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

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