The global roofing market is growing at a CAGR of 6.3% between 2014 and 2020 and is expected to reach US$97.59 Billion in 2020. In terms of volume, the global roofing market stood at 10,600.9 million square meters in 2013. With emerging economies in the Asia Pacific region as well as in the rest of the world, growth of the construction industry is driving the demand from the roofing market. The demand from Asia Pacific alone accounted for almost 40% of the share of the overall roofing market in 2013. Countries like India and China are the top markets for roofing materials due to a rise in infrastructural development. In North America and Europe, the demand for roofing materials has been high in various infrastructure projects, which includes re-roofing requirements.

Albany, NY -- (SBWire) -- 04/13/2015 --Catering to one of the basic needs of man, the roofing market offers products which constitute the outermost layer of the building with an underlying support structure. Used in various construction projects and mostly made up of bitumen, cement and clay, roofing market segments products into tile roofing, metal roofing, bituminous roofing, and others.

Nonresidential Construction Accounts for over 40% of the Market in 2013

Natural calamities like earthquakes and storms and construction activities are the drivers for the roofing market. Among residential, non residential and commercial construction projects, non residential construction constitutes the major share of the demand from the roofing market. In developed and emerging economies, there has been an upsurge in the construction of offices, hotels, educational institutions and renovation projects. Good roofing decreases energy consumption, decreases carbon foot prints and helps in conserving resources. Awareness about energy conservation has boosted the demand in global roofing market. In developed economies such as the UK, various initiatives have been taken to promote sustainable patterns of consumption and production.

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Organizations such as the Waste & Resources Action Programme (WRAP) highlights the adverse impact of roofing materials on the environment, in case they are not utilized properly. All this has lead to increased awareness about the roofing market. To lessen the impact of green house gas emission and global warming, green buildings have become a significant part of the construction industry. Hence, roofing market is offering products that are being used in various projects to help the green movement. In several countries, the growth of the roofing market has been helped through various tax benefits and subsidies by the governments. A particular example is the U.S. government, which has issued a tax benefit of 10% on all Energy Star (an international trademark for energy efficient products) standard metals and bituminous roofing materials. Rising income levels and favorable government policies will help the growth of the roofing market further.

Plastic and Fiber Cement Product Categories Lead Global Roofing Market

Due to their low price and lower weight, fiber cement and plastic roofing materials are mostly used in emerging and underdeveloped economies. As the most used product segment, bituminous roofing accounted for 45% of the total roofing market in 2013. Due to its high quality and low cost, the market share of bituminous roofing is expected to increase significantly between 2014 and 2020. In the coming years, to help in energy conservation, energy star roofing materials and solar roofing panels would impact the growth of roofing market.

Key players in the market

Some of the key players in the global roofing market are GAF Materials Corporation, Braas Monier Building Group S.A., IKO Industries Ltd., Owens Corning, Johns Manville, Beacon Roofing SupplyInc, CertainTeed Corporation, Atlas Roofing Corporation, and Duro-Last Roofing, Inc.

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