The global roofing market is projected to reach USD 270.40 Billion by 2026, at a CAGR of 4.9% from 2016 to 2026. The growth of the global roofing market is mainly driven by increasing demand for roofing materials from residential, commercial, and non-residential sectors in the emerging economies. In addition, ongoing repairing and remodeling works in developed countries are also propelling the growth of the global roofing market.
On the basis of type, the global roofing market has been classified into materials and chemicals. The materials type segment led the global market in 2015. The demand for roofing materials from the non-residential sector of emerging economies, such as Brazil, Malaysia, Indonesia, India and China is increasing. This is expected to lead towards increased investments in non-residential infrastructures, such as transportation services, power plants, warehouses, manufacturing facilities, and production units, among others, which, in turn, is expected to fuel the growth of the materials type segment of the global roofing market. In addition to this, the demand for roofing materials from residential and commercial sectors is also boosting the growth of the materials type segment of the global roofing market.
The non-residential application segment led the global roofing market in 2015. Increased demand for roofing materials, owing to need for improved transportation facilities, modernization of power infrastructure, implementation of improved policy regulations and reforms, and development of rural areas has led to the growth of the non-residential application segment of the global market. However, the residential application segment of the global roofing market is projected to grow at the highest CAGR during the forecast period.
The Asia-Pacific region is leading the global roofing market, owing to overall economic growth of the region, which is leading towards increased urbanization and rapid industrialization of the Asia-Pacific region. The Asia-Pacific region is one of the fastest-growing markets in the world due to continuous population growth and gradual increase in industrial, commercial, and residential infrastructures of the region. China is leading the Asia-Pacific roofing market. It is followed by Japan, India, Australia, South Korea, Malaysia, and Thailand.
The leading players in the global roofing market are increasingly focusing towards emerging markets for increasing their revenues. The manufacturers of roofing materials are generally located near the raw material sites, owing to ease of availability of raw materials and low transportation costs. High installation costs of roofing systems act as restraint for the global roofing market.
Market players, such as Owens Corning (U.S.), Duro-Last Roofing, Inc. (U.S.), BASF SE (Germany), 3M (U.S.), The Dow Chemical Company (U.S.), Braas Monier Building Group (Luxembourg), Sika AG (Switzerland), and Atlas Roofing Corporation (U.S.) focus on expanding their regional reach in the Asia-Pacific, African, and South American regions. New product launches, expansions, and acquisitions are the development strategies adopted by these market players to strengthen their position in the global market.
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