Roofing Market

Roofing Market Outlook (2023 to 2033)

Global demand for roofing materials is expected to increase at a CAGR of 5.5% from 2023 to 2033. The global roofing market is valued at US$ 82.2 billion in 2023 and is this expected to reach US$ 140.4 billion by the end of 2033.

A roof or roofing is the process of covering the upper part of any building. Roofing materials are used to create or repair the topmost layers of a building's roof. A building's roof, which provides protection mostly from external environmental effects, is an essential component of construction.

Depending on the material that is available and how sophisticated the supporting structure is, a roof's outer layer can differ. Roofing materials range from naturally occurring items such as slates and thatches to manufactured items including plastic roofs, bituminous tiles, and others. The growth of the roofing market is expected to be fueled by increasing investments in the construction and remodelling of commercial and residential buildings.

Asphalt shingles, metal, elastomeric, roofing tiles, modified bitumen roofing, and plastic are some of the roofing products. Sales of metal roofing materials are expected to increase at a CAGR of 6.5% during the next 10 years. To meet the surface structures of various types of buildings, metal roofs can be formed into any desired shape, such as shingles or slates.

Aluminum, stainless steel, copper, and zinc are some of the materials that make up metal roofs. They come in two forms: panels and shingles. A properly installed metal roof can shed snow easily, keep out severe winds, seal off the water, and endure as long as the building. Also, over the forecast period, metal roofs' low lifecycle costs, lighter weight, and fire resistance quality are expected to boost sales growth.

Demand for asphalt shingles is expected to rise at a CAGR of 5.5% during the projected period. This can be attributed to their cost-effectiveness and easy installation procedure. Several technological advancements made to reduce production costs and waste, along with rapid industrialization, are increasing the sales of roofing services.

Report Attributes	Details
Market Size (2023E)	US$ 82.2 Billion
Forecasted Market Value (2033F)	US$ 140.4 Billion
Global Market Growth Rate (2023 to 2033)	5.5% CAGR
China Market Growth Rate (2023 to 2033)	7% CAGR
Japan Market Growth Rate (2023 to 2033)	4% CAGR
Germany Market Growth Rate (2023 to 2033)	5% CAGR
Canada Market Growth Rate (2023 to 2033)	4.5% CAGR
Key Companies Profiled	Carlisle Companies, Inc. Atlas Roofing Corporation American Hydrotech, Inc. Axter Ltd. ARTWOOD SRL Alton Industrial Pty Limited Arkistruct Pty Ltd Blachotrapez Architectural Panels Pty Ltd Asc Profiles, Inc. Bilka Steel SRL Alliance Design and Development Group, Inc. Agway Metals Inc. Boato International S.P.A. Con Socio Unico Aluform System GmbH & Company KG

Which Aspects are Generating Growth Opportunities in the Roofing Market?

“Widespread Use of Bituminous Shingles for Residential Roofing Purposes”

One of the most popular and reasonably priced roofing materials is bituminous. Shingles and plates are utilised in bituminous. Bituminous shingles are not only a more affordable option for roofing, but they also offer better security. Bituminous shingles are widely used for residential roofing.

It is simple to discover an option to enhance the aesthetic appeal of the building because they are offered in such a wide variety of colours and designs. The bituminous shingles are covered with asphalt, and then with colourful mineral granules, which help to protect them from the weather.

Depending on the local climate and their maintenance, bituminous shingle roofing typically lasts between 25 and 30 years and is available in various thicknesses or grades. Bituminous is a tough building material that can adapt to any environmental situation and survive even the toughest weather conditions without easily succumbing to wear and tear. Bituminous shingles may endure powerful winds.

Despite this, there are various wind resistance ratings, ranging from the lowest (Class D) to the greatest (Class H). With correct installation and support from fasteners and bonds, bituminous shingles can achieve the Class H grade, which withstands winds of up to 150 mph. Bituminous shingles reflect solar heat rather than absorbing it. As a result, without a heating and cooling system, the building will be substantially cooler.

“Advancing Construction Industry across the World”

The rapidly developing construction sector is expected to boost demand for advanced roofing technologies in the coming 10 years. In addition to offering safety, the roof also contributes to the building's visual beauty. A roof structure is made up of many materials joined together to offer weather-proof protection for structures. Roofs not only keep buildings dry but also shield them from the sun, rain, snow, and other environmental factors.

Roofing materials vary depending on the shape, location, and environment of the roof as well as whether they are utilised for residential or commercial purposes. Due to their affordability and long lifespan for residential applications, bituminous roofing is widely used. In a commercial building, where flat roofs are more typical, metal roofing, and built-up roofs are commonly employed.

Which Factors are Restraining Market Growth to Some Extent?

“High Cost of Roofing Solutions”

The cost of resurfacing a worn-out roof is significant, both in terms of labour and money as well as electricity. Product quality may be impacted by climatic circumstances. Some of the materials are easily destroyed by extended freeze-thaw cycles and high temperatures and ultraviolet rays from sunlight.

Bituminous shingles might get weakened if constructed under subfreezing conditions. They are prone to wind lifting and can break easily depending on the weather condition. Metal roofing often has a higher initial cost than other types of roofing.

While being extremely resilient, slate, concrete, and clay tiles can be damaged by severe forces such as pressure or falling tree branches. When needed, repairs might be expensive. It is important to consider the maintenance requirements and longevity of roofing materials.

