The global Roofing systems market is forecast to reach USD 153.13 Billion by 2026, according to a new report by Reports and Data. The increasing construction activities across the globe, coupled with the rising population and changing lifestyles are propelling the growth of the market. Construction Industry is a booming industry and is expected to remain so with the continuation of the development process, especially in the developing countries. With the process of development, the migration of people takes place from rural to urban areas. This phenomenon is most significantly observed in the “Asian Tiger” countries, such as, China and India.
The market will also be affected by the growth of the construction industry in the European region. Although going through severe disruptions, the inner structure of the construction industry in Europe has merely changed. An inhibitor to increase may also have been progressing the import prices. The fact that the import prices dropped to pre-crisis levels might be another indicator for the construction industry in Europe to recover. Relative to other sectors in the European countries, the construction industry holds a top position. The most significant part of the revenue generated by Europe comes traditionally from the UK, as it is also the most prominent national market for the roofing industry. Together with the growth in the construction industry in Germany, France, and the UK, the region is estimated to be a significant driving factor for the roofing systems industry.
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Key participants include Berkshire Hathway, Beacon Roofing Supply, Inc., Carlisle Companies Incorporated, Bridgestone Americas, FiberTite (Seaman Corporation), CertainTeed (Saint Gobain), Owens Corning, GAF Materials Corporation, IKO Industries, and Sika Group, among others.
Further key findings from the report suggest
- Among the materials, the asphalt accounts for the largest market share of ~24% in the year 2018. Asphalt road surfaces grant several benefits, including a reduction in noise pollution, cost efficiency, and comfort. Using asphalt materials in road maintenance and construction can improve the benefits for all road users and the environment.
- The shingles and plates account for the largest market share of ~44% in the year 2018. The tiles are anticipated to witness the highest CAGR of 3.7% during the forecast period.
- The Asia Pacific region held the largest market share of ~31% in the year 2018, owing to the substantial investments in the research and development of advanced technologies in the construction sector.
- The governments, global construction companies, and local players are rapidly adopting technologically-advanced systems to address the vast requirements, accelerating the Asia Pacific construction equipment market expansion.
- The growth of the market in the Asia Pacific region is also attributed to favorable government investments in the residential and commercial application sectors, which provides appropriate funds to the manufacturers.
- The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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For this report, Reports and Data have segmented into the global roofing systems market on the basis of product type, application, construction type, material, and region:
Product Type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
- Shingles & plates
Construction Type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
- New constructions
- Reform construction
Material Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
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Regional Bifurcation of the Roofing Systems Market Includes:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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