The global roofing material market is anticipated to be valued at USD 142.88 billion by 2025, according to a new report by Grand View Research, Inc. Rapidly growing infrastructure demand owing to migration of people from rural to urban areas, improved standard of living resulting in the need for building renovation projects, etc. are some of the key factors expected to support the demand for these materials.
Asia Pacific is expected to emerge as the largest as well as the fastest growing region. North America is slated to register the second highest growth rate. Residential application segment is likely to emerge as the largest as well as the fastest growing application segment. Positive growth rate recorded by the residential construction industry in developed regions is anticipated to support the new residential roofing market as well as re-roofing activities.
High brand loyalty in addition to major players focusing on establishing long-term relationships with customers is a primary characteristic of this industry. Market participants with a focus on achieving competitive advantage provide a comprehensive product portfolio of roofing materials.
To enhance the customer service and also taking into consideration the complexity and distinctive properties of various roofing materials, many product manufacturers provide work training facilities. Most manufacturers entail certified applicants as part of their licensed applicator agreements with various roofing contractor companies.
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Further key findings from the study suggest:
- Metal roof are expected to emerge as the fastest growing product during the forecast period and is expected to grow at an estimated CAGR of 3.3%
- Metal roofs slated to gain ground with development of pre-engineered steel buildings for non-residential applications
- Tile roof segment is anticipated to emerge as the largest product segment but are likely to register low growth rate as compared to asphalt shingles
- Shingles which are widely used in the North American market have witnessed robust growth in developing regions owing to ease of installation, high durability, and moderate price
- Residential application segment is slated to emerge as the fastest as well as the largest application segment. The segment accounted for over 55% demand in 2015
- North America is slated to grow at an estimated CAGR of 2.9% during the forecast period
- Presence of key manufacturers and their ability to offer a wide product range to customers is expected to play a crucial role to support the market growth in North America
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.