The GlobalRoofing System Marketwas valued at USD 126.98 Billion in 2021 and is projected to reach USD 157.23 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.1% from 2022 to 2028. Roofs provide protection from heat, rain, and other elements. Bitumen, particles of the ceramic camera, clay, sand, fiberglass, concrete, and polycarbonate are used to build roofs in residential and commercial buildings, such as offices, hotels, and educational institutions.
Developments in the construction industry, rapid urbanization, and new technological advances are key drivers of roofing systems’ market growth. In addition, new technologies such as green roofs, environmentally friendly roofing materials, and roof test drones have increased the demand for roofing products. However, major obstacles to the growth of the roofing system are certain factors such as high-quality raw materials and the cost of repairing existing roofing systems that hinder the growth of the roofing industry. Lack of staff with installation skills, various raw material prices, lack of safety awareness, the emergence of unstable players associated with installation problems are market challenges and obstruct the growth of the roofing market further. The main raw material for bitumen is gasoline, and the demand for fuel is still low. This adversely affected the supply of tar. In addition, expensive production methods, such as the oxidation process have increased the production costs of bituminous roofing. Consolidation and acquisition were major strategies adopted by many players in the market. Companies use these tactics to stay ahead of their rivals and increase their geographical reach, offerings, and customer base. The companies aim to serve the market effectively by investing in R&D activities and introducing new products to meet the changing needs of consumers.
The Roofing System Market is divided on the basis of material, product, construction type, end-use sector, and region. On a material basis, asphalt, which is the most widely used material in roofing systems, holds the largest market share. It is an inexpensive and easily accessible material, making it one of the most widely used roofing systems, worldwide. These qualities help it top over materials like clay, concrete, metal, plastic, and others. Based on the product, the shingles & tile section has a very large share due to the low cost and simple installation methods. Products like tiles and others also hold segments. The market is divided into residential and non-residential sectors, according to end-of-life categories. The residential sector dominated the market, largely due to the government's soft borrowing policies in all regions and rapid urban growth.
The Global Roofing System Market includes the regions of North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific region holds a large market share due to significant investment in research and technological advances in the construction industry. The governments of countries such as India and China have invested heavily in infrastructure development, which further exacerbates the need for bituminous roofing in the global roofing market.
Some of the key players in the Roofing System Market are - Etex Group NV (Belgium), Compagnie de Saint Gobain SA (France), Boral Limited (Australia), Owens Corning (U.S.), Braas Monier Building Group SA (Luxembourg), Carlisle Companies Incorporated (U.S.), CSR Limited (Australia), Berkshire Hathaway, Inc. (U.S.), The Siam Cement Public Company Limited (Thailand), and Atlas Roofing Corporation (U.S.).