Roofing Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Roofing Market is segmented By Type (Material, Chemicals), By Packaging Product (Concrete & Clay tile roof, Asphalt Shingles, Metal Roofs, Elastomers & Plastic Roofs, Tile Roofs, Bituminous Roof, Other), By Application (Residential, Commercial, Non- Residential, Others), By Region (Saudi Arabia, UAE, Oman, Kuwait, Bahrain, Qatar) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Roofing Market Overview

Global Roofing Market reached USD 129.4 million in 2022 and is expected to reach USD 181.2 million by 2031, growing with a CAGR of 4.3% during the forecast period 2024-2031. Consumers focus more on energy conservation, as there is a rise in demand for more sustainable and energy-efficient roofing solutions.

Green roofing systems, solar panels, cool roofs and other energy-efficient technologies are gaining popularity as they help to minimize energy consumption that includes lower carbon footprints and also provide cost-effective savings. Thus the growing shift towards green infrastructural materials is a major factor driving the roofing market.

Asia-Pacific witnessed the highest growth in the roofing market covering more than 2/3rd globally. China, Japan and India experiencing major growth as the region has various extensive infrastructure developments that include the construction of railways and airports. For instance, on 9 July 2023, The Huanxiu Lake Science Popularization and Education Center, designed by Atelier Folie, showcases an innovative approach to integrating architecture with the surrounding landscape. The center features a unique roofing design that complements the overall architectural plan. 

Roofing Market Scope

For more details on this report – Request for Sample

Roofing Market Dynamics

Growing Market of the Construction Industry

The need for renovation of existing buildings drives the demand for roofing materials. As buildings age or undergo functional changes, there is a need to replace or upgrade roofs to ensure structural integrity and energy efficiency. Older roofs frequently lack adequate insulation, leading to energy loss and accelerated heating or cooling costs.

For instance, On 30 Jun 2023, U.S. Department of Energy's National Renewable Energy Laboratory (NREL) conducted a time-motion study on the installation of roofing-integrated photovoltaics (RIPV) in residential solar projects. The study found that new construction RIPV installs quickly, but retrofit installations still require comparable time to standard solar installations. The longer installation times for retrofitting RIPV can be attributed to the use of new techniques and evolving supply chains.

Rising Demand for Eco-friendly Roofing Materials

Green roofs provide excellent insulation, which leads to reducing the need for heating and cooling in buildings. The vegetation and soil layers act as thermal barriers, helping to regulate indoor temperatures and reducing energy consumption for heating and air conditioning. These factors led to saving energy costs for homeowners and contribute to overall energy efficiency in buildings.

Clay tiles have natural thermal properties that help to regulate the temperature inside the building. They provide insulation by allowing hot air to diffuse and escape, preventing heat from being trapped in the roof space. This energy efficiency can contribute to reduced cooling costs in warmer climates. Thus companies have started investing in eco-friendly roofing material due to its fewer side effects on human life and nature.

High Production Cost

Certain roofing materials are most expensive to purchase, install and maintain. Materials like clay tiles, slate and metal roofing materials are cost associated, which makes them less accessible for some homeowners. Metal roofing requires premium materials like copper or zinc materials these factors downfall growth of the roofing market.

Some roofing materials, such as clay tiles and slate, are heavy. Due to heavy weight roofing require additional structural support during installation, increasing the overall cost and complexity of the roofing project. Extra load on roof structure requires extra attention for load-bearing capacity.

Roofing Market Segment Analysis

The global roofing market is segmented based on roofing system, product, application and region.

Durable and Environmentally Friendly Metal Roofing in Residential

The severity and frequency of storms, hurricanes and other catastrophic events have grown due to extreme weather and climatic changes. Roofs may sustain severe damage as a result of the sudden climatic shift, increasing the need for roofing replacement and repair. Residents are prepared to invest in solid and durable roofing systems such as metal roofs as they seek to shield their buildings from any weather-related threats.

