Roofing Market Outlook 2031
- The global roofing market was valued over US$ 190 Bn in 2020
- It is estimated to expand at a CAGR of 4.9% from 2021 to 2031
- The global roofing market is expected to reach the value of US$ 322 Bn by the end of 2031
Construction Sector Emerging Stronger after Coronavirus Pandemic
The roofing market is adversely affected by the rapid spread of coronavirus. Many companies have temporarily shuttered their business activities due to prolonged lockdown and rapidly spreading coronavirus across the globe. Disrupted supply chain, fluctuating raw materials prices, unavailability of labors, and halted construction activities across the globe have negatively affected the global roofing market. Even though there has been a huge impact on the construction sector and on the roofing market, manufacturers are focusing on the development of innovative products to attract consumers. The booming construction sector is a major growth driver for the roofing market. The strong presence of manufacturers operating in roofing market globally is contributing to the market growth amid the coronavirus pandemic.
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Residential, Commercial, and Non-commercial Construction Activities Boost Market Growth
Rising infrastructure development activities due to rapidly increasing global population is responsible for the expansion of the roofing market. The global roofing market is majorly driven by rapid urbanization in developing countries, increasing building & construction activities across the world, and technological advancements in roofing materials. Increase in uptake of various projects in the buildings & construction industry in developed as well as developing countries is anticipated to boost the roofing market. Roofing materials such as bitumen, ceramic coated granules, clay, sand, fiberglass, concrete, and polycarbonate are popularly used in the construction of residential and commercial buildings such as schools, hotels, offices, etc.
Roofing offers protection from rain, heat, and other atmospheric conditions.
Industrialization and Booming Construction Sector Create Lucrative Opportunities
Growing industrial activities, along with rapid urbanization is contributing to the global roofing market growth during the forecast period. There is an increasing presence of manufacturing companies operating in India and China in the roofing market. Roofing materials are an important component of construction. Roofing provides protection against natural elements such as rain. The increase in usage of roofing in the construction industry is a key factor expected to boost the global roofing market during the forecast period.
Rise in disposable income of consumers and expansion of residential & commercial construction sector are factors contributing to the growth of the global roofing market. The global roofing market is driven by the steady growth of the construction industry in developing regions. Increase in the number of commercial construction projects and infrastructure development projects is also driving the global roofing market. Market Players in the roofing market are focusing on research & development, mergers, joint ventures, collaborations, and product innovation strategies to gain revenue benefits in the global market. Thus, the market is expected to expand considerably over the next couple of years.
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Asia Pacific Roofing Market Offers Value-grab Opportunities
The increasing construction activities in Asia Pacific is a major factor contributing to the expansion of the market. Increasing population, industrialization, and rising construction activities in the region are driving the roofing market, thus creating potential growth opportunities for manufacturers operating in the market. There is a lucrative presence of manufacturers operating in the roofing market in Asia Pacific. The roofing market is driven by rising residential, commercial, and non-commercial construction projects and infrastructure development activities in countries such as the UAE, Saudi Arabia, Qatar, and Kuwait. There are lucrative opportunities for manufacturers operating in developing countries such as India and China. Manufacturers in the roofing market are gaining lucrative benefits by meeting the increasing demand from the booming building & construction industry.
Industrial growth in North America and Europe, along with renovation activities is likely to drive the market. Increasing awareness about energy conservation, technologically advanced, and environment-friendly roofing materials is positively contributing to the market expansion in North America.
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