Global Roofing Materials Market by Material (Asphalt Shingles, Concrete & Clay Tile Roofs, Metal Roofs, Plastic Roofs, and Other Materials), By Application (Residential, Commercial, and Industrial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Roofing Materials Market size is expected to be worth around USD 177.6 Billion by 2032 from USD 117.8 Billion in 2022, growing at a CAGR of 4.30% during the forecast period from 2023 to 2032.

The roofing materials offer various options for residential, commercial, and industrial buildings. Roofing materials contain shingles, tiles, metal panels, membranes, etc. The demand for roofing materials is driven by several factors such as construction activity, climate, and government regulations.

In past years, the focus on sustainable and eco-friendly roofing solutions has increased due to their energy efficiency, durability, and low maintenance costs. The global roofing materials market is estimated to observe substantial growth in the coming years owing to the rising demand for residential and commercial construction projects.

Key Takeaways

• Market Growth: In 2022, the global roofing materials market was valued at USD 176.6 billion and is projected to drop down to 117.8 billion between 2023 and 2032 at an anticipated compound annual compound growth rate of 4.30 % compound annually.
• Key Materials: Roof materials comprise various options including asphalt shingles, metal roofing sheets, concrete/clay tiles, asphalt sheets, bitumen roofing sheets, and others.
• Material Analysis: Asphalt shingles hold a 30% revenue share by 2022 and are forecast to experience a compound annual growth rate of 4.8% during their forecast period. Asphalt roofing materials could experience compound annual compound growth of 5.2% during that time.
• Application Analysis: Residential roofing represents 55% of global revenue share in 2022 with an anticipated compound annual compound annual growth rate of 4.4%. Residential roof installations often take place on individual homes or apartments to provide safe and comfortable shelter.
• Regional Analysis: Asia Pacific has the largest share in the worldwide roofing materials market with 32% market share. Asia Pacific is projected to experience compound annual compound annual compound annual compound annual compound annual compound average growth rates of 4.7% during its forecast period.
• Market Drivers: The market is driven by factors like rapid urbanization and infrastructure development projects; an increasing need for energy-saving roofing solutions that meet sustainable criteria, and construction industry expansion.
• Market Challenges: In the roofing materials market, challenges include fluctuating raw material costs and regulations regarding environmental concerns as well as fierce market competition.
• Opportunities: Opportunities lie in developing eco-friendly roofing materials and increasing infrastructure investments as well as adopting cutting-edge roofing technologies.
• Trends: Trends in the roofing materials market include an increase in solar roofing solutions, greater emphasis placed on sustainable roofing practices, and smart technologies being integrated into roofing systems.
• Major Players: Major companies in the roofing materials industry have increasingly turned their focus toward research & development, strategic partnerships, mergers & acquisitions to enhance their product offering and strengthen their market presence.

Driving Factors

Growing Construction Industry Drives Market Growth

Roof covering materials are driven by the growing construction market, increasing environmental awareness, and demand for more energy-efficient roofing materials. The demand for roofing materials increases as the construction industry expands. Metal roofing is a long-lasting material that lasts for a longer duration than other materials and also it is likely to expand at a greater pace due to rising instances of wildfires.

Metal roofing is a prominent fire-resistant roofing option that enables modern fire codes & protects their building from fire. The increasing emphasis on energy efficiency is also driving demand for roof materials that can reduce the energy consumed by buildings. The development of roofing materials with superior reflective & insulation properties has been a result.

In addition, the rising awareness regarding environmental issues has led many consumers to choose eco-friendly roof materials made of sustainable & recyclable materials. The market for roofing materials is likely to grow in the coming years due to these factors.

Restraining Factors

High-Cost Impact on Market Growth and Profitability

The roofing materials market has evolved with various restraining factors that can hinder its growth and profitability. Consumers have low disposable income to spend on home repairs or renovations at the time of economic downturns. Environmental regulations can also raise manufacturing costs and limit demand for roofing materials.

The market has seen huge competition with new potential entrants which causes disruption for existing players. The resurfacing of worn-out roofs elaborates a huge investment of time, electricity, and money. Adverse climatic conditions may alter product quality such as some of the materials cannot survive excessive heat and ultraviolet emission from sunlight but easily invalidate extended freeze-thaw cycles.

