DUBLIN--(BUSINESS WIRE)--The "Roofing Market Research Report 2024-2029" has been added to ResearchAndMarkets.com's offering.
The Roofing Market was valued at USD 213.76 billion in 2023, and is expected to reach USD 280.29 billion by 2029, rising at a CAGR of 4.62%.
The global roofing market is highly competitive and diverse, with numerous players vying for market share. Key factors that shape the competitive landscape include product innovation, pricing strategies, distribution networks, and brand recognition.
Major players in the global roofing industry include Owens Corning, CertainTeed Corporation, GAF Materials Corporation, Carlisle Companies Incorporated, and IKO Industries Ltd. These companies offer a wide range of roofing materials, such as asphalt shingles, metal roofing, tiles, and membranes. In addition, regional players and local manufacturers also contribute to the competitive dynamics of the industry. The industry is influenced by technological advancements, environmental regulations, and shifting consumer preferences, all of which contribute to the competitive landscape.
Key Developments in the Global Roofing Market
- In May 2024, Carlisle revealed plans to invest over USD 45 million in expanding its cutting-edge Research & Innovation Center in Carlisle, Pennsylvania.
- In 2023, Roofit.Solar, a Europe-based company specializing in fully integrated solar roofs, raised around USD 7 million to meet the growing demand for rooftop solar power. It designs and produces solar roofs that aim to merge design with cutting-edge solar technology. The fully building-integrated photovoltaics (BIPV) solar roofs can endure extreme weather conditions.
- In 2023, Holcim signed an agreement to acquire Duro-Last, a leading U.S. company in commercial roofing systems with pro forma net sales of USD 540 million.
MARKET TRENDS & DRIVERS
Advanced Technology Integration
Advanced technology integration spurred the innovation of cool roofs, green roofs, solar roofs, smart roofs, and modular roofs driven by customers' desires to scale down energy usage, minimize their facilities' adverse environmental effects, and enhance the functionality and durability of their roofs. Roofing contractors are implementing tools and software for improved project management, 3D modeling, and digital estimates. Smart roofs capture data on each detail, from temperature fluctuations to energy use through sensors and other Internet of Things (IoT) devices. Smart roofing technologies also contain sensors that may find leaks and other possible problems before they become serious concerns. Furthermore, 3D printing is used in modular roofing, making it possible to create unique roofing modules as needed.
Climatic Changes
Climate change is having a significant impact on the environment, society, and economy. According to the Intergovernmental Panel on Climate Change (IPCC), Europe is anticipated to experience significant climate change in the coming years, consisting of changing precipitation patterns, an increase in temperature, and rising sea levels. Furthermore, Europe is experiencing more frequent and intense heat waves, which could increase the demand for cooling energy. Therefore, such climatic conditions are anticipated to surge the sale of roofing materials across the region. Countries like the U.S. have experienced extremely unusual and destructive weather in the past few years. Some key witnessed weather events include hailstorms, tornadoes, snowstorms, floods, and even drought.
INDUSTRY RESTRAINTS
Lack of Skilled Labor
The shortage of skilled labor is a significant challenge for the roofing market. As experienced workers retire, the new workforce lacks adequately trained and skilled professionals to replace them. This shortage can lead to project delays, increased labor costs, and compromised quality of artistry. The lack of well-structured & accessible training and apprenticeship programs about roofing can hinder the development of skilled roofers. These programs are crucial in cultivating talent and passing knowledge from experienced professionals to newcomers. Furthermore, roofing work can be hazardous, and concerns about safety regulations and worker protections can discourage potential workers from joining the field. Emphasizing safety standards and implementing measures to reduce workplace injuries can improve the image of the roofing profession and make it more appealing to potential workers.
GEOGRAPHICAL ANALYSIS
The global roofing market is a dynamic and complex industry influenced by various geographic factors. APAC held the largest global roofing market share, accounting for over a global revenue share of 37% in 2023. Several trends are shaping its growth, including adopting advanced roofing technologies, such as smart roofs, which integrate sensors and automation for improved functionality and energy efficiency. Also, in the APAC, rapid urbanization and population growth drive demand for residential and commercial construction, thus influencing the market. Furthermore, in North America, the market is driven by extreme weather conditions and a strong focus on energy efficiency. This region's demand for durable and weather-resistant roofing materials is high, leading to a significant market for products such as asphalt shingles, metal roofing, and synthetic roofing materials.
Architectural trends, environmental regulations, and a growing emphasis on sustainable building practices shape the roofing market in Europe. This increases demand for eco-friendly materials such as green roofs, solar tiles, and recycled roofing products. Furthermore, Latin America and the Middle East experience growth in the roofing market due to rapid industrialization, urban development, and infrastructure projects. The demand for materials resistant to high temperatures, humidity, and sandstorms drives the market for clay tiles, concrete roofing, and modified bitumen membranes.
COMPETITIVE LANDSCAPE
Key Company Profiles
- Carlisle Construction Materials
- Holcim
- Owens Corning
- Westlake Corporation
- Wienerberger
Other Prominent Vendors
- Atlas Roofing Corporation
- BMI Group
- CertainTeed
- DBS Industries
- DML USA Metal Roofing
- Eagle Roofing Products
- Edilfibro
- Etex Group
- GAF
- GRS Global Roofing Solutions
- IKO
- Industrie Cotto Possagno
- Johns Manville
- JSW Group
- Klober
- Maxroof
- MCA Clay Roof Tile
- McElroy Metal
- Quality Metal Roofing
- Sika
- Swisspearl Group
- TAMKO Building Products
- Tata Steel
- Tegola Canadese
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 206 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $213.76 Billion |
| Forecasted Market Value (USD) by 2029 | $280.29 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Scope & Coverage
2. Premium Insights
2.1. Opportunity Pocket
2.2. Key Market Highlights
2.3. Regional Insights
3. Market Dynamics
3.1. Opportunity & Trends
3.2. Market Enablers
3.3. Market Restrains
3.4. Introduction
3.5. Market Landscape
4. Market Segmentation
4.1. Product
4.2. Application
4.3. Roof Type
4.4. End-user
5. Geographical Segmentation
5.1. Asia-Pacific (APAC)
5.2. North America
5.3. Europe
5.4. Latin America
5.5. Middle East & Africa
6. Competitive Landscape
6.1. Competitive Scenario
6.2. Market Share Analysis
6.3. Key Company Profiles
6.4. Other Prominent Company Profiles
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