The global roofing material market size is anticipated to reach USD 147.1 billion in 2024. It is estimated to rise at a CAGR of 4.6% during the forecast period and is projected to reach a value of USD 231.1 billion by 2034. The industry is predicted to expand by 1.6x through the forecast period.
The roofing material market is anticipated to develop significantly over the assessment period. This growth is set to be driven by increased construction activities and rising demand for energy-efficient roofing solutions across the globe.
Cutting-edge composite materials, procedures with an environmental impact, and increased coating durability are redefining the picture of the market. Increasing durability and resilience in construction rules along with stringent targeted regulations are likely to encourage the use of high-performance roofing materials.
| Attributes | Description |
|---|---|
| Estimated Global Roofing Material Market Size (2024E) | USD 147.1 billion |
| Projected Global Roofing Material Market Value (2034F) | USD 231.1 billion |
| Value-based CAGR (2024 to 2034) | 4.6% |
Sustainability has gained primary focus in all industries. Consumers are therefore seeking environmentally friendly options in roofing materials. This emphasis has resulted in the integration of green roofing technologies in solar panels and recycled materials on cool roofs. This also assists in addressing environmental concerns and energy efficiency requirements.
Innovations in technology have transformed the industry. The introduction of durable and weather-resistant materials, such as composite shingles is an excellent breakthrough providing not just quality but also cost-effectiveness. The industry is experiencing a rising trend toward integrating smart technology in roof systems, such as leak detection sensors and energy monitoring, to boost productivity and efficiency.
Increased construction activity in residential and commercial areas has propelled the consistent expansion of the global roofing material market. The demand for wood roofing is projected to rise as companies and towns across the globe add to their infrastructure.
Rising maintenance and repair services assist in the expansion of the industry. Asphalt shingles have conventionally been the widely used roofing material owing to their high cost-effectiveness, durability, and ease of installation.
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The table below exhibits the anticipated CAGR for the global roofing material industry over semi-annual periods ranging from 2023 to 2024. The analysis offers organizations a better understanding of the growth over the year by revealing crucial shifts in performance and growth patterns. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.
The numbers presented in the table showcase the growth rate for each half between 2023 and 2024. The market was anticipated to surge at a CAGR of 4.1% in the first half (H1) of 2023. The second half of the same year presents a significant surge in the growth rate at a CAGR of 4.8%.
| Particular | Value CAGR |
|---|---|
| H1 | 4.1% (2023 to 2033) |
| H2 | 4.8% (2023 to 2033) |
| H1 | 4.2% (2024 to 2034) |
| H2 | 5% (2024 to 2034) |
Moving in the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to substantially decrease to 4.2% in the first half (H1) and then exhibit a significant spike to 5% in the second half (H2).
Rising Preference for Eco-roofs Amid Shift toward Sustainability is a Key Trend
Green roofing practices, such as plant roofs are a prominent contributor to the rising sales of roofing materials. A cool roof uses insulation to reduce heat absorption, decrease cooling costs, and lessen the urban heat island effect.
The products are typically made of circular materials to reflect sunlight and UV rays. They are especially popular in hot climates because of their energy savings, thereby expanding their sales in tropical and equatorial regions.
Green roofs include vegetation or life cover, another characteristic of a permanent roof. These systems incorporate vegetation such as grass, shrubs, or trees into the roof system. Green roofs have advantages, including natural insulation, stormwater management, and improved ventilation. These rooftops are environmentally friendly, give an aesthetic look, and even contribute to urban ecosystems.
Tech-driven Roofing Solutions are Revolutionizing the Industry
Smart roof systems, including sensors, automation, and remote sensing capabilities enable building owners and facility managers to monitor roof conditions, detect problems early on, and increase energy efficiency. Smart roofing technologies also enhance predictive maintenance, save maintenance costs, and extend roof life, adding to their appeal.
The integration of the Internet of Things (IoT) is another factor that plays a crucial role in roof technology for roof monitoring systems, including heating and humidity. Systems integrated with these technologies can provide real-time information that helps building owners make informed decisions and proactively address potential roofing problems.
