Developments in the construction industry, rapid urbanization, technological innovations, government funding for housing projects and increasing renovation activities are driving the growth of the global roofing market
PORTLAND, Ore., November 2, 2021 / PRNewswire / – Allied Market Research released a report titled Roofing Market by Roofing Material (Bitumen Roofing, Metal Roofing, Tiled Roof, and Others), Roof Type (Flat Roof and Pitched Roof), and Application (Residential, Commercial, and Industrial: Global Opportunity Analysis and Industry Forecast, 2021 –2030. “According to the report, the global roofing industry was valued at $ 102.4 billion in 2020 and is expected to arrive $ 156.0 billion by 2030 with a CAGR of 4.3% from 2021 to 2030.
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Drivers, Limitations and Opportunities –
Developments in the construction industry, rapid urbanization, technological innovations, government funding for housing projects and increasing roof renovation activities are driving the growth of the global roofing market. On the other hand, high installation costs of roof coverings inhibit growth to some extent. However, several government initiatives for energy efficient buildings are expected to create lucrative opportunities in the industry.
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The outbreak of the pandemic resulted in massive disruptions in the production and manufacture of roofing materials around the world, which had a negative impact on the global roofing market.
However, as the situation improves, the market is expected to get back on track soon.
The bitumen segment retains the lion’s share
On the basis of roofing materials, the bitumen segment had the largest share in 2020 and conquered more than half of the global roofing market. The same segment is also expected to report the fastest CAGR of 4.7% over the entire forecast period. Because bitumen roofs are extremely durable due to their high tensile strength.
The story goes on
The flat roof segment should dominate by 2030-
In terms of the type of roofing, the flat roof segment accounted for the lion’s share in 2020 with almost three quarters of the global roofing market. The same segment is also expected to have the fastest CAGR of 4.4% from 2021 to 2030. The increase in roofing activities in industrialized and developing countries is driving the growth in the segment.
Get a Detailed COVID-19 Impact Analysis on the Roofing Market:
Asia Pacific, followed by North America, held the largest share in 2020-
By regions, the market over Asia Pacific, followed by North America, dominated in 2020 and captured more than two fifths of the global roofing market. The same region is also expected to report the fastest CAGR of 4.6% over the entire forecast period. The increasing expenditures for the infrastructure expansion in industry, trade and health care are stimulating the roofing branch in Asia Pacific.
Key player in the industry
Atlas Roofing Corporation
EI Du Pont De Nemours, Inc.
Standard Industries Inc.
The chemical company Dow.
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