Roofing materials are a vital necessity in construction, as they comprise the primary barrier against natural elements such as rain. The growth of the construction industry in recent years has thus been vital for the global roofing market. The roofing market has benefited from the diversity of construction activities demanded across the world, as it has led to steady investment and consolidation of lucrative revenue avenues. The global roofing market is likely to exhibit consistent growth in the coming years on the back of the continued construction industry boom in developing regions.
According to Transparency Market Research (TMR), the global roofing market is likely to exhibit a CAGR of 6.4% between 2016 and 2024. The market, valued at US$71.2 bn in 2015, is expected to rise to US$124.5 bn by 2024.
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The essential driver for the global roofing market is the steady growth of the construction industry in developing regions and sustained demand for revenue generating operations from the construction industry in developed economies. Urbanization initiatives have picked up steam in several rising economies, which has driven the demand from the global roofing market, as a key part of the construction industry. Steady emigration from rural regions in underdeveloped regions is likely to lead to the formation of growing urban centers in several countries; the high volume of emigration is likely to ensure steady demand for new housing, leading to steady demand from the global roofing market.
While the roofing market is matured in developed regions such as North America and Europe, renovation activities aimed at staying abreast of changing environmental regulations are likely to play a key role in the roofing market in these regions. The global roofing market is likely to interact significantly with the energy conservation initiatives being supported throughout developed countries, as roofing materials are exposed to the elements and thus comprise a key part of the building in terms of its environmental impact.
Widespread adoption of environmentally oriented roofing systems could help establish an economy of scale, which would help players distribute the innovative materials in developing regions at affordable costs. High costs of advanced roofing materials remain one of the most influential restraints on the global roofing market, making these developments important for the market’s growth.
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Asia Pacific Likely to Sustain Strong Position in Global Roofing Market
The rapid growth of emerging economies in Southeast Asia is likely to help the Asia Pacific roofing market in the coming years, leading to the region establishing firm dominance in the global roofing market. Apart from urbanization initiatives, which have become key parts of the economic plans of several Asia Pacific countries, industrial growth in dynamic economies such as India, China, Japan, and South Korea is also likely to contribute significantly to the growth of the roofing market in the region. Asia Pacific accounted for over 40% of the global roofing market in 2015 and is likely to remain similarly dominant in the coming years.
The Middle East is also likely to be a major player in the global roofing market in the coming years due to the rapid pace of construction in the affluent economies. Residential as well as industrial construction has prospered in the region in recent years due to the high pace of economic growth in countries such as the UAE, Saudi Arabia, Qatar, and Kuwait, and is likely to remain a key driver for the global roofing market in the coming years.
The report profiles leading players in the global roofing market in order to shed light on the market’s competitive dynamics. Key companies examined in the report include Johns Manville, Carlisle, GAF, Atlas Roofing Corporation, Firestone Building Products Company, IKO Industries Ltd., and Owens Corning.