Local Flair, Global Demand: Regional Dynamics in the Roofing Materials Market

Roofing Materials Industry Overview

The global Roofing Materials Market reached an estimated valuation of USD 129.62 billion in 2023 and is projected to expand at a CAGR of 3.9% from 2024 to 2030. This growth is anticipated due to increasing investments in the renovation and redevelopment of both commercial and residential structures. However, it’s important to note that the global construction sector experienced hindered growth following the economic recession triggered by the COVID-19 crisis. This led to diminished investor confidence and a reduction in construction activities, causing a significant setback for the market in 2020.

Recent governmental initiatives worldwide aimed at promoting green building development have also encouraged consumers to undertake roof replacements. Furthermore, the demand for installing solar panels on roofs surged in 2020 and is expected to maintain its upward trajectory throughout the forecast period.

Detailed Segmentation:

• Product Insights

The asphalt shingles segment is projected to register a CAGR of 3.9% in terms of volume over the forecast period. Low capital costs and an easy installation process are anticipated to drive the demand for asphalt shingles as roofing materials over the forecast period.

The metal roof segment is anticipated to grow at the fastest CAGR in terms of revenue from 2024 to 2030. Metal roofs are versatile and can be converted into any desired shape such as shingles or slates to fit the surface structures of different types of buildings. Moreover, the low lifecycle costs, less weight, and fire resistance of metal roofs are expected to drive their global demand over the forecast period.

• Application Insights

The residential application segment led the market and accounted for 56.2% of the global revenue share in 2023. Factors such as the increasing global population and rising preference of consumers for single-family housing structures are anticipated to fuel the growth of residential segment of roofing materials market during the forecast period.

• Regional Insights

The roofing materials market in China is expected to grow at a CAGR of 4.4% in terms of revenue from 2024 to 2030. Rapid urbanization in China is one of the primary factors fueling the growth of the construction industry in the country. In addition, various demographic factors such as the continuously increasing elderly population and the improvement in the standards of living of the masses owing to urbanization are expected to drive the growth of the roofing material industry in China.

Gather more insights about the market drivers, restraints, and growth of the Roofing Materials Market

Key Companies & Market Share Insights

The following are the leading companies in the roofing materials market. These companies collectively hold the largest market share and dictate industry trends.

• GAF, Inc
• Owens Corning
• CertainTeed, LLC
• Johns Manville.
• Wienerberger AG
• Crown Building Products LLC
• Atlas Roofing Corporation
• CSR Limited
• Carlisle Companies Inc.
• TAMKO Building Products LLC.

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Recent Development

• In February 2023, Air TAMKO Building Products LLC. announced the product launch of innovative shingles called New Titan XT. The product has a layer of curated asphalt coating and aggressive modified sealants. The product was aimed to offer contractors and property owners a Class 3 Impact Rating and UL 2218-certified product.
• In November 2023, CertainTeed, LLC announced the opening of a roofing material manufacturing and distribution center in Texas, U.S. This strategic investment reaffirms its position in the roofing market and allows the company to efficiently serve its customers in the southern part of the U.S.