Roofing Materials are basically employed as construction materials. Various kinds of roofing materials are available in the global roofing market such as roof tiles, metals, and bituminous. These type of roofing products are manufactured through various different processes. Roofing products comprise the outermost layer of the structure or building. The outermost layer of the building roof exhibits high nonconformity in terms of property totally depending on the type and availability of the material supporting the structure.
The raw materials that are used in the production of roofing materials to commercially available products to natural materials such as plastic sheeting, tiles, slates, and thatches among others. These roofing materials can be put over an underlayment, a secondary water-resistant material. These products are known for primarily providing shelter from several natural elements. The materials from which roofing materials are produced are clay, cement, metal, and bitumen. The applications of roofing materials include public outlets, educational institutes, hotels, offices, and buildings.
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The primary driver of the global roofing market is the growing construction industry, mainly in developing countries. However, the growth of the market is likely to be inhibited by the high cost of production of roofing materials and skyrocketing costs of installation of roofing systems. The players can nevertheless expect opportunities from the in the technology in roofing materials such as photovoltaic roofing systems.
The global roofing market is expected to register a 6.4% CAGR from 2016 to 2024. The market was worth US$71.23 bn in 2015 and is likely to rise to a valuation of US$124.50 bn by the end of 2024.
Bituminous Roofing to Emerge as Leading Product Segment
In 2015, with a share of 45%, bituminous roofing emerged as the leading segment in terms of product in the global roofing market. It is commonly known as asphalt roofing and is widely employed in developed countries such as Canada and the U.S. Bituminous roofing is easy to install and is relatively feasible. It can last for a period of 20 years to 40 years and is also available in several different textures and colors. The segment of bituminous roofing is also projected to exhibit strong growth over the coming years with a CAGR of over 4%. The growth of this segment is highly attributed to the growing construction industry and a significant rise in the construction of hospitals, institutions, and amusement parks owing to robust urbanization.
Asia Pacific to Provide Lucrative Growth Opportunities
In 2015, Asia Pacific emerged as the leading region in the global roofing market. The growth of the market in this region is generally ascribed to the expanding construction industry due to an extensive rise in commercial, non-residential, and residential construction activities.
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Based on volume, Asia Pacific accounted for over 40% of the overall share in the global roofing market in 2015. It has also been estimated to be the leading region in terms of growth rate as well during the forecast period. The growth of the region is also largely due to the building of hotels, office spaces, commercial buildings, educational institutions, and medical centers among others in Japan, India, and China. The market in the Middle East and Africa region is also expected to expand at a significant rate. As the Europe market is already mature, it is expected to witness steady yet average growth.
The leading companies in the global roofing market are Carlisle, TAMKO Building Products Inc., Firestone Building Products Company, Owens Corning, IKO Industries Ltd., Johns Manville, GAF, Braas Monier Building Group Services S.A., CertainTeed Corporation, Duro-Last Roofing, Inc., and Atlas Roofing Corporation.
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