Global Roofing Market Projected to Hit USD 322 Billion by 2031, Growing at a 4.9% CAGR

Posted by Kaustubh Ravan on December 11th, 2024

The global roofing market was estimated at a value of US$ 190 billion in 2020. It is anticipated to register a 4.9% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 322 billion by 2031.

The global market is being driven by the building and construction sector's growing need for roofing. A sizable number of producers are active in the world market. In order to meet customer demands, these firms are raising their capital investments and placing a greater emphasis on research and development activities and enhanced product quality.

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The global expansion of residential, commercial, and non-commercial construction projects has led to a robust growth in the roofing market.

Key Findings of the Market Report

• The growing infrastructure construction activities brought on by the global population explosion are the cause of the roofing market's increase.
• Rapid urbanization in developing nations, an increase in building and construction activity worldwide, and technological developments in roofing materials are the main factors driving the global market.
• The building and construction industry in both developed and emerging nations is expected to take on more projects, which will expand demand for roofing.
• Bitumen, granules coated in ceramic, clay, sand, fiberglass, concrete, and polycarbonate are roofing materials that are frequently utilized in the construction of both residential and commercial structures, including offices, hotels, and schools.

Market Trends for Roofing

• During the forecast period, rising industrial activity and increasing urbanization will support the growth of the global roofing market. In this sector, manufacturing enterprises from China and India are becoming more prevalent. Materials for roofing are a crucial part of building.
• The expansion of the residential and commercial construction industry as well as the rise in consumer disposable income are factors driving the growth of the global market. The construction industry's consistent rise in developing nations propels the global market.

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Global Roofing Market: Key Players

To remain competitive, manufacturers within the global roofing market use a variety of strategies. Many businesses concentrate on product innovation, creating cutting-edge roofing materials with enhanced sustainability, energy efficiency, and durability. They can meet changing client needs and comply with strict laws by using this strategy.

Manufacturers employ deliberate pricing tactics, such offering competitive prices or combining services, in order to draw in budget-conscious customers and protect their market dominance. The following companies are well-known participants in the global roofing market:

• Atlas Roofing Corporation
• GAF
• Duro-Last Roofing Inc.
• Certain Teed Corporation
• Brass Monier Building Group Services S.A.
• Johns Manville
• Firestone Building Products Company
• IKO Industries Ltd.
• Owens Corning
• TAMKO Building Products Inc.
• Carlisle

Global Roofing Market Segmentation 

Product

• Bituminous Roofing
• Metal Roofing
• Tile Roofing

Application

• Residential
• Commercial
• Non-Commercial

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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