December 9, 2023

Roofing Market Size Soars with Ongoing Construction and Renovation

Roofing remains a pivotal element in construction, providing functionality and aesthetics across various applications, from residential to commercial and industrial structures. In 2018 alone, more than 11 billion square meters of roofing were installed globally, highlighting its significant presence in the construction sector.

Versatile Roofing Materials

A wide range of roofing materials is used to cater to specific requirements. The most popular choices worldwide include asphalt shingles, metal, clay and concrete tiles, fibre cement, rubber, slate, and plastic. Clay and concrete tiles, known for their longevity, durability, aesthetic appeal, and minimal maintenance, continue to be favored by many.

Asphalt shingles, on the other hand, offer versatility, high fire and wind resistance, durability, and an economical option for construction. When combined, tiles, asphalt shingles, and metal roofing constitute over 60% of the total roofing market. With ongoing new construction and renovation activities worldwide, the global roofing market anticipates substantial growth.

Non-residential Construction Takes the Lead

While residential construction remains a prominent market for roofing, there has been a resurgence in commercial and office space construction in recent years. Investments in healthcare infrastructure, public transit, civil construction, institutional complexes, and warehousing have driven demand for roofing materials, particularly in the non-residential sector. Metal roofing, roof coatings, and single-ply membranes are expected to experience heightened demand, making the non-residential segment a lucrative one within the roofing materials market.

Opportunities in Emerging Markets

The Asia Pacific region, notably China and India, continues to lead in roofing product demand. A shift towards metal roofing systems in commercial and industrial construction, along with evolving consumer preferences in residential construction, is driving growth in the region. The Middle East & Africa is also poised to offer substantial opportunities due to investments in housing conditions, commercial activities, and urban development projects. Rising economic growth and increased income levels are expected to fuel the demand for roofing systems in the region.

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Green Roofing for Sustainability

Addressing environmental concerns and enhancing quality of life in urban areas, green roofing has gained prominence. Green roofing involves covering roofs with soil and vegetation, offering numerous benefits such as energy conservation and improved aesthetics. This sustainable approach aligns with global efforts to combat climate change and natural disasters. Certifications like LEED (US), BREEAM (UK), and DGNB (Germany) endorse green building initiatives, making green roofing a pivotal step towards sustainability.

Innovation and Eco-Friendly Solutions

The global roofing market is highly competitive, with regional preferences and construction techniques shaping the industry. Companies are increasingly focusing on developing eco-friendly roofing systems to meet changing consumer demands. Product differentiation is essential to thrive in this dynamic and technologically advanced market. Leading players are introducing advanced materials, such as the REVIA™ Hand-Split Shake Collection and REVIA Hybrid™ PV Thermal Roofing Tiles, to offer functionality and energy conservation benefits.

As the roofing industry continues to evolve and emphasize sustainability, innovation, and eco-friendliness, it remains an integral aspect of construction worldwide, catering to the diverse needs of residential, commercial, and industrial projects.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad