Research Nester recently published report titled “Roofing Material Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global roofing material market in terms of market segmentation by product type, by end user, and by region.
Based on product type, the global roofing material market is segmented into asphalt shingles, clay tile & concrete, metal, slate, wood shingles & shake, and others; by end user into residential and non-residential.
The global roofing material market is anticipated to record a CAGR of approximately 4% over the forecast period i.e. 2019-2027.
On account of rapid industrialization and urbanization, which has led to increased construction activities is likely to result in the considerable growth of roofing materials over the forecast period. Additionally, gradual shift towards construction of energy-efficient buildings and roofs along with the incr easing requirements for re-roofing from the urban sector is projected to foster the growth of the market. Furthermore, government regulations regarding increased utilization of sustainable roofing material on account of its physical properties in prevention of harmful negative ecological impacts is also estimated to drive the growth of the market.
On the basis of region, the global roofing material market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in the Asia Pacific is expected to show significant growth over the forecast period on the account of rapid growth of the construction industry in the region, particularly in emerging economies such as, China, India, South Korea, Australia, Thailand, Malaysia and. China is the leading player in the Asia Pacific region on account of developments in the construction industry in the recent years, facilitating its economic development and urbanization.
The market in North America is anticipated to show moderately high growth owing to increasing construction activities demand from the residential sector. This can be attributed to population growth, increase in household formation, strong economic conditions and low mortgage rate.
Rapid Growth in the Construction Activities Globally
The increase in the construction activities globally that can be attributed to the significant demographic shift. The United Nations (UN) estimates that in the last three decades, around one billion people have been uplifted from the poverty. This has majorly fostered construction activities around the globe to provide the people with higher living standards.
Furthermore, advancement in technology to improve the weatherability, durability, installation, and aesthetics is also anticipated to drive the growth of the market.
However, high cost of installation and lack of skillful manpower required for installation are expected to operate as a key restraint to the growth of the global roofing material market over the forecast period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global roofing material market which includes company profiling of TAMKO Building Products, CertainTeed, Etex, GAF, Saint Gobain SA, Owens Corning, IcoPal ApS, Sika AG, Fletcher Building, Johns Manville and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global roofing material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.