Roofing tiles are referred to all those construction materials which are usually deployed in the roof of the houses to keep out rain. Traditionally, roofing tiles were made from locally available materials, for instance, terracotta or slate among others. With advancements in roofing tiles materials, materials such as concrete, plastics and others are also used in the manufacturing of roofing tiles. Roofing tiles are usually hung from the framework of a roof in parallel rows, with each row overlapping the row below it, and are fixed with nails.
The global roofing tiles market is thriving on the back of growing construction activities across the globe along with the rising real estate industry. Additionally, several affordable housing activities supported by the governments of various nations, for instance, Pradhan Mantri Awas Yojana (PMAY) in India, National Housing and Homelessness Agreement (NHHA) in Australia, Social Housing Services Corporation (SHSC) in Ontorio, Canada, and others, are contributing towards the growth of the real estate industry, which is anticipated to raise the demand for roofing tiles in buildings. All of these factors together are expected to drive the growth of the global roofing tiles market.
The market is anticipated to record a CAGR of around 4.57% throughout the forecast period, i.e. 2019-2027. The global roofing tiles market is segmented by end user into residential and non-residential, out of which, residential segment is anticipated to hold the largest market share on the back of expansion of middle-class housing segment, greater application of roofing tiles for heat treatment in residential houses, as well as government’s focus on aided residential housing facilities. Additionally, increasing urbanization, on the back of gradual shift in residence of the human population from rural to urban areas across nations around the globe is also anticipated to bolster the growth of the segment in the global roofing tiles market. According to a publication of the United Nations, it is projected that by the year 2050, India will contribute to 416 million urban dwellers, whereas China is expected to contribute 255 million. CLICK TO DOWNLOAD SAMPLE REPORT
There is a rising need amongst homeowners and renters for remodeling, redesigning and restructuring of their homes on the back of growing concerns over potential health impacts of unhealthy housing. Roof replacements and repairing of roofs are the two key focus areas which is expected to foresee rapid developments. Such a factor is anticipated to drive the growth of the global roofing tiles market. According to National Association of REALTORS®, which is the largest trade association of America and involved in all aspects of the residential and commercial real estate industries, stated that Americans spend around USD 400 billion annually on remodeling their homes. Additionally, 55% of owners in suburban areas and 52% of owners in urban areas say that they would be willing to remodel their home. Moreover, the report also stated that the two major reasons for doing a new roofing project was for the upgradation of worn-out surfaces, finishes and materials, and for the reason that the owners felt it was time for a change.
Growing environmental concerns worldwide to reduce carbon, water, energy and waste is raising the need for the practice of creating civil structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life cycle. Owing to such a factor, the concept of green buildings is on a rising trend, which implies the balance between the various aspects of the built environment, consumption of resources and the environmental effects. Moreover, mandatory regulations imposed by various regulatory authorities to encourage the use of sustainable building materials, are some of the factors expected to propel the demand for global roofing tiles market.
The presence of an unorganized sector for roof tiles is anticipated to play a key role in the competitive pricing of the roofing tiles products. Additionally, high cost of raw materials, which increases the end product cost is further anticipated to act as a barrier to the growth of the global roofing tiles market.
Our in-depth analysis of the global roofing tiles market includes the following segments:
On the basis of regional analysis, the global roofing tiles market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to hold largest market share on the back of growing investments in the residential and commercial construction in nations such as China, India, Philippines, Vietnam and others. Additionally, favorable government policies for affordable housing in the region is also anticipated to bolster the growth of the market during the forecast period. According to India Brand Equity Foundation (IBEF), Securities and Exchange Board of India (SEBI) have given its approval for the Real Estate Investment Trust (REIT) platform which is anticipated to create an opportunity worth USD 19.65 billion in the Indian market over the years.
The global roofing tiles market is further classified on the basis of region as follows:
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