Roofing Materials Market is Estimated To Witness High Growth Owing To Rising Construction Activities

The Roofing Materials Market is estimated to be valued at US$ 170.03 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Roofing materials provide protection from environmental effects such as extreme weather conditions, heat, rain, and sunlight. They protect the interior structures and inhabitants from external hazards. Some key roofing materials include asphalt shingles, clay tiles, concrete tiles, metal roofing, PVC roofing, and slate roofing.
The Roofing Materials Market is estimated to be valued at US$ 170.03 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends fueling growth of the roofing materials market is rising construction activities. According to the Global Construction 2030 report by Global Construction Perspectives and Oxford Economics, the volume of global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. This rapid growth in construction projects worldwide is generating significant demand for roofing materials. Furthermore, increasing use of advanced and eco-friendly roofing materials such as cool roof coatings, green roofs, and PVC roofing is also supplementing market growth. Cool roof coatings have high solar reflectance and thermal emittance which help reduce the roof temperature and thereby reduce the urban heat-island effect and building’s energy consumption.

Porter’s Analysis
Threat of new entrants: The roofing materials market requires high investments in setting up manufacturing plants and establishing distribution networks. This increases the entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power in the industry as there are numerous established players offering a variety of roofing materials. However, switching costs for buyers are relatively low.

Bargaining power of suppliers: A few major suppliers dominate the raw materials required for roofing such as asphalt, fibers, and cement. This gives them significant influence over industry participants.

Threat of new substitutes: The threat is moderate as alternate building materials such as tiles, glass, and metal sheets can be used for roofing in some application segments.

Competitive rivalry: Intense due to the presence of numerous global and regional vendors competing on product quality, pricing, and innovation.

SWOT Analysis

• Strengths: Established distribution networks, wide product portfolios, recognized brand names among major players.
  
  
• Weaknesses: Fluctuations in raw material prices impact margins, high research and promotion expenses to introduce new technologies and products.
  
  
• Opportunities: Rising construction activities worldwide, growing commercial and

industrial infrastructure, increasing demand for eco-friendly green roofs.

Threats: Stringent government regulations regarding material usage and disposal, availability of inexpensive substitutes in some regions.

Key Takeaways
The global roofing materials market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing residential and non-residential construction activities globally. The market size is projected to reach US$ 270 Bn by 2030 from US$ 170.03 Bn in 2023.

Regional analysis: North America dominates the global roofing materials market currently, owing to high construction spending in the US and Canada. Asia Pacific is anticipated to be the fastest growing region during the forecast period, with China, India, Japan, and Indonesia emerging as highly lucrative markets.

Key players operating in the roofing materials market are Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, Fletcher Building, Boral Roofing, Eagle Roofing Products, Johns Manville, CertainTeed, Crown Building Products LLC, TAMKO, Building Products, Inc, Atlas Roofing Corporation, GAF, Georgia-Pacific., Metal-Era LLC, MIDWEST ROOFING SUPPLY, IKO Industries Ltd, Paul Bauder GmbH Co. KG, Bravo Europa, Bilka, and Maxroof.