Roofing Market Tremendous Growth, Opportunity, Trends with CAGR of 4.6% by 2027
Roofing products are used in various applications such as residential buildings, commercial buildings and others.
PORTLAND, OR, UNITED STATES, September 30, 2021 /ENDdresswire.com/ — The global roofing industry was pegged at $92.94 billion in 2019 and is expected to reach $132.77 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027. Rising urbanization and industrialization in developing countries, recovery in the construction sector , and the increase in housing remodeling spending is fueling global growth roofing market. However, economic uncertainty in Europe and high initial costs hamper market growth. On the contrary, technological developments are expected to create lucrative opportunities for the market players in the coming years.
Asia-Pacific generated the highest revenue in 2019 and is expected to maintain its lead, followed by North America and Europe. There was a higher demand for roofing products due to longer life, ease of installation and availability of environmentally friendly roofing materials. In addition, technological developments, such as the introduction of green roofs, which protect the buildings from direct solar heat in the summer and minimize heat loss in the winter through additional insulation on the roof, further strengthen market growth. Moreover, the increase in the construction industry in the developing countries such as India, China, India and Brazil is expected to increase the demand for roofing products. However, high initial installation costs of such roofing systems hamper market growth. The impact of this factor is expected to diminish in the future due to intensive completion and technological advancement.
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Major market players profiled in the roofing industry report include Atlas Roofing Corporation, Duro-Last, Inc., BASF SE, 3M Company, The Dow Chemical Company, Owens Corning, Standard Industries Inc., EI du Pont de Nemours and Company, Berkshire Hathaway Inc. and Sika AG.
Global Roofing Market Segments-
By material type
• Bituminous roofing
• Metal roofing
• Roof tiles
• Other (RCC & Plastics)
• Flat roof
• Pitched roof
Get detailed COVID-19 impact analysis on the Roofing market:
The Covid-19 outbreak has major implications for the global roofing market.
Lack of workers and lack of raw materials have shut down production activities around the world.
Builders and contractors struggle with obtaining permits for both new and ongoing projects.
Key findings of the study:
The report provides a comprehensive analysis of current and emerging trends and dynamics in the roofing market.
By type, the bituminous segment dominated the roofing market, in terms of revenue in 2019, and is expected to grow at a CAGR of 5.5% over the forecast period.
By application, the commercial segment registered the highest growth in the global market in 2019.
The Asia-Pacific region is expected to record the highest growth rate in the coming years.
The report offers a comprehensive analysis of the Roofing market forecast and new opportunities of the market.
An in-depth market analysis for roofing is conducted by making estimates for the most important segments between 2020 and 2027.
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