For instance, on 4 Nov 2022, On The report by Dodge reveals that residential metal roofing is experiencing significant growth in U.S. The report indicates that the share of residential metal roofing has increased from around 12% in 2019 to 17% in 2021, The rise in market share for metal roofing suggests an overall growth in the roofing market as metal roofing gaining a larger portion of that growth. The trend towards metal roofing highlights the increasing demand for durable and environmentally friendly roofing solutions in residential construction.

Global Roofing Market Geographical Penetration

Growth in Population and Consumer Adoption of Sustainable Material

Asia-Pacific marked the largest growth in the roofing market and countries like China and India holds more than 50.3% regionally. As the region experiences economic growth, increased disposal incomes and also witnessed an increase in demand for construction activities that include replacement of the existing roof. These factors boost the growth of the roofing market. 

For instance, on 11 July 2023, India’s first bicycle track with a solar roof is in Hyderabad and will set to inaugurate on August 15, 2023, the cycle track has been constructed along the service roads of the Outer Ring Road, featuring three dedicated bicycle lanes and green spaces. The track spans 23 km, with 21 km equipped with a solar roof generating 16 MW of electricity. This track, inspired by the South Korean model but with improved aesthetics and amenities, offers protection from rain, lighting, parking and other facilities like food stalls. Safety measures, including CCTVs, have been implemented

Roofing Market Companies

The major global players include Duro-Last, Inc, Atlas Roofing Corporation, 3M, Dow, BASF SE, BMI Group, Johns Manville, Siplast, IKO Polymeric and Godfrey Roofing Inc.

COVID-19 Impact on Roofing Market

During the pandemic many industries including the construction industry phase disturbances in supply chain management due to travel restrictions and lockdowns. Due to this, the production got delayed and there is a shortage of raw materials. These factors hinder the growth of the roofing market during the pandemic. 

Due to a shortage in development and production, the price of raw materials increased during the pandemic. The economic uncertainty caused by the pandemic resulted in reduced investment and funding for various industries, including roofing materials. Some projects and research initiatives may have been postponed or scaled back due to financial constraints.

Russia-Ukraine War Impact

The war has disrupted supply chains for roofing materials, as transportation routes and trade relations between Russia and Ukraine have been affected. This disruption can lead to shortages and increased costs for roofing products, affecting both manufacturers and consumers. 

The war has had a significant economic impact on both Russia and Ukraine. Instability, sanctions and financial pressures have affected the overall business environment and consumer confidence. Countries phase economic uncertainty as investors are not investing in construction projects, including roofing that impact the financial condition of companies operating in the industry. 

Key Developments

• On 4 Jul 2023, KPG ROOFING's new company mascot, a cute roof tile character, was unveiled by Rajeel at the Roof India Expo. Although the mascot has not been officially named, the in-house team affectionately refers to it as "odumkuttan," which translates to "roof tiles boy" in Malayalam. The introduction of this unique mascot adds a playful and relatable element to the company's brand identity, fostering a connection with customers and promoting a memorable presence in the roofing industry
• On 5 Feb 2020, IB Roof System, a renowned supplier of PVC roofing solutions for flat or low-sloped roofs introduce its Acrylic and Silicone Coatings at the 2020 International Roofing Expo held in Dallas. This new offering complements IB Roof Systems' existing line of PVC roofing products and reflects the company's dedication to delivering superior quality, excellent customer service and technical expertise. 
• On 14 Feb 2023, Darin Lavine and the team at Blue Star Roofing, Inc. recently launched a new website to showcase their residential and commercial roofing services. As a top choice for "roofing companies near me" in the Orlando area, they are having specializations in both residential and commercial roofing projects.

Why Purchase the Report?

• To visualize the global roofing market segmentation based on roofing system, product, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of roofing market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global roofing market report would provide approximately 61 tables, 60 figures and 181 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies