Roofing Market

The global roofing market has been segmented based on product, application, and region. Based on product, the market can be divided into bituminous, metal, elastomeric, tiles, and others. Bituminous is the dominant segment of the roofing market. Bitumen roofing can be applied for hot as well as cold applications. It provides superior waterproofing protection to buildings and is highly durable. It possesses high tensile strength and is unlikely to form cracks compared to its counterparts. Rise in demand for modified bitumen roofing systems is driving the demand for bituminous roofing.

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Asia Pacific Dominates Global Roofing Market

In terms of region, Asia Pacific accounted for major share of the global roofing market in 2017. Countries such as India, China, Vietnam, and Indonesia are expected to provide lucrative opportunities to manufacturers of roofing owing to the increase in disposable income, growth in population, expansion in construction industry, and rise in demand for residential complexes and industrial warehouses. Demand for retrofitting of residential complexes is significantly high in the U.S. and Europe. This is estimated to boost the roofing market in these regions during the forecast period. Middle East & Africa is expected to provide lucrative opportunities to the roofing market during the forecast period due to the rising investment in the construction sector, which consists of commercial establishments, public infrastructure, and utilities, in the region. Increase in government expenditure on commercial and industrial projects typically in the UAE and Qatar due to government efforts to reduce its reliance on oil revenues is expected to drive the market in these countries. These factors are driving the global roofing market.

High Degree of Competition among Established Players

Key players profiled in the report are Owens Corning, CertainTeed Corporation, GAF Materials Corporation, TAMKO Building Products, Inc., Carlisle Companies Incorporated, Atlas Roofing Corporation, Berkshire Hathaway Inc., Firestone Building Products Company, LLC, Sika AG, Monier Building Group, and IKO Industries Ltd. The top five players – Owens Corning, Carlisle Companies Incorporated, Braas Monier Building Group Services S.A., Berkshire Hathaway Inc. (Johns Manville), and CertainTeed Corporation – cumulatively accounted for more than 10% share of the market in 2017. These companies consistently develop new global strategies to expand their capacity and product portfolios of roofing products through joint ventures and research & development activities. For instance, in 2017, Tamco Building Products Inc. launched a new series Heritage Designer Ridge asphalt shingle for western, southwest, and central U.S.

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