The roofing market is set to rise from $267.64 billion in 2023 to $277.42 billion in 2024, with a CAGR of 3.7%. Factors contributing to this growth include urbanization and maintenance needs. By 2028, the market is projected to reach $327.83 billion, achieving a CAGR of 4.3%, supported by innovations in roofing materials and sustainable practices.
Major Driver In The Roofing Market
The growth of the roofing market is expected to be propelled by increasing infrastructure development. Infrastructure, encompassing structures like bridges, highways, roads, and sewage systems, necessitates roofing to protect buildings from environmental elements. In 2021, the Government of India allocated 1.89 billion for infrastructure development through schemes like Atal Mission for Rejuvenation & Urban Transformation (AMRUT) and Smart Cities Mission, resulting in a 13% share of infrastructure activities in the total FDI inflows of USD 81.72 billion. As of 2023, this trend is indicative of the roofing market's growth, fueled by infrastructure initiatives.
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Roofing Market Competitive Landscape
Hindalco Industries Ltd., ABC Roofing Company Inc., Owens Corning, Carlisle Companies Inc., Etex SA, GAF Materials Corporation, CertainTeed Corporation, BMI Group Services GmbH, Atlas Roofing Corporation, Tamko Building Products Inc., Duro-Last Inc., Best Roofing Services Corp., Apex Roofing Contractors Ltd., Champion Roofing & Construction Inc., Bob's Roofing & Repair Inc., Clear Choice Roofing Corp., Braas Monier Building Group Services S.A., Acme Roofing Solutions LLC, Dependable Roofing & Sheet Metal Ltd., Eagle Roofing Company Inc., Elite Roofing Specialists LLC, Excel Roofing Contractors Corp., First Choice Roofing Services Inc., Five Star Roofing Company LLC, Golden Eagle Roofing & Construction Corp., Guardian Roofing & Repair Ltd., Hamilton Roofing Specialists Inc., Integrity Roofing & Siding LLC, J&J Roofing Contractors Corp., Keystone Roofing & Construction Inc., Knight Roofing Services LLC, Precision Roofing & Construction Ltd., Pro Roofing Specialists Inc.
Key Roofing Market Trend
New technological innovations have emerged as the key trend gaining popularity in the roofing market. Major companies operating in the roofing market are focused on new technological innovations to sustain their growth in the market. For instance, in January 2022, GAF, a US-based company that manufactures solar roofs launched its new solar roof called Timberline Solar based on solar roof technology. This helps in generating energy by using sunlight and this energy can be used for household purposes. This is very easy to install, and it is most cost-effective. Solar roofs are the future of clean energy, and Timberline Solar is the game-changing innovation in this market.
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Roofing Market Segmentation
The roofing market covered in this report is segmented –
1) By Type: Flat Roof, Slope Roof
2) By Roofing Material: Bituminous Roofing, Metal Roofing, Tile Roofing, Other Roofing Materials
3) By Application: Residential, Commercial, Non-Residential
By Geography:The regions covered in the roofing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the roofing market in 2023.
The Roofing Global Market Report 2024 furnishes information about the global roofing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
