Key Highlights of Global Roofing Market
· Theglobal roofing market was valued at US$96,135.03 Mn in 2018 and is anticipated to expand ata CAGR of 4.9% during the forecast period
· Theglobal roofing market is driven by expansion in the global constructionindustry. Asia Pacific accounts for major share of the global roofing market,led by the increase in construction activities and rise in awareness aboutsustainable construction materials in the region.
Key Drivers of Global Roofing Market
· Theconstruction industry is a significant end-user of roofing materials. It isexpanding steadily in developing countries and sub-regions such as India,China, ASEAN, GCC, and Africa.
· The rateof urbanization is on the rise in these countries and sub-regions due to theimprovement in standard of living. The roofing market is expanding rapidly withindustrialization and growth in residential and commercial developments.
· Significantexpansion in the construction sector in developing countries and technologicaladvancements have boosted the adoption of quality roofing systems. Theconstruction industry in India and the Middle East has expanded at a rapid pacein the last few years. This trend is expected to continue in the near future.
· Robustexpansion in the construction industry in the UAE and Qatar due to the increasein government expenditure on commercial and industrial projects is anticipatedto drive the roofing market in these countries. This is estimated to createsignificant opportunities for roofing manufacturers, primarily in theindustrial sector.
· Increasein re-roofing activities for existing buildings, typically in the U.S., Canada,and Germany, is estimated to boost the demand for roofing materials during theforecast period. Additionally, increase in reconstruction activities in AsiaPacific in countries such as Malaysia, Singapore, Nepal, and Sri Lanka is alsoprojected to drive the market during the forecast period.
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Rise in Demand for Metal Roofing Likely to OfferAttractive Growth Opportunities
· Metalroofing, especially steel roofing with galvanized iron or ZN-Al coating, hasbeen gaining momentum in commercial and industrial applications of the roofingmarket since the last few years. It is also becoming increasingly popular inresidential projects including multi-story apartments, complexes, andsingle-family homes.
· Currently,metal roofs have become a rapidly developing innovation in the home remodelingapplications, they are durable and offer exceptional protection and highlongevity. These roofing materials are recyclable and are available in a widerange of shapes, colors, and finishes.
· Metalroofing is proving attractive to many homeowners as it is designed to last for50 years. Metal roofing can accommodate green technologies such as solarharvesting panels and water harvesting systems.
· Forinstance, the Government of India is planning to introduce tax benefits forhouse owners who install metal roofs. Rise in demand for energy-efficient metalroofs with built-in solar panels is expected to provide lucrative opportunitiesto roofing manufacturers.
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Volatility in Raw Material Prices Anticipated toHamper Roofing Market
· Theglobal roofing market is prone to fluctuations in prices of raw materials suchas acrylic acid. Constant volatility in prices of raw materials is adverselyaffecting the roofing market. Bitumen or asphalt is the major raw material usedin the manufacture of bituminous roofing materials, which is the leadingproduct segment of the roofing market. Gasoline is a key raw material forbitumen. Demand for gasoline is still declining.
· This hasadversely affected the supply of bitumen and asphalt. Furthermore, high cost ofmanufacturing techniques such as the oxidation process have raised theproduction cost of bituminous roofing. Additionally, high prices of polymer andfiber cement are estimated to hamper the roofing market during the forecast period.
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Asia Pacific Dominates Global Roofing Market
· In termsof region, Asia Pacific accounted for major share of the global roofing marketin 2018. Countries such as India, China, Vietnam, andIndonesia are expected to provide lucrative opportunities to manufacturers ofroofing owing to the increase in disposable income, growth in population,expansion in construction industry, and rise in demand for residentialcomplexes and industrial warehouses.
· Demandfor retrofitting of residential complexes is significantly high in the U.S. andEurope. This is estimated to boost the roofing market in these regions duringthe forecast period. Middle East & Africa is expected to provide lucrativeopportunities to the roofing market during the forecast period due to therising investment in the construction sector, which consists of commercialestablishments, public infrastructure, and utilities, in the region.
· Increasein government expenditure on commercial and industrial projects typically inthe UAE and Qatar due to government efforts to reduce its reliance on oilrevenues is expected to drive the market in these countries. These factors aredriving the global roofing market.
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Fragmented Nature of Global RoofingMarket
· Theglobal roofing market is highly fragmented. Major players operating in theRoofing market are GAF Materials Corporation, CertainTeed Corporation, OwensCorning Corp., Braas Monier Building Group, and Carlisle CompaniesIncorporated.
· Marketplayers are developing new products to widen their consumer base. This islikely to intensify the competition in the global roofing market in the nextfew years.
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