Although high installation cost and lack of awareness regarding the long-term benefits of roofing systems are some factors, hindering the growth of roofing products, continuous innovation and rise in growth of building and construction sector provides a great potential for market expansion.
Portland, OR -- (SBWIRE) -- 06/08/2017 -- The global market for Roofing Industry was valued at $67,218 million in 2015 and is expected to reach $101,483 million by 2022, growing at a CAGR of 6.2% from 2016 to 2022, according to a new report published by Allied Market Research.Asia-Pacific generated the highest revenue in 2015, and is expected to maintain its lead, followed by North America and Europe.
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Roofing products witnessed a higher demand owing to longer life span, easy installation, and availability of eco-friendly roofing materials. Moreover, technological advancements such as introduction of green roofing, which protects the buildings from direct solar heat in summers and minimizes heat loss in winters through added insulation on the roof, has further strengthened the market growth. In addition, booming construction industry in the developing countries such as India, China, and Brazil is expected to increase the demand for roofing products. However, high initial installation costs of such roofing systems hamper the market growth. The impact of this factor is anticipated to reduce in future due to intense completion and technological advancements.
Roofing market analysis has been done in the report on the basis of various segmentation which includes various segments. Major types of roofing products included in the report are bituminous roofing, metal roofing, tile roofing, and others (Plastic & RCC roofing). Bituminous roofing constituted the highest market share over 46.5% in 2015 owing to increased demand in residential and commercial buildings, technological innovations, and high durability.
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Roofing products are used in various applications such as residential buildings, commercial buildings, and others. Commercial buildings accounted for the largest market share in roofing industryaround 37.2% in 2015. Increased adoption of modern roofing materials such as bitumen, tile, metal, and others have changed the commercial construction such as industrial buildings in the last two decades. In addition, increase in migration of population in Europe has created the need for commercial construction, thereby boosting the demand for roofing products.
Asia-Pacific region accounted for the maximum roofing market share in 2015, and is expected to maintain its lead throughout the forecast period. This is attributed to rise in income levels, rapid urbanization & industrialization, an increase in population and household income growth, as well as the governments continuing efforts to expand and upgrade the physical infrastructure. Furthermore, residential and commercial segments of the market dominate in this region owing to the continuous growth of urban demographics. LAMEA witnessed significant growth due to easy availability of affordable and energy-efficient bituminous roofing system in Brazil. Also, government of different African countries invested heavily in residential and infrastructure projects across the continent, which has further strengthened the market growth.
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Key Findings of Roofing Market
In 2015, bituminous roofing accounted for the maximum market revenue, and is projected to grow at a CAGR of 6.6% during the forecast period.
Residential application segment is expected to grow at a significant CAGR of 7.5%, owing to the increase in disposable income and new product developments.
China is the major shareholder in the Asia-Pacific roofing industry, accounting for around 44.6% share in 2015. This growth is attributed to rise in building construction expenditures.
In 2015, commercial application accounted for the highest market share in roofing industry accounted for around 37.2% and is projected to grow at a CAGR of 5.7% during the forecast period.
The U.S. accounts for the largest customer base in North America roofing market in 2015, and is expected to maintain its dominance throughout the forecast period.
The key players have focused to expand their business operations in the emerging countries by adopting various strategies such as product enhancements and technological advancements. The key players operating in the market have focused on delivering reliable and customer- driven solutions for whole range of applications such as residential, commercial, and other construction buildings. The major players profiled in this report include Owens Corning, Brass Monier Building Group, Etex, Saint-Gobain, Wienerberger AG, Beacon Roofing Supply, Inc., Atlas Roofing Corporation, Duro-Last, Inc., and Carlisle.