Market Overview

Roofing Market is projected to achieve a value of USD 197.6 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 342.8 Billion by 2033 with a CAGR of 5.0% during the forecast period 2024-2033.

Roofing is the construction or installation of a protective covering for buildings, structures, or residential homes to shield them from the elements, primarily rain, snow, and sunlight. Roofing serves as the outermost layer of a building's envelope and plays a critical role in maintaining the structural integrity of the structure and ensuring the comfort and safety of its occupants.

Survey Key Finding Of Roofing:

·         A survey by We Market Research found that 72% of roofing contractors reported an increase in demand for sustainable roofing materials from their clients.

·         A study by the National Roofing Contractors Association (NRCA) revealed that 85% of homeowners consider durability as the most important factor when choosing roofing materials.

·         A survey by IKO Roofing found that 62% of homeowners are willing to pay more for roofing materials that enhance the curb appeal of their homes.

·         A survey by the Metal Roofing Alliance found that 95% of metal roofing contractors reported an increase in demand for metal roofing products in recent years.

Market Scope

Report Attributes	Description
Market Size in 2023	USD 197.6 Billion
Market Forecast in 2033	USD 342.8 Billion
CAGR % 2024-2033	5.0%
Base Year	2023
Historic Data	2016-2022
Forecast Period	2024-2033
Report USP	Production, Consumption, company share, company heatmap, company production capacity, growth factors and more
Segments Covered	Product, Type, Roofing Type and Application
Regional Scope	North America, Europe, APAC, South America and Middle East and Africa
Country Scope	U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
Key Companies	Owens Corning (U.S.), Duro-Last Roofing, Inc. (U.S.), BASF SE (Germany), 3M (U.S.), Dow (U.S.), DuPont (U.S.), Braas Monier Building Group (Luxembourg), Sika AG (Switzerland), Atlas Roofing Corporation (U.S.), Innospec (U.S.), ADEKA CORPORATION (Japan), Dorf Ketal Chemicals (I) Pvt. Ltd. (U.S.), PMC Specialties Group (U.S.), Afton Chemical (U.S.), The Lubrizol Corporation (U.S.), Clariant (Switzerland), LANXESS (Germany), Mayzo, Inc. (U.S.), Solvay (Belgium), Akzo Nobel N.V. (Netherlands), Arkema (France) and Eastman Chemical Company (U.S.)

Market Dynamics

The rising consumer preference for durability and aesthetics is a significant driver for the roofing market. Consumers are increasingly demanding roofing materials that not only protect their homes but also enhance their curb appeal and provide long-lasting performance.

Consumers are placing a greater emphasis on the durability of roofing materials, seeking products that can withstand harsh weather conditions, resist damage from wind, hail, and UV exposure, and provide a long lifespan to minimize maintenance costs.

Durable roofing materials contribute to the overall value and resilience of a property, protecting the building envelope and reducing the risk of leaks, structural damage, and costly repairs.

Homeowners are increasingly considering the aesthetic appeal of roofing materials, seeking options that complement their architectural style, enhance the overall appearance of their homes, and increase curb appeal.

Aesthetically pleasing roofing materials can add to the resale value of a property and create a more inviting and visually appealing environment for homeowners and their communities.

Metal roofs are known for their durability, longevity, and resistance to extreme weather conditions. They also offer a wide range of colors, styles, and finishes that can complement various architectural designs.

Market Type Analysis

The roofing market is segmented into two main categories: materials and chemicals. The materials segment accounts for the majority of the market share, with a share of approximately 85%. Roofing materials refer to the physical substances used to construct the outer layer of a roof. Different types of roofing materials include asphalt shingles, metal roofing, tile roofing, wood shakes, and more. The chemicals segment accounts for the remaining 15% of the market share. Roofing chemicals encompass a wide range of products used in roofing applications, including adhesives, sealants, coatings, and insulation materials.

Market Application Analysis

The roofing market is segmented by application into residential, commercial, and non-residential sectors. The residential sector holds the largest share of the roofing market, followed by the commercial and non-residential sectors.

The residential sector accounts for the largest share of the roofing market, with a market share of approximately 55%. This is due to the large number of residential buildings and the ongoing demand for new construction and roofing replacements.

The commercial sector accounts for the second-largest share of the roofing market, with a market share of approximately 30%. This sector includes buildings such as offices, retail stores, and restaurants.

The non-residential sector accounts for the smallest share of the roofing market, with a market share of approximately 15%. This sector includes buildings such as industrial facilities, warehouses, and agricultural buildings.

Market Product Analysis

The roofing market is segmented by product type into various categories, including asphalt shingles, concrete and clay tile roofs, metal roofs, elastomers and plastic roofs, tile roofs, bituminous roofs, and others. The market share of each product type varies depending on factors such as cost, durability, aesthetics, and regional preferences.

Asphalt shingles are the most common roofing material in North America, accounting for approximately 70% of the market share. They are relatively inexpensive, easy to install, and come in a variety of colors and styles.

Concrete and clay tile roofs are popular in warmer climates due to their durability and ability to reflect heat. They are more expensive than asphalt shingles but can last for 50 years or more.

Metal roofs are becoming increasingly popular due to their durability, energy efficiency, and low maintenance requirements. They are more expensive than asphalt shingles but can last for 50 years or more.

Elastomers and plastic roofs are often used on flat or low-slope roofs. They are relatively inexpensive and easy to install, but they may not be as durable as other roofing materials.

Tile roofs are popular in Mediterranean and Spanish-style homes. They are durable and aesthetically pleasing, but they can be expensive to install.

Bituminous roofs are often used on commercial and industrial buildings. They are durable and can withstand heavy traffic, but they can be difficult to install.

Market Regional Analysis

The roofing market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region holds the largest share of the roofing market, followed by North America and Europe.

Asia-Pacific is the largest roofing market, accounting for over one-third of the global market share. This is due to the region's rapid urbanization and infrastructure development, particularly in China, India, and Southeast Asia.

North America is the second-largest roofing market, driven by a strong residential construction market in the United States and Canada.

Europe is a mature roofing market, with a focus on energy-efficient and sustainable roofing solutions.

LAMEA is the smallest roofing market, but it is expected to grow at a faster pace than the other regions due to urbanization and infrastructure development in Latin America, the Middle East, and Africa.

Roofing Competitive Analysis

BASF SE, Atlas Roofing Corporation, GAF, Owens Corning, and Carlisle Companies Inc. are top five companies together account for about 20% of the global roofing market share. The remaining market share is divided among a large number of smaller companies.

The roofing market is a highly competitive landscape, with numerous players vying for market share. The industry is characterized by a mix of large multinational corporations and smaller regional players, each striving to differentiate themselves through product innovation, competitive pricing, and strong brand recognition.

Research Report Following Segments:

Market, By Type

·         Materials

·         Chemicals

Market, By Roofing Type

·         Flat Roof

·         Slope Roof

Market, By Application

·         Residential

·         Commercial

·         Non-Residential

Market, By Product

·         Asphalt Shingles

·         Concrete and Clay Tile Roof

·         Metal Roofs

·         Elastomers and Plastic Roofs

·         Tile Roofs

·         Bituminous Roof

·         Others

Quality Assurance Process

1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process

We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:

• Project kickoff meeting with client
• Conduct frequent client communications
• Form project steering committee
• Assign a senior SR executive as QA Executive
• Conduct internal editorial & quality reviews of project deliverables
• Certify project staff in SR methodologies & standards
• Monitor client satisfaction
• Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.

Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.

Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.