It requires a lot of maintenance to maintain shakes and shingles made of untreated wood. While making roofing materials, it is essential to consider the use of electricity, natural resources, and the toxicity of any emissions. Thus, high repair costs may hamper sales growth.

Country-wise Analysis

How is Demand for Roofing Solutions Progressing in Germany?

“German Government Focusing on Better Housing Plans”

The German economy is the fifth-largest in the world and the biggest in Europe. Over the next 10 years, demand for roofing tiles is projected to rise in tandem with the development of the nation's construction sector.

• According to the Federal Statistics Office (Destatis), the construction of 29,597 homes in Germany was approved in October 2021. When compared to the same time the year before, building permits increased by 4.2% from January to October 2021.
• Also, as of December 2021, the third quarter of 2021 had a 9.1% rise in turnover in building completion work compared to the third quarter of the previous year.

The country's housing issue is a major area of concern for the new Social Democratic government in Germany. To oversee its housing plans, the government is establishing a brand-new ministry. From 2022 on, the government promises to build more than 400,000 new homes annually, 100,000 of which are going to be financed by the government. The use of roofing systems in residential construction is anticipated to increase as a result.

During the projection period, Germany's commercial construction industry is anticipated to experience strong growth opportunities, which may further boost sales of commercial roofing products. Demand for roofing materials is expected to increase at a CAGR of 5% during the forecast period.

• According to Statistisches Bundesamt, the total revenue of the German building construction sector climbed by EUR 45.88 billion from 2017 to 2021, totalling EUR 98.98 billion. Around 41% of the income in 2021 came from commercial building construction, compared to 32% from the public and road sectors. The largest growth of any category was seen in residential structures, growing by EUR 16.53 billion.

Why are Sales of Roofing Materials Increasing Substantially in India & China?

“Rapidly Increasing Residential Construction Sector”

It is anticipated that the Asia Pacific region will experience a rise in the demand for residential and infrastructure buildings due to the growing rate of population in major countries such as India and China and the quick urbanization of emerging economies.

• According to China’s Ministry of Finance, China's infrastructure spending increased annually between January and July 2022 by 7.4%, and the country's central government is considering enabling local governments to sell off about US$ 220 billion of the 2023 special bond quota to raise money for infrastructure development.
• According to Invest India, India's infrastructure investment budget for the year 2019 to 2025, under the National Infrastructure Pipeline (NIP) is US$ 1.4 trillion, of which 16% is designated for urban infrastructure. On the other side, it is anticipated that from 2019 to 2025, demand for real estate will rise across major metro cities by 15 to 18 million square feet.

As such, sales of roofing technologies in the Asia Pacific region are expected to rise rapidly during the forecast period.

Which Market Trends are Supporting Roofing Product Sales in the United States?

“Growing Demand for Green Roofing Solutions”

Increasing infrastructural repair programs in the industrial sector of the United States are supporting sales of roofing materials. Rapid urbanization and technological advancements are the main drivers boosting the roofing market growth in the United States.

Demand for environment-friendly roofing materials is expanding as a result of technological advancements such as green roofing, sustainable roofing materials, greater roof life and safety, improved air quality, decreased noise and air conditioning costs, and drones for roof inspections.

Particularly for the construction of green buildings in industrialized countries such as the United States, green roofs are in high demand. The use of cutting-edge technologies to improve house looks is anticipated to drive sales of eco-friendly roofing materials. The roofing need is anticipated to increase in the coming 10 years as the rate of non-residential constructions, such as schools, hospitals, hotels, and industrial buildings are developing swiftly in the country.

Category-wise Analysis

Why is the Residential Construction Sector the Prime User of Roofing Solutions?

“Increasing Rate of Population Worldwide”

Sales of residential roofing materials are expected to soar during the projected period as a result of factors such as the growing worldwide population and people’s growing preference for single-family homes.

Asphalt shingles are employed in residential applications by homeowners because they are easier to install and require less upkeep than metal and concrete. They can give roofing structures a wooden, cedar, or slate-like look and come in various colours and textures, improving their aesthetic value. Dark-colored roofing materials, stone-coated steel roofing materials, and fire-resistant roofing materials are some of the material types used in roofing.

Competitive Landscape

Carlisle Companies, Inc., Atlas Roofing Corporation, American Hydrotech, Inc., and Axter Ltd. are some of the key players in the roofing market. Sales of roofing solutions are expanding as a result of the growing demand for precise and dependable roofing solutions.

Leading companies in the roofing materials market are focusing on offering efficient, cutting-edge, rigid, and long-lasting roofing materials. To maintain product quality under control, a significant number of manufacturers of roofing products are concentrating on backward integration.

• In February 2022 to increase the efficiency of the roof, Johns Manville, a Berkshire Hathaway firm, introduced two new solutions for bituminous roofing systems.
• Carlisle Companies Incorporated purchased MBTechnology, Inc. in February 2022. This acquisition will increase the capacity for roofing underlayment and broaden CWT's selection of modified bitumen roofing options.

Fact.MR, a market research and competitive intelligence provider, reveals key marketing tactics in its recent report on the roofing industry.

Key Segments Covered in Roofing Industry Research

• By Product :

  • Asphalt Shingles
  • Metal
  • Elastomeric
  • Roofing Tiles
  • Modified Bitumen
  • Plastic

• By Roofing Type :

  • Flat Roofs
  • Slope Roofs

• By Application :

  • Residential
  • Commercial
  • Industrial

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA