Market Highlights
Roofing is used extensively in the outer layers of the building & construction. The increased importance of roofing can be owed to the increased aesthetic values and the availability of various roofing products. Today, the roof can match any architectural style and are designed to match the durability and energy saving practices.
The availability of roofing products in many variants and range across the globe has definitely fueled the popularity of these. Additionally the advancement of technology in the same has enabled the average population to purchase cost effective and durable roofing solutions. The region of APAC is seen investing a lot in real-estate and infrastructure to support the increasing population and urbanization. Such moves have led to the increased demand for such roofing options across the region.
The market is highly driven by the increased awareness among the consumers about the eco-friendly roofing methods. This is stimulated further by the stringent government regulations to install energy saving and eco-friendly roofing systems in the regions of North America and Europe. The Global Roofing Market is expected to cross USD 150 Billion by the end of 2022, growing at a CAGR of 4% in the forecasted period.
Key Players
The key players of global Roofing market report include- Atlas Roofing Corporation, Owens Corning, Duro-Last Roofing, Inc., CertainTeed Corporation, Braas Monier Building Group Services GmbH, GAF, Johns Manville, IKO Industries Ltd., Firestone Building Products Company and TAMKO Building Products Inc.
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Global Roofing Material Market – Competitive Analysis
The roofing market is partnering with partners across the supply chain to develop products and in order to create a more sustainable construction industry.
Icynene U.S. Holding Corp. and Lapolla Industries Inc. announced the completion of the merger in December 2017. The combined company is a leading manufacturer and distributor of spray foam polyurethane foam insulation products. The merger is expected to expand its client base by offering technologically advanced products.
In November 2017, NBA champion Cleveland Cavaliers and Quicken Loans Arena announced Tremco Roofing and Building Maintenanceas its official roofing supplier. Tremco Roofing provided products and services to the recently completed restoration of the 24-year-old, 170,000-square-foot main roof of Quicken Loans Arena.
Companies such as Dow Chemicals, SolTech Energy and SunTegra has been investing heavily in roofing structures with solarheat shingles. This is huge step in spiking the growth of net zero buildings market and green buildings market. Such innovations are considered as the game changers in the roofing industry which is traditional and conventional in nature.
Market Research Analysis:
The market is highly application based. The key driver for market growth is increased emphasis on energy saving and eco-friendly roofing systems. This is backed by the need to install a durable and long lasting roofing type. It is expected that the global roofing market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the emphasis of eco-friendly roofing systems which is killing the market for traditional roofs.
On the basis of application, non-residential segment leads the market in all the major regions across the globe. The share owes to the growing renovation and rebuilding activities across the globe. On the basis of roofing products, bituminous/asphalt roofing accounts for the largest share in the market. The segment contributed more than 40% to the market in 2015 and is expected to lead the market in the forecasted period.
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On the basis of region, APAC takes the lead as the largest and fastest growing market, followed by North America and Europe. APAC, due to its rising population and increasing disposable income, demand increased and cost effective roofing system for the rebuilding and renovation. The region has also seen a lot of investment in R&D which further fuels the growth of the market. Furthermore the government regulations for energy saving roofing practices have fueled the demand in North America and Europe.
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