The roofing systems market comprises roofing materials and roofing components that provide an effective barrier against weather elements such as rain, snow, wind, and sunlight. Some key roofing materials included in this market are bituminous roofing, metal roofing, tile roofing, and eco-friendly roofing. Roofing systems play a crucial role in protecting residential and non-residential structures from extreme weather, maintaining indoor temperature, and preventing water accumulation. Rising infrastructure development activities and growing construction of residential and commercial buildings are fueling the demand for advanced and durable roofing systems.
The Global Roofing Systems Market is estimated to be valued at US$ 18.21 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the roofing systems are F. Hoffmann-La Roche AG, Boehringer Ingelheim, Bayer AG, copyright Inc., Biogen, Daiichi Sankyo, Bristol-Myers Squibb, Johnson & Johnson, AstraZeneca, SanBio and Athersys Inc.
The Roofing Systems market Forecast is witnessing high growth due to rising demand from residential construction sector. Manufacturers are focusing on development of sustainable roofing materials to cater to the growing need for eco-friendly construction practices.
Technological advancements such as development of cool roofing materials and photovoltaic integrated roofing systems are expanding application scope of roofing systems in green buildings.
Market Trends
Increasing adoption of bio-based roofing materials - Manufacturers are focusing on development of bio-based and plant-derived roofing materials using renewable resources like sugarcane bagasse, soy, and corn to reduce environmental footprint of roofing industry.
Rise of cool roofing technology - Cool roofing materials with high solar reflectance and thermal emissivity help reduce roof temperature, consequently minimizing heat absorption inside buildings. This trend is being driven by stringent regulations regarding energy efficiency in green buildings.
Market Opportunities
Roofing Systems Market Size and Trends is growing construction spending in emerging economies - Rapid urbanization and infrastructure development projects in Asia Pacific and Middle Eastern countries offer lucrative opportunities for roofing systems providers for applications in industrial, commercial and residential buildings.
Popularity of green building concept - Rising environmental consciousness and implementation of sustainable construction practices will augment demand for eco-friendly and energy-efficient roofing systems incorporating solar panels and cool roof technologies.
Impact of COVID-19 on Roofing Systems Market
The COVID-19 pandemic has significantly impacted the roofing systems market. During the initial lockdown period, major construction activities were halted which brought down the demand for roofing systems. Supply chains were disrupted causing delays in delivery of roofing materials. This led to cancellation or postponement of roofing projects across commercial as well as residential sectors. However, with relaxation in lockdown restrictions, the market is slowly recovering. Also, government stimulus packages aimed at infrastructure development are providing support for growth. But concerns around future waves still linger which can restrain complete recovery. Social distancing norms have increased installation costs while shortage of labor continues to be a challenge. Going forward, demand is expected to rise steadily backed by housing projects and focus on weather-proofing roofs. Digitization of processes and development of innovative solutions will aid market expansion in the post pandemic times.
Geographical Concentration of Roofing Systems Market
In terms of value, North America dominates the global roofing systems market holding around 30% share. This can be attributed to high construction spending, replacement of aging rooftops and implementation of stringent building codes. The US contributes significantly to regional market growth owing to a thriving housing sector and expanding commercial building construction industry. Rapid urbanization is driving demand across emerging economies of Asia Pacific. Countries like India, China, South Korea and Japan are major consumers of roofing solutions due to substantial investments in infrastructure, manufacturing and real estate development. The region accounts for over 35% share of the worldwide market valuation and is expected to emerge as the fastest growing region going forward.
Fastest Growing Region for Roofing Systems Market
Africa is touted to be the fastest growing region for the global roofing systems market registering a CAGR of around 6% during the forecast period. Factors such as rising disposable incomes, growing population, increasing government focus on housing and commercial development are fueling roofing needs across the continent. Countries like South Africa, Kenya, Nigeria, Morocco, Egypt and Algeria offer immense potential driven by robust economic growth and investment in large scale construction projects. Innovative product offerings catering to hot climatic conditions along with expansion of construction giants into the region will further aid the market expansion. Sustainability centric building techniques and weather proof solutions are witnessing high uptake on account of frequent extreme weather events. These dynamics are anticipated to propel Africa's standing as a major market for roofing systems globally.
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