Coating technology has advanced over the years. For instance, cool roof coatings reflect UV rays and reduce thermal absorption, extending the life of the underlying roof materials. These coatings increase energy efficiency and reduce the decaying of the roof due to UV exposure.
Rising Demand for Resilient and Durable Roofing Solutions Pushes Sales
Growing demand for flexible and durable roofing solutions is another key driver in the roofing material market. Building owners, architects, and contractors use roofing systems that offer exceptional longevity, strength, and environmental pressures to reduce maintenance costs, extend the life of the roofing system, and ensure the protection and integrity of buildings.
Prominent manufacturers in the industry are leading the way in this evolving landscape by developing novel roofing solutions. Companies such as Owens Corning, CertainTeed Corporation, and GAF Materials Corp. are pioneers in the creation of adaptable and sustainable roofing systems that satisfy the needs of modern consumers. These companies invest in research and development activities to create products that give exceptional performance while keeping ecologically friendly roofing solutions.
Costs and Budget Likely to Impact the Selection of Roofing Materials and Systems
The primary impediment in this market is the upfront expense of a flexible and robust roofing system. While these programs provide long-term benefits, the hefty initial expenditures can discourage a few property owners, particularly for off-budget projects. It can be difficult to strike a balance between initial investment and long-term goals.
Maintenance and its total costs are also a constraint in the roofing material market. It can be tough for business owners and managers to plan for routine maintenance and unforeseen repairs. However, irregular maintenance might result in early roof failure and increased costs in the long run.
The varying cost of roofing materials also has an impact on the roofing market. Prices for materials such as asphalt, steel, and wood vary due to supply and demand. These fluctuations in costs can affect the affordability and choice of roofing material for projects.
Principal Consultant
The global roofing material industry experienced a CAGR of 2% in the historical period ranging between 2019 and 2023. It attained a value of USD 141.2 billion by 2023.
The global roofing material market experienced slow growth during the historical period. Trade volumes for these products decreased in terms of supply, primarily due to geopolitical disputes, trade conflicts, and economic concerns.
The industry faced uncertainties owing to the impact of the COVID-19 pandemic. Declining deposits, price volatility, and regulatory challenges hampered the expansion of the roofing material market during the historical period.
The industry is anticipated to reach a value of USD 147.1 billion by 2024 and is further set to grow at a CAGR of 4.6% through 2034. The overall market is projected to reach a size of USD 231.1 billion by 2034.
The global outlook for the roofing material market appears promising. The rapidly increasing global trade activity, developing infrastructure, and growing exports are augmenting demand. The industry is projected to experience a growing focus on aesthetics.
Consumers are estimated to seek interesting ways to support construction and make it attention-grabbing. Environmental concerns and technological innovations are anticipated to reshape the industry toward robust and flexible roofing solutions.
Tier 1 consists of organizations with a revenue above USD 30 million. They capture a significant share ranging between 10% and 15% in the global market. These businesses are characterized by high production capacity and an extensive product portfolio.
They are often distinguished by their expertise in manufacturing and a broad geographical reach, underpinned by a robust consumer base. These companies provide a wide array of services and utilize the latest technology to provide premium quality products and uphold regulatory standards. Key industry players in Tier 1 include Owens Corning Inc., Carlisle Companies Inc., Mapei SpA, and ETEX.
Tier 2 comprises a massive portion of medium to small-scale enterprises operating at the local level. These companies serve niche markets and are oriented toward fulfilling the local demands of the industry. These organizations may not have unique technologies like companies in Tier 1 but have access to good technology and ensure regulatory compliance.
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The section offers organizations with an overview of the industry. It comprises of a detailed examination of the emerging trends and opportunities on a country-by-country basis. This country-specific analysis of the dynamics is estimated to assist businesses in understanding the complex nature of the sector.
