January 11, 2022
According to the research report titled ‘Global Roofing Market Size study, Type (Materials, and Chemicals), Application (Residential, Commercial, Non-Residential) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global roofing market is anticipated to garner lucrative returns by the year 2027.
Rising demand for residential and commercial construction owing to rapid urbanization is acting as a major growth catalyst for global roofing market. According to the UNCTAD (United Nations Conference on Trade and Development), urbanization has been a prominent factor in developing country economies over the past 10 years, particularly in developing countries of Oceania and Asia. The urbanization increased from 42.3% in 2009 to 49.1% in 2019.
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Increase infrastructure development, coupled with incorporation of energy-efficient and environment-friendly roofing chemicals & materials, and technological advancements in the field are also expected to impel the industry share in the coming years.
However, the market growth will be hampered by high installation and production costs over the projection period of 2021-2027.
In terms of type, the industry is bifurcated into chemicals, and materials. On the basis of application spectrum, global roofing market is classified into non-residential, commercial, residential, and others. The study includes information on each segment's industry share, as well as their growth rate and revenue contribution throughout the forecast period.
Considering the regional landscape, the market trends are studied across North America, Asia Pacific, Europe, Latin America, and rest of the world. Among these, Asia Pacific holds a significant market share at present, owing to rapid urbanization as well as growing urbanization, and is anticipated to register a strong CAGR over 2021-2027. The expansion is attributed to population boom, and uptick in residential, industrial, and commercial buildings across the region.
The key players in worldwide roofing market are BASF SE, Atlas Roofing Corporation, 3M Company, Duro-Last Roofing Inc., Sika AG, DuPont de Nemours, Inc., Braas Monier Building Group., GAF Materials Corp., Johns Manville Corporation, Owens Corning Corporation, and The Dow Chemical Company. These colossuses are focusing on research & development efforts to introduce innovative products to expand their consumer base and amplify the returns.