Roofing Materials Market Size, Share & Trends Analysis Report By Product (Asphalt Shingles, Concrete & Clay Tile Roofs), By Application (Residential, Non-residential), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global roofing materials market size is estimated at USD 120.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030. Increasing expenditures in the renovation and redevelopment of commercial and residential building are expected to propel market growth.

The global construction sector is undergoing limited growth as a consequence of the economic recession caused by the COVID-19 crisis, which has resulted in low investor confidence and a decline in construction activities, as a result, the market has also experienced a catastrophic setback.

The spread of the COVID-19 in the U.S. affected the growth of the engineering and construction industries. The increasing costs of construction materials and equipment, along with supply chain disruptions, are the major factors limiting the growth of this industry. However, the use of aerial measurement and 3D modelling technologies had increased during the pandemic, which supported the market growth.

According to the State of the Industry Report for Roofing Contractors, U.S., roof replacements in North America accounted for a share of approximately 94% of the overall roofing projects in 2020. Several properties in North America and Europe are more than 25-30 years old. Hence, they are expected to undergo roof replacements in the coming years.

The advent of reflective coatings that can be applied to dark-colored roofing materials is expected to have a positive influence on the industry. Reflective coatings have excellent heat reflection properties and help to reduce the overall energy consumption of the building structure.

The power of suppliers is expected to be moderate owing to the presence of a large number of suppliers of raw materials in the market used for developing various roofing materials. A diversified product range, coupled with high-quality services, is anticipated to play a crucial role for suppliers to attain a competitive edge in the market.

Product Insights

Concrete and clay tiles product segment led the market and accounted for more than 29% share of the global revenue in 2021. These tiles offer benefits such as improved aesthetics, durability, and ease of recycling, hence drive the product demand. However, growing consumer preference for stone-coated steel roofing is projected to impede product demand.

Asphalt shingles segment is projected to register a CAGR of 4.1% in terms of value 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.

In 2021, the metal roof segment held a share of 22.4% of the overall market in terms of revenue. 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.

The plastic roof segment is anticipated to grow at a CAGR of 2.6% over the forecast period owing to advantages such as ease of installation, and low maintenance. However, plastic roofs offer lower aesthetic appeal than their counterparts. Furthermore, the product is particularly vulnerable to UV radiation degradation, thereby restricting its application.

Application Insights

Residential application segment led the market and accounted for more than 55% of the global revenue share in 2021.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.

Asphalt shingles are used in residential applications by the homeowners as it offers ease in installation and requires less maintenance as compared to metal and concrete. These are available in wide array of colors and textures which can offer wood, cedar or slate like appearance and improves aesthetic value of roofing structures.

Evolving business models, new startups, and increased need for office spaces are expected to drive the global demand for non-residential buildings. Furthermore, rising expenditures in the construction of data centers by major technological companies like as Microsoft, Google, and Amazon are expected to boost demand for roofing materials used in non-residential structures.

Rising investments for the renovation and replacement of roofs of commercial buildings, such as hospitals, educational institutions, sports facilities, government offices, and recreational buildings are anticipated to fuel the penetration of roofing materials in various non-residential applications.

Regional Insights

Asia Pacific region led the market and accounted for over 32% share of global revenue in 2021. The expansion of residential, commercial, and industrial sectors due to the sustainable economic growth of countries in region is expected to fuel construction activities, thereby driving the demand for roofing materials.

Increased tourism, retail trade, and business turnover in the member states of the European Union are projected to fuel the construction of commercial buildings.Moreover, increasing efforts to convert old energy-consuming buildings into energy-efficient and sustainable structures is anticipated to fuel the demand for roofing materials over the forecast period.

The construction industry in South America mostly remained resilient even after the economic slump caused due to the pandemic. Factors such as uncertainty with respect to the economic policy and reforms in Brazil, and recent social unrest in various countries such as Colombia, Chile, Bolivia, and Ecuador are expected to have a negative impact on the region’s economic growth.

According to Flitch Rating and IMF, robust government spending in GCC countries is expected to boost expenditure on construction of hospitals, leisure projects, and schools, which, in turn, is expected to propel the growth of construction industry, thereby driving the product demand in the region.

Key Companies & Market Share Insights

The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. The surging requirement for reliable and precise roofing solutions is fueling the growth of market. Key manufacturers of roofing materials in the market are focusing on offering suitable and innovative roofing materials that are rigid and durable.

Large number of roofing product manufacturers are focused on backward integration in order to keep the product quality under control. The industry participants emphasize on expanding their product portfolio by developing innovative solutions and cheaper products with superior properties to cater to the increasing consumer demand.  Some prominent players in the global roofing materials market include:

• GAF Materials Corporation

• Atlas Roofing Corporation

• Owens Corning

• TAMKO Building Products, Inc.

• CSR Ltd.

• Carlisle Companies Inc.

• Crown Building Products LLC

• Metal Sales Manufacturing Corporation

• Wienerberger AG

• Etex

• CertainTeed Corporation

• Johns Manville

• Fletcher Building Limited

• Eagle Roofing Products

• Boral Roofing

Roofing Materials Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global roofing materials market on the basis of product, application, and region:

• Product Outlook (Volume, Billion Square Feet; Revenue, USD Billion; 2017 - 2030)

  • Asphalt Shingles

  • Concrete & Clay Tile Roofs

  • Metal Roofs

  • Plastic Roofs

  • Others

• Application Outlook (Volume, Billion Square Feet; Revenue, USD Billion; 2017 - 2030)

  • Residential

  • Non-residential

• Regional Outlook (Volume, Billion Square Feet; Revenue, USD Billion; 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

  • Middle East & Africa