RoofingMarket Overview:
The global roofing market isexpected to reach USD 1,39,057.0 million by 2023 at a CAGR of 3.55% during theforecast period of 2018 to 2023. Market Research Future (MRFR) offers anin-depth look into the market during the review period. Rise in constructionactivities and increased use of synthetic roofing products drive the market.
However, the fluctuating rawmaterial prices and lack of skilled labor is expected to restrain market growthduring the forecast period.
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RegionalAnalysis
The global roofing market hasbeen studied for five key regions—North America, Europe, Asia-Pacific, and theRest of the World.
As Asia-Pacific is the largestconsumer of roofing materials, with China, India, and Japan being the majormarkets. The growth of the building & construction industry and theimprovement in financial conditions in this region have led to the rise in thedemand for roofing. Moreover, growth in industrialization and urbanization inemerging economies, such as China, India, and Japan boost the growth of theroofing market. Furthermore, the availability of low-cost roofing and buildingmaterials in countries, such as China and India, are also fueling the marketgrowth. Thus, Asia-Pacific is anticipated to be a major market for roofingduring the forecast period. It has been projected to witness a CAGR of 3.99%during the forecast period.
In North America, factors suchas the growing investments in commercial real estate, high consumer spending,and increasing industrial activities propel the market growth in the region.Additionally, stringent government regulations regarding utilization of roofingmaterials, such as metals also boost the market growth in the region. The roofingmarket trend in North America is expected togrow at a CAGR of 3.69% during the forecast period.
In Europe, factors such as theincreased demand for green buildings, rising population rate, and growingrevenue from the construction industry drive the market. For example, accordingto the data published by the European Construction Industry Federation (FIEC),the total construction output in 2017 was USD 1,364 billion. Furthermore, increasingrehabilitation activities in the region boost the market. The roofing market inEurope is expected to grow at a CAGR of 3.01% during the forecast period.
The rest of the world iscomprised of the Middle East & Africa and Latin America. The increasing purchasingpower and economic growth are expected to propel the roofingmarket growth during the forecast period. Thus, the roofing market inthe rest of the world is anticipated to witness a CAGR of 3.28% during theforecast period.
SegmentalAnalysis
Extensive research has beenconducted on the global roofing market, which has been segmented on the basisof roofing and application.
On the basis of roofing, theglobal roofing market has been segmented into asphalt, tiles, metal, concrete,and others. The tiles segment is expected to dominate the market in the year2023. Moreover, the tiles segment is expected to register the highest CAGR of3.89% during the forecast period.
On the basis of application,the global roofing market has been segmented into commercial roofing,residential, and industrial. The residential segment is expected to be thelargest segment in 2018. The rising residential construction drives the market.
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CompetitiveAnalysis
The prominent players profiledin the global roofing market are Atlas Roofing Corporation (US), BMI GroupServices GmbH (US), Carlisle Companies Inc.(US), GAF Materials Corporation(US), North American Roofing Services, Inc.(US), Owens Corning (US), TAMKOBuilding Products, Inc. (Tamko)(US), Wienerberger AG (Austria), CertainTeedCorporation (US), Duro-Last, Inc.(US), Etex SA (Belgium), and FirestoneBuilding Products Company (US). Mergers, acquisitions, and collaborations aresome of the key growth strategies adopted by these companies to staycompetitive in the market.
AboutMarket Research Future:
Market Research Future (MRFR)is a global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
Our rapidly expanding marketresearch company is assisted by a competent team of research analysts whoprovide useful analytics and data on technological and economic developments.Our deemed analysts make industrial visits and collect valuable informationfrom influential market players. Our main goal is to keep our clients informedof new opportunities and challenges in various markets. We offer step-by-stepassistance to our valued clients through strategic and consulting services toreach managerial and actionable decisions.
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