Rising Construction Industry to Play Key Role in Growth of Global Roofing Materials Market
Market Research Future (MRFR) has announced a new release on the global roofing materials market. The report looks into the type, application, and regional segmentation of the global roofing materials market and presents comprehensive forecasts for the 2017-2023 forecast period. According to the report, the global roofing materials market is expected to grow at a stable 3% CAGR over the forecast period.
Roofing materials play a valuable role in construction, as they impart stability and aesthetic value to the construction. Roofing materials are crucial in ensuring the long-term structural stability of the final construction and play a vital role in preventing the entry of rainwater, ice, and other environmental contaminants. Roofing materials have also taken on a different role in today’s environment-centric age, with several roofing materials being used in energy generation and energy conservation efforts. These active roofing materials have imparted the global roofing materials market a new dimension and are likely to be the heralds of a new age in the global roofing materials market over the forecast period.
The growth of the global construction industry is likely to be the major driver for the global roofing materials market over the forecast period. The construction industry has enjoyed robust growth over the last few years due to the rapid urbanization in developing economies in Asia Pacific, the Middle East, and Latin America and is likely to grow at a strong rate in the coming years. Since roofing materials are used in all kinds of construction, the demand from the global roofing materials market is likely to grow at a stable rate in the forecast period.
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Segmental Analysis:
The report segments the global roofing materials market by type and application.
By type, the global roofing materials market is segmented into tile roof, metal roof, plastic roof, and others. Tile roofs are the conventionally popular roofing materials across the world and are likely to be a major player in the global roofing materials market over the forecast period. The demand for other roofing materials is also likely to grow steadily in the coming years.
By application, the global roofing materials market is bifurcated into residential and non-residential construction. The demand for residential as well as non-residential construction has grown rapidly over the last few years due to urbanization, which has led to infrastructure construction as well as a need for new residential construction to accommodate the immigrants coming into urban areas for job opportunities. This is likely to drive the demand for roofing materials over the forecast period. Commercial construction is likely to be a major contributor to the global roofing materials market over the forecast period.
Regional Analysis:
Regionally, the global roofing materials market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World. APAC is the major growing market for roofing materials and is likely to play a leading role in the growth and development of the global roofing materials market over the forecast period. The rapid urbanization in APAC countries such as India, China, Malaysia, Thailand, Indonesia, Korea, and Japan is likely to be a major factor in the growth of the roofing materials market in APAC over the forecast period.
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Competitive Analysis:
Key players in the global roofing materials market include Atlas Roofing Corporation, GAF Materials Corporation, Braas Monier Building Group S.A., Owens Corning Corporation, TAMKO Building Products Inc., Etex, CertainTeed Corporation, Fletcher Building Limited, North American Roofing, and Icopal Holding Aps. Competitive strategies in the global roofing materials market are likely to include the innovation of modern roofing materials that contribute to reducing the energy consumption of the structure and help conserve energy within the building. These roofing materials have come in vogue due to their environmental viability and are likely to remain popular over the coming years.
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