Roofing systems are used in construction projects to protect buildings from rain, snow, wind, sun and other external elements. They comprise bituminous products, metal products, tiles, and other synthetic materials. Roofing systems provide thermal insulation and enhance energy efficiency of buildings. They are an integral part of residential, commercial and industrial construction.

The global Roofing Systems Market is estimated to be valued at US$ 180 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Commercial construction projects offer substantial opportunity for growth of the roofing systems market. Rapid urbanization and growth of commercial real estate sector have boosted construction of office buildings, malls, warehouses and other commercial infrastructure across the globe. This has driven the demand for durable and energy efficient roofing materials like metal roofing and modified bitumen roofing. Increased investments in commercial construction in developing economies like China, India and countries in Southeast Asia are expected to propel the sales of various roofing products. Manufacturers can capitalize on this opportunity by developing innovative and sustainable roofing solutions tailored for the commercial construction sector.

Porter’s Analysis

Threat of new entrants: The roofing systems market requires high initial capital investments and established distribution channels which poses as a entry barrier for new players.
Bargaining power of buyers: Individual buyers have moderate bargaining power due to the availability of a wide range of roofing system options. However, large commercial buyers have high bargaining power.
Bargaining power of suppliers: A few large suppliers dominate the market. However, the threat is moderate due to availability of substitute raw materials.
Threat of new substitutes: Substitute products like metal roofing systems pose a threat. However, established brand loyalty works in favor of existing players.
Competitive rivalry: The market is highly fragmented with the presence of numerous international and regional players. Intense competition keeps pricing pressures and profit margins low.

SWOT Analysis

Strength: Wide product portfolios, strong distribution networks and brand recognition are the key strengths of major players. Established R&D capabilities help develop innovative products.
Weakness: Vulnerable to fluctuations in raw material prices. Increased competitiveness may compress margins. High customer acquisition costs.
Opportunity: Growth in construction industry especially in developing regions provides new expansion opportunities. Increasing preference for eco-friendly products presents new avenues.
Threats: Stricter building codes and regulations increase compliance costs. Susceptibility to economic slowdowns can negatively impact demand. Vulnerable to climate change and extreme weather events.

Key Takeaways

The Global Roofing Systems Market Growth is expected to witness high over the forecast period of 2024 to 2031.

North America currently dominates the market backed by growth in residential construction sector and prevalence of climate resilient roofing systems. Asia Pacific is projected to be the fastest growing market propelled by rising infrastructure investment and urbanization.

Key players operating in the roofing systems market are Owens Corning, CertainTeed, GAF Materials, IKO Industries, TAMKO Building Products, Johns Manville and Atlas Roofing. Regionally, North America and Europe are the largest roofing systems markets globally. However, Asia Pacific is anticipated to emerge as the most lucrative market, supported by rising spending on commercial and industrial construction. Rapid urbanization, coupled with improving economic conditions in China and India will drive further market expansion.
 

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