The global construction industry witnessed a stable growth till 2019 before the pandemic owing to the rising usage of drones, 3D printing, and building information modeling (BIM) technology. Residential and commercial construction activities grew moderately across the world in 2019. However, the COVID-19 pandemic resulted in significant changes in the global construction industry. Delay in new construction activities and intensification of shortage of labor, along with an inadequate supply of raw materials have been some effects of the pandemic on the global construction industry. As the global economy is recovering from the impact of the COVID-19 with several governments announcing relief packages to revive their economies, the residential and commercial construction industries have started witnessing an increase in roof renovation and replacement activities. Renovating and remodeling are significant factors for the long-term maintenance of properties. As per the State of the Industry Report for Roofing Contractors, U.S., roof replacements in North America held a share of nearly 94% of the total roofing projects in 2020. Numerous properties in North America and Europe are over 25–30 years old. Therefore, they are predicted to experience roof replacements in the upcoming period.
New buildings are a substantial source of future emissions, specifically in promptly emerging countries with increasing populations. Existing building stocks are expected to hold record for the majority of building floor areas in a number of middle- and high-income nations by 2050 to enhance prevailing buildings for their sustainable transition to green buildings. In addition, effectiveness and de-carbonization norms are turning out to be majorly strict with technological progressions. This, in turn, is predicted to lead to existing buildings being periodically observed and regulated, as well as retrofitted to meet novel high-efficiency norms, while new buildings have to comply with ever-enhancing standards and rules. As a surging number of companies and governments focus to turn carbon neutral by 2050, green buildings play an important role in encouraging low-carbon economic growth and ensuring a clean energy transition. The majority of this investment potential worth USD 17.8 trillion is concentrated in South Asia, which is anticipated to house more than half of the global urban population by 2030. The residential construction investments, estimated at USD 15.7 trillion, are projected to account for a share of 60% of the market.
Roofing materials market worldwide has been significantly growing owing to an increase in the number of roof replacement projects globally. According to the State of the Industry Report 2021 for Roofing Contractors by the National Federation of Roofing Contractors, U.S., roof replacement projects accounted for shares of 91% and 94% in terms of value and volume, respectively in 2020. This indicates that the global demand for roofing materials is increasingly dependent on the number of roof replacement projects. However, as consumers are adopting cost-effective solutions such as roof coatings, this hampers the demand for roof replacements, thereby negatively impacting the growth of roofing materials market.
This section will provide insights into the contents included in this roofing materials market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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