As stated in our extensive report; the Global Roofing Materials Market accounted forUSD 114.1 Billionin 2021.
Increasing expenditure for renovation and redevelopment of residential and commercial buildings in the construction industry is expanding the global roofing materials market as the demand for this roofing material is increasing. In addition, urbanization is increasing in every region; rapidly growing urbanization is expected to increase the demand for roofing materials and grow its market value.
The construction of residential buildings is segmented to grow the global roofing materials market in the forecasted period. Residential areas are expanding continuously as the number of constructions of residential buildings is increasing. Therefore, the construction of residential buildings is one of the market drivers of the global roofing materials market.
Non-residential projects such as commercial buildings, hospitals, hotels, schools, and other industrial buildings are expected to pave the growth of the global roofing materials market. Non-residential projects are growing day by day owing to rapidly growing urbanization. These non-residential projects increase the demand for roofing materials. As a result, the market is predicted to increase its value with the non-residential projects segment.
All the major market players in the roofing material industry are focusing on bringing evolution to the roofing materials with innovative ideas like water-resistant roofing, green roofing, metal roofing, and bituminous roofing. As a result, the application segment of metal roofing and bituminous roofing is predicted to grow in the global roofing material market. Unfortunately, Covid-19 was one of the biggest hindrances for all the competing industries, just as it was for the construction industry. As a result, the global construction industry was severely hampered, further affecting the global roofing material industry. Furthermore, as there were no constructions, the demand for these roofing materials decreased, and the market was severely affected. On the other hand, the covid-19 somehow restrained the growth of the global roofing materials market. The construction industry is one of the leading industries all over the globe, which implies that roofing materials are in demand in all regions.
Asia Pacificholds the largest share in theRoofing Materials Market and is expected to continue this trend in the forecast period. The development of residential, commercial, and industrial sectors owing to the sustainable economic expansion of countries, is likely to drive market growth in this region.
Some of the key and notable players in the Global Roofing Materials Market include- GAF Materials Corporation, Atlas Roofing Corporation, Owens Corning, TAMKO Building Products Inc., CSR Ltd., Carlisle Companies Inc., Crown Building Products LLC, Metal Sales Manufacturing Corporation, Wienerberger AG, Etex, CertainTeed Corporation, Johns Manville, Fletcher Building Limited, Eagle Roofing Products, Boral Roofing, and others.