The analysis consists of key factors, potential challenges, and forecasts impacting the demand, production, and consumption of the product within each country. This section aims to help companies make informed decisions and develop effective strategies tailored to individual countries.
Chile is anticipated to emerge as a dominating country during the forecast period with an expected CAGR of 7.6%. ASEAN and India are projected to follow closely behind Chile to become the key countries with estimated CAGRs of 5.4% and 4.7%, respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| Chile | 7.6% |
| ASEAN | 5.4% |
| India | 4.7% |
| United States | 3.4% |
| China | 3.1% |
The United States roofing material market size is anticipated to reach USD 29 billion by 2034. Demand for roofing materials in the country is set to rise at a CAGR of 3.4% over the assessment period.
As modern consumers become aware and concerned regarding climate change, sustainable and energy-efficient roofing solutions are set to have a surging demand. This trend is compelling manufacturers to create innovative products like solar panels and cool roof solutions that reduce energy consumption and environmental impact.
The increasing frequency of extreme weather events, such as hurricanes and wildfires creates a need for flexible roofing materials that can withstand harsh conditions. This trend encourages investments in long-lasting and impact-resistant roofing materials to address weather-related issues, providing adaptability.
China’s roofing material market is expected to be worth USD 30 billion by 2034. Demand for these materials is set to rise at a CAGR of 3.1% through 2034. This growth is attributed to the surging demand for high-quality roofing materials that are durable, environmentally friendly, and long-lasting.
Steel building roofs, with their high strength and flexibility, are ideal for meeting these requirements. They are therefore widely used in residential, commercial, and industrial construction projects.
Metal roofing is gaining popularity in China owing to the rising emphasis on environmental and energy-efficient construction practices. These roofs are highly reflective, thereby reducing heat absorption and cooling expenses, making them an appealing alternative for consumers and energy-conscious organizations.
Consumers are also showcasing rising preferences for steel frames as they are frequently produced from recycled materials. Roofing materials are entirely recyclable at the end of their lifespan if they align with the environment's mitigation objectives, thereby raising their demand among the eco-conscious population of the country.
The government of India is increasingly focusing on infrastructure development, affordable housing, and smart city programs. This focus continues to stimulate demand for roofing materials and services.
Policies and incentives have been put in place to increase construction efficiency and quality while promoting sustainable construction practices. The Atal Mission for Rejuvenation and Urban Transformation (AMRUT) has facilitated the creation of affordable housing and urban infrastructure in the country.
Increasing awareness regarding environmental sustainability coupled with the rising demand for energy efficiency is anticipated to drive the utility of novel roofing materials in the country. There is a growing emphasis on integrating green buildings with renewable energy. This is also augmenting the demand for sustainable roofs that include solar panels and cool roofs.
The section offers organizations with insightful data and analysis of the two leading segments. Segmentation of these categories helps companies understand the dynamics of the market and invest in the beneficial zones.
Analysis of the growth assists organizations gain a thorough understanding of the trends, opportunities, and challenges. This examination is anticipated to help organizations navigate the complex business environment and make informed decisions.
Metal roofing is anticipated to dominate in terms of product type with a value CAGR of 5.5% during the forecast period ranging from 2024 to 2034. In terms of end-use, the residential category is estimated to lead with a value CAGR of 4.4% during the assessment period.
| Segment | Metal Roofing (Product Type) |
|---|---|
| Value CAGR (2024 to 2034) | 5.5% |
The metal roofing segment is likely to surge at a CAGR of 5.5% during the assessment period to reach a size of USD 15.3 billion by 2034. Metal roofing is gaining traction in the global roofing material industry owing to its durability, energy efficiency, and environmental friendliness. Its high weather resistance feature is especially desirable in countries facing frequent extreme weather conditions.
