The global roofing market is projected to reach USD 270.40 Billion by 2026, at a CAGR of 4.9% from 2016 to 2026.

Northbrook, IL -- (SBWire) -- 03/07/2019 --The report "Roofing Market by Type (Materials, and Chemicals), Application (Residential, Commercial, Non-Residential), and Region (Asia-Pacific, North America, Europe, South America, and Middle East & Africa) - Global Forecasts to 2026", The global roofing market is projected to reach USD 270.40 Billion by 2026, at a CAGR of 4.9% from 2016 to 2026. Increasing demand for roofing materials from residential and commercial sectors due to growing urbanization is driving the global roofing market. In addition, repairing and remodeling works being carried out in developed countries are also propelling the growth of the global roofing market.

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Materials is the major type in the roofing market during the forecast period, 2016 to 2026.
The demand for roofing materials such as metals, tiles, membranes, fiberglass/plastics, and others is rising due to increasing non-residential construction activities such as power infrastructure, transport infrastructure, and others. Increased investments in non-residential infrastructures, such as transportation services, power plants, warehouses, manufacturing facilities, and production units, among others, is also expected to fuel the growth of the materials type segment of the global roofing market.

Non-residential application represent the bulk of the demand for roofing materials and chemicals, during the forecast period, 2016-2026
The use of roofing in non-residential construction such as warehousing, power plants, transport infrastructures and others is a necessity. It helps to avoid harmful effects from elements such as rain, snow, moisture, and heat which could damage the equipments or production processes in a particular installation. Roofing also helps to maintain the thermal insulation properties of a building. These factors combined has led to the growth of roofing market in the non-residential application.

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APAC is projected to register the highest CAGR in the roofing market between 2016 and 2026
Asia-Pacific is the largest market for roofing, followed by North America and Europe. China, the U.S., Japan, and Korea are the largest consumers of roofing materials and chemicals. Factors such as repair and remodeling and new residential and commercial construction works have led to increasing demand of roofing materials and chemicals in the Asia-Pacific region.

Some of the key players in the global market include Owens Corning (U.S.), Duro Last Roofing Inc (U.S.), BASF SE (Germany), 3M Company (U.S.), The Dow Chemical Company (U.S.), Braas Monier Building Group (Luxemboug), Sika AG (Switzerland), and Atlas Roofing Corporation (U.S.). Investments, expansions, and new product launches were the major growth strategies adopted by the market players between 2011 and 2016 to enhance their regional footprint and meet growing demand for roofing in the emerging economies.