Roofing Market: Description
- Roof is a vital part in house construction that provides protection from natural elements and climatic conditions. Roofing materials are external layers applied on the roof of a building.
- These are sometimes self-supporting, but are generally supported by underlying structures. The outer layer of a roof varies depending on the availability of material and the nature of the supporting structure.
- Roofing materials range from natural products such as thatches and slates to commercially available products such as bituminous, tiles, and plastic sheeting
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What are Key Growth Drivers of Global Roofing Market?
- Rise in demand for laminated asphalt shingles with textured surface is projected to drive the global roofing market in the next few years. Tiles is also one of the major product segments of the global roofing market. Increase in concern about the environment is significantly influencing prospective homebuyers and developers.
- Tile roofing lowers the need for air conditioning, leading to a decrease in electricity consumption. This is projected to boost the demand for tiles during the forecast period.
- Metal roofing is gaining momentum in the global roofing market owing to the increase in demand for green construction materials. Metal roofing has exceptional longevity, and, thus, low lifecycle cost. Additionally, it possesses 30%-60% of recycled metal content and is 100% recyclable at the end of its service life. These factors are expected to boost the sales of metal roofing during the forecast period.
- Urbanization is a major factor driving the roofing market. The need for urbanization is fueled by an increase in standard of living in emerging economies.
- Demand for commercial and residential buildings is rising, led by the growth in population and urbanization in developing economies.
- The roofing market is anticipated to expand substantially during the forecast period due to government support for construction activities in the form of subsidies and tax benefits in emerging economies.
- Governments in developing and developed economies plan to provide incentives to citizens to replace existing roofs with energy-efficient ones. This is estimated to boost economic development by creating new jobs and augment the demand for labor in the construction industry.
- For instance, in 2016, the Government of India proposed an additional US$ 717.28 reduction in interest on loans for first home buyers and tax incentives on development of affordable housing of up to 60 square meters. These factors are projected to propel the roofing market across the globe.
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What are Key Challenges for Global Roofing Market?
- Asphalt is the major raw material used in the manufacture of bituminous roofing materials, which is the leading product segment of the roofing market
- Quality and availability of asphalt is a continuous challenge for manufacturers of roofing materials. The major raw material for bitumen is gasoline and demand for gasoline is still declining. This has adversely affected the supply of bitumen and asphalt. Moreover, expensive manufacturing techniques such as the oxidation process have raised the production cost of bituminous roofing.
- Other roofing materials such as plastic and fiber cement are also facing challenges owing to an increase in price of polymers, which include polypropylene and Polyvinyl Chloride (PVC). All these factors are estimated to hamper the roofing market during the forecast period.
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Lucrative Opportunities for Players in Global Roofing Market
- Rise in demand for environmentally-friendly roofing materials is anticipated to act as a key opportunity for the roofing market. Increase in repair and refurbishment of existing buildings is likely to provide lucrative opportunities for metal roofing applications. Product improvement and competitive pricing are estimated to help companies strengthen their positions in the roofing market.
- Urbanization initiatives have picked up steam in several emerging economies, driving the construction industry, which in turn is fuelling the roofing market. Steady emigration from rural regions to urban areas in underdeveloped countries is likely to lead to the formation of growing urban centers. The high volume of emigration is expected to ensure steady demand for new housing, leading to steady demand for roofing products.
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Asia Pacific to Dominate Global Roofing Market
- Asia Pacific is anticipated to dominate the global roofing market during the forecast period. The building & construction industry in the region is expanding significantly due to rapid urbanization in India, Bangladesh, Vietnam, and the Philippines.
- This is boosting the roofing market in the region. Rise in population, growth in urbanization, and increase in industrialization in Asia Pacific have provided an impetus to economic activities in the region, thereby augmenting the demand for industrial and commercial spaces.
- Furthermore, rise in the number of construction activities in commercial and residential sectors is anticipated to propel the demand for roofing in the next few years.
Leading Players in Global Roofing Market
- The global Roofing market is highly fragmented. Major players operating in the Roofing market are
- GAF Materials Corporation
- CertainTeed Corporation
- Owens Corning Corp.
- Braas Monier Building Group
- Carlisle Companies Incorporated.
- Market players are developing new products to widen their consumer base. This is likely to intensify the competition in the global roofing market in the next few years.
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