Roofing Market size is expected to cross USD 150 Billion at CAGR of approximately 4% by 2022
Pune, India – January 8, 2019 —
Roofing is the outer most layer of the building whose properties depend on the material used and the type of roofing. Market Research Future (MRFR) has published and released a research report on the global roofing market that estimates growth for this market at 4% CAGR (Compound Annual Growth Rate) during the forecast period that would end in 2022. In terms of cash, the market worth by the end of 2022 is expected to be the US $ 150 bn.
Observing the market structure, this report offers insights about factors affecting the market growth. Weighing the market size and foretelling the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances.
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The key drivers driving the global roofing market growth are the rapid technological advancement, increased awareness about eco-friendly roofing, increased renovation & remodeling, and surge in real-estate investment. Other factors leading to market growth are the awareness among the consumers about the high-quality & eco-friendly roofing technology, changing lifestyles, the increasing disposable income, and lastly, the growing need for building remodeling & renovation of the existing properties.
The global roofing market has been segmented into application, material, and lastly, region. The application-based segmentation segments this market into commercial, industrial, residential, and others. Based on the material, the market has been segmented into bituminous/asphalt, built-up, elastomeric, metal, tile, and others.
The regional segmentation of the global roofing market segments the global market into regional markets known as Asia Pacific, North America, Europe, and the Middle East & Africa (MEA). The Asia Pacific is the largest as well as the fastest growing regional market, followed by North America and Europe. In the Asia Pacific region, the market is rising due to rising population, growing demand for more houses, growing industrialization, and the need for more factories in order to increase the industrial production. The construction of both commercial as well as non-commercial buildings is growing in the Asia Pacific region. The major economies that can be suitable country-specific markets in this region are China, India, and Japan.
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North America and Europe are stagnant markets as these regions already have established infrastructure in both commercial as well as non-commercial aspects. In both regions, technological advancements have introduced various kinds of roofing techniques. In both of these regions, the various government policies and regulations have enhanced the use of such eco-friendly roofing technology. In North America, the strongest economies that can suitable markets are USA and Canada. In Europe, such economies are France, Germany, and the UK. Many key market players are based in North America, especially in the USA.
In the MEA region, the market is small due to limited construction activities, limited availability of relevant technology, majority countries being poor countries, low per capita income, lack of awareness about eco-friendly roofing, and lack of education.
The key players in the global roofing market include Atlas Roofing Corporation (USA), Braas Monier Building Group Services GmbH (Germany), CertainTeed Corporation (USA), Duro-Last Roofing Inc. (USA), Firestone Building Products Company (USA), General Aniline & Film (GAF) (USA), IKO Industries Ltd. (USA), Johns Manville (USA), Owens Corning (USA), and TAMKO Building Products Inc. (USA).
Latest Industry News
The Mendocino County Board of Supervisors has authorized the county staff to begin planning roof replacement on various high priority buildings. 28 DEC 2018
Bland Company is set to offer individualized roofing and solar services in the Central Valley. 31 DEC 2018
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This news is published on Reuters.