Tiles, Asphalt Shingles, and Metal Continue to be Popular Roofing Options
Roofing is an integral aspect in any type of building construction, serving functionality across residential, commercial, or industrial applications. It offers insulation, protection from harsh weather, aids in retaining heat in a colder climate, or cool air in the summer. Roofing is used in industrial applications as it provides fire, wind, UV, resistance and protection from extreme weather conditions. Its excellent durability makes it an important element that requires key attention as it adds to aesthetic appeal.
It is estimated that more than 11 billion sqm. of roofing were installed in 2018. A wide range of roofing materials is used depending upon their applications. Asphalt shingles, metal, clay and concrete tiles, fibre cement, rubber, slate, and plastic are the most widely used roofing choices across the globe. Clay and concrete tiles are preferred due to their longevity, durability, aesthetic beauty, and lower maintenance.
Asphalt shingles on the other hand are highly versatile and offer high fire and wind resistance. They are considered an economical option with good durability and elegance in building and construction. Together, tiles, asphalt shingles, and metal roofing account for more than 60% of the total roofing market. New construction and renovation activities across the globe are projected to offer ample growth opportunities to the global roofing market.
Growth in Non-residential Construction to Outperform Its Residential Counterpart
Residential construction is anticipated to remain the largest market for roofing over the coming years. Rise in disposable income levels, improvement in new housing projects, and demand from renovation/reroofing are projected to spur growth in this segment.
In the past few years, the market has seen a sharp bounce back in construction activity, especially in commercial and office spaces. The demand is also expected to flourish due to worldwide investments in key projects such as healthcare infrastructure, public transit, civil construction, institutional complexes, and warehousing. Demand for metal, roof coatings, and single-ply membranes is anticipated to surge in the non-residential segment. This segment seems to be the most lucrative for roofing materials and is foreseen to outshine residential construction over the coming years.
Developing Countries in Asia Pacific and the Middle East & Africa to Offer Lucrative Opportunities
A variety of factors such as regional tastes, material preferences, aesthetic appeal, and construction method influence the demand for roofing, especially at a regional and domestic level. In North America, asphalt shingles predominantly cover the residential segment. Over 3/4th of the houses in the U.S. are covered with asphalt shingles owing to its economic benefits, water resistance & waterproofing qualities, and ease of installation and maintenance. Dimensional shingles are the most popular product in the region as a rebound in construction activity points to this trend being persistent in the coming years.
Asia Pacific continues to lead the demand for roofing products. China and India are the largest markets for roofing products in the region. There has been an upward swing towards metal roofing systems especially in commercial and industrial construction from traditional asbestos and galvanized steel sheets. Furthermore, the region has seen a shift in consumer preferences in residential construction, wherein design freedom and attractive colours are being prioritized. The Middle East & Africa is another region projected to offer lucrative opportunities due to huge investment in existing housing conditions, commercial activities, and urban development projects. On top of that, with higher economic growth and increasing income levels, people in the region are likely to spend more on the large area houses resulting in flourishing roofing systems market.
Green Roof: A Step Towards Sustainability
Increasing population and expanding neighbourhoods covered with huge buildings have resulted in less comfortable, low quality of life for people living in cities. On a large scale, this has also resulted in climate change, natural and manmade calamities, and declining sustainability. To improve sustainable living, green buildings have sprung up. Some of the most popular green building certifications include LEED (US), BREEAM (UK), and DGNB (Germany).
Green roofing symbolizes a graceful prospect to reduce the burden of environmental issues and build immediate life-enhancing benefit. These types of roofing systems are unique as they are covered with soil and a certain type of vegetation. A lot of construction initiatives are being taken to achieve energy conservation and eco-friendly roofing solutions. There are a lot of community as well as personal benefits of green roofing systems. Not only they are aesthetically pleasing but they also lead to significant savings as less energy is required to heat or cool the building.
Companies Targeting Cost-effective and Eco-friendly Roofing Systems
The global roofing market is intensely cut-throat. Roofing systems vary a lot with regional preferences and construction techniques. Companies must develop roofing systems in line with the changing need of its consumers as they for eco-friendly systems. Product differentiation is a must to contend in this cost-effective and technologically challenging market. Leading players are bringing in advanced materials for building roofing systems to gain functionality as well as opportunities for energy conservation.
In 2020, FWave LLC, launched REVIA™ Hand-Split Shake Collection at International Roofing Expo (IRE). These shingles are designed to have look, appearance, and style of real wood shake at minimum maintenance and performance issues that too at the installation cost of natural wood. Furthermore, they also unveiled REVIA Hybrid™ PV Thermal Roofing Tiles, a hybrid roofing system harvesting both solar and thermal energy.
Regional Classification of the Global Roofing Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Roofing Market
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