Roofing Market – Snapshot

Roof is a vital part in house construction that provides protection from natural elements and climatic conditions. Roofing materials are external layers applied on the roof of a building. These are sometimes self-supporting, but are generally supported by underlying structures. The outer layer of a roof varies depending on the availability of material and the nature of the supporting structure. Roofing materials range from natural products such as thatches and slates to commercially available products such as bituminous, tiles, and plastic sheeting.

Request Brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=48603

The global roofing market has been segmented based on product and application. In terms of product, bituminous is the leading segment of the roofing market. The segment is anticipated to consolidate its position during the forecast period, as bituminous roofing provides advantages such as easy installation, high durability, long lifespan, and technological innovations. Bituminous roofing offers protection against water and harsh weather, owing to the waterproofing property of bitumen. It can be reused to manufacture new shingles. This is another property that adds to the advantages of bitumen roofing. Rise in demand for laminated asphalt shingles with textured surface is projected to drive the global roofing market in the next few years. Tiles is also one of the major product segments of the global roofing market. Increase in concern about the environment is significantly influencing prospective homebuyers and developers. Clay tiles and concrete tiles are considered sustainable due to their durability, renewability, and long term positive effect on the environment. They help in the conservation of energy. They also help in maintaining an optimum temperature inside the building, as free spaces are available for air circulation between the loosely arranged tiles. Thus, tile roofing lowers the need for air conditioning, leading to a decrease in electricity consumption. This is projected to boost the demand for tiles during the forecast period. Metal roofing is gaining momentum in the global roofing market owing to the increase in demand for green construction materials. Metal roofing has exceptional longevity, and, thus, low lifecycle cost. Additionally, it possesses 30%-60% of recycled metal content and is 100% recyclable at the end of its service life. These factors are expected to boost the sales of metal roofing during the forecast period.

roofing-market-2018-2026.jpg

Based on application, the global roofing market has been divided into residential, commercial, and non-commercial. Commercial is the dominant segment of the roofing market, followed by residential. Urbanization is a major factor driving the roofing market. The need for urbanization is fueled by an increase in standard of living in emerging economies. Demand for commercial and residential buildings is rising, led by the growth in population and urbanization in developing economies. The roofing market is anticipated to expand substantially during the forecast period due to government support for construction activities in the form of subsidies and tax benefits in emerging economies. Governments in developing and developed economies plan to provide incentives to citizens to replace existing roofs with energy-efficient ones. This is estimated to boost economic development by creating new jobs and augment the demand for labor in the construction industry. For instance, in 2016, the Government of India proposed an additional US$ 717.28 reduction in interest on loans for first home buyers and tax incentives on development of affordable housing of up to 60 square meters. These factors are projected to propel the roofing market across the globe.

Urbanization initiatives have gained momentum in several emerging economies, thus driving the construction industry. This, in turn, acts as a primary factor boosting the roofing market. Steady emigration from rural to urban areas in underdeveloped countries is likely to boost the market during the forecast period. The high volume of emigration is expected to ensure steady demand for new housing, leading to stable demand for roofing products. Additionally, increase in re-roofing activities in developed economies such as the U.S., Germany, France, and Sweden and favorable housing loan plans for expatriates are some of the other factors boosting the market. On the other hand, fluctuation in prices of raw materials is anticipated to restrain the market during the forecast period. For instance, bitumen and polymer resin are derived from petroleum feedstock. Therefore, they are prone to fluctuation in prices. This is estimated to hamper the roofing market. High cost of manufacturing techniques such as the oxidation process have raised the production cost of bituminous roofing in recent years. This is also projected to adversely affect the market during the forecast period. However, increase in research and development activities have led to the emergence of new and improved technologies in roofing materials. This is likely to provide lucrative opportunities to roofing manufacturers. Building integrated photovoltaic roofing systems is an emerging technology that is expected to boost the demand for roofing materials. Metal roofing with integrated photovoltaic roofing systems can survive harsh weather conditions and wind blowing at a speed of 160 miles per hour. They are esthetically more appealing than mounted solar panels.

Request For Custom Research @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=48603

In terms of region, the global roofing market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the global roofing market during the forecast period. The building & construction industry in the region is expanding significantly due to rapid urbanization in India, Bangladesh, Vietnam, and the Philippines. This is boosting the roofing market in the region. Rise in population, growth in urbanization, and increase in industrialization in Asia Pacific have provided an impetus to economic activities in the region, thereby augmenting the demand for industrial and commercial spaces. Furthermore, rise in the number of construction activities in commercial and residential sectors is anticipated to propel the demand for roofing in the next few years. Middle East & Africa is expected to be a prominent region of the roofing market during the forecast period due to the expansion in the construction sector, which consists of commercial establishments, public infrastructure, and utilities, in the region. Robust expansion in the construction industry due to the increase in government expenditure on commercial and industrial projects is estimated to drive the roofing market in the UAE and Qatar. This is projected to create significant opportunities for roofing manufacturers primarily in the industrial sector. The roofing market in North America and Europe is likely to expand at a sluggish pace, as these are mature regions. However, demand for new construction projects is expected to rise in the U.S. in the near future owing to the positive economic conditions. This, in turn, is anticipated to propel the demand for roofing in the next few years. The construction industry in Latin America expanded significantly over the last decade. Demand for sustainable buildings is driving the need for materials that help conserve energy. Growth in the construction industry in Mexico is fueling the demand for roofing in the country. Various U.S.-based roofing companies such as Owens Corning are setting up operational bases in Mexico in order to establish their presence in the country as well as in the neighboring supply markets in Latin America and optimize production costs owing to the low labor rates in the country.

Major players operating in the global roofing market include GAF Materials Corporation, CertainTeed Corporation, Owens Corning Corp., Braas Monier Building Group, and Carlisle Companies Incorporated.