Innovations in metal roofing technology add to its aesthetic appeal, offering a variety of styles and colors to suit architectural designs. Growth in concerns regarding steel sustainability is likely to make recyclable metals and reflective materials more appealing. All of these factors combined to position the metal roofing segment as a key driving force for growth in the global roofing material market.
| Segment | Residential (End-use) |
|---|---|
| Value CAGR (2024 to 2034) | 4.4% |
The residential segment is projected to rise at a CAGR of 4.4% during the forecast period. The dominance of this segment is critical for the growth of the global roofing industry. Rising urbanization coupled with population growth is progressively driving demand for residential housing, especially in emerging economies.
Increased awareness regarding energy efficiency and environmental sustainability is pushing the transition to roofs that are environmentally friendly and updated with the latest technologies. This is further creating opportunities as homeowners seek to drive up property values to meet the rising energy costs and residential facility needs for renovation.
Key players in the industry include Owens Corning Inc., Johns Manville Corporation, GAF Materials Corporation, CertainTeed, Mapei SpA, and Braas Monier Building Group. The market is projected to witness moderate growth characterized by innovations owing to the presence of cool roofing, impact-resistant shingles, and solar roofing.
Rising demand for metal roofing is prompting manufacturers to adopt new technologies that result in the development of versatile, weather-resistant, and architecturally superior solutions.The industry is subject to various standards and compliances. Governments across the globe are taking initiatives to develop green buildings, encouraging house owners to carry out roof replacements.
Innovations in technology are transforming the industry. The introduction of durable and water-resistant materials along with the integration of smart technologies in roof systems is projected to increase the productivity, efficiency, and popularity of these solutions.
Market integration via mergers and acquisitions is transforming the competitive landscape. Key players are extending their businesses and global presence to capitalize on new opportunities and gain economies of scale.
Industry Updates
In terms of product type, the industry is segregated into asphalt shingles, concrete tiles, clay tiles, synthetic tiles, metal roofing, membrane roofing, green roofs, and others.
Residential and non-residential are the two end-users. The residential segment is further classified into new construction and renovation. The non-residential category is bifurcated into new construction and renovation.
Information about several countries in North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa is provided.
The market is projected to reach USD 147.1 billion in 2024.
It is anticipated to reach USD 231.1 billion by 2034.
Asphalt shingles, concrete tile, clay tiles, synthetic tiles, and metal roofing are the main types.
Owens Corning Inc., Johns Manville Corporation, Mapei SpA, and Braas Monier Building Group are the key players.
It will likely surge at a CAGR of 4.6% from 2024 to 2034.
Metal roofing, grass/green roofing, and composite Spanish barrel tiles are the latest types.
Chile is estimated to dominate with a CAGR of 7.6% during the assessment period.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Product Type
6.2. End Use
7. Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
7.1. Asphalt Shingles
7.2. Concrete Tile
7.3. Clay Tiles
7.4. Synthetic Tile
7.5. Metal Roofing
7.6. Membrane Roofing
7.7. Green Roof
7.8. Others
8. Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use
8.1. Residential
8.1.1. New Construction
8.1.2. Renovation
8.2. Non-Residential
8.3. New Construction
8.4. Renovation
9. Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
9.1. North America
9.2. Latin America
9.3. Western Europe
9.4. South Asia
9.5. East Asia
9.6. Eastern Europe
9.7. Middle East & Africa
10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Sales Forecast 2024 to 2034 by Product Type and End Use for 30 Countries
18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
19. Company Profile
19.1. Owens Corning Inc
19.2. Johns Manville Corporation
19.3. GAF Materials Corporation
19.4. CertainTeed
19.5. Mapei SpA
19.6. Braas Monier Building Group
19.7. Atlas Roofing Corporation
19.8. ETEX
19.9. Carlisle Companies Inc.
19.10. IKO Industries Inc.
19.11. TAMKO Building Products
19.12. Alumasc Group PLC
19.13. DECRA Roofing Systems Inc.
19.14. Bauder Ltd.
19.15. Worthouse
19.16. Carlisle Companies Inc.
19.17. ETEX
19.18. Crown Building Products LLC
19.19. Boral Roofing
Chemicals & Materials
October 2022
REP-GB-15743
250 pages
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Roofing Material Market