The cost of raw materials can also affect production and pricing and create a demand for roofing repairs and replacements of roofing materials.

By Material Analysis

The Concrete and Clay Tile Roofs Segment is Dominant

Based on material, the market for roofing materials is segmented into asphalt shingles, concrete & clay tile roofs, metal roofs, plastic roofs, and other materials. Among these materials, the concrete and clay tile roofs segment is the most lucrative in the global roofing materials market with a projected CAGR of 4.8%.

The total revenue share of the concrete & clay tile roofs segment is 30% in 2022. These tile roofs are made from natural clay or concrete and are famous for their strength, durability, and aesthetics to survive intense weather conditions such as high winds, heavy rain, and hail.

Concrete and clay tile roofs include a variety of styles & colors which makes them a prevalent option for both residential and commercial buildings. However, the Asphalt shingles segment is likely to register the highest CAGR of 5.2% in terms of value during the forecast period.

By Application Analysis

The residential segment is Dominant in the Global Roofing Materials Market

By application, the market for roofing materials is further classified into residential, commercial, and industrial. The residential segment is estimated to be the largest segment by application in the global roofing materials market with a revenue share of 55% and a projected CAGR of 4.4% in 2022.

Residential roofing consists of the installation of roofs on individual homes or apartments. The need for safe & comfortable housing increases the demand for residential roofing at this pace. Factors such as durability, strength, aesthetics, and energy efficiency play an important role when choosing roofing materials for homeowners and builders.

The residential segment is expected to enlarge as the construction industry continues to grow at a greater pace in the future.

Key Market Segments

Based on Materials

• Asphalt Shingles
• Concrete & Clay Tile Roofs
• Metal Roofs
• Plastic Roofs
• Other Materials

Based on Application

• Residential
• Commercial
• Industrial

Growth Opportunities

Rising Demand for Energy-Efficient and Sustainable Roofing Materials

The roofing materials market is driven by various factors such as growing construction activities, rising urbanization, and technological advancements. The market is endorsing a huge demand for energy-efficient and sustainable roofing materials such as solar shingles, cool roofs, and green roofs.

Also, the development of smart roofing materials that have self-regulate temperature and moisture is likely to further drive demand. Government regulations across the world promote sustainable construction practices which are likely to propel market growth.

Latest Trends

Growing Use of Recycled Materials in Roofing Products

The market for roofing materials is constantly evolving and manufacturers and suppliers are engaged to meet the changing needs of customers. The market contains the growing use of recycled materials in roofing products to promote sustainability and waste reduction.

Also, the demand for lightweight roofing materials is increasing as they are easy to install and transport as well as customizable roofing options which enable customers to design their roofs to their specific needs and preferences.

The use of drones and AI in roof inspections and maintenance are also gaining traction, these technological advancements allow vendors to more efficient and cost-effective management of roofs.

Regional Analysis

Asia Pacific is the Dominant Region in the Global Roofing Materials Market

Asia Pacific holds the largest market share of over 32% in the global roofing materials market and is projected to register a CAGR of 4.7% during the forecast period. The growth of residential, commercial, and industrial sectors is owing to rapid urbanization & growing construction activities in countries including China and India.

However, North America and Europe witness significant growth due to the prevalence of commercial and residential buildings and strict regulations endorsing sustainable construction practices. Growing tourism, retail trade, and business turnover in the states of the European Union are likely to boost construction activities in the same.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Emerging key players are employing various strategic tactics to expand their product portfolio. Companies are investing heavily in integrated raw material production and sales activities to excel in product quality and market demand.

To boost global revenues for roofing materials companies are employing merger and acquisition tactics. Furthermore, the companies create a strong network of qualified vendors to ensure the quality of the roof installation for a better customer experience.

Market Key Players

• 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
• Other Key Players

Recent Developments

• In February 2021, CSR Ltd. Revealed the acquisition of AFS Systems which is a leading producer of pre-fabricated building systems in Australia. This acquisition is likely to expand companies product portfolio and strengthen its position in the Australian building materials market.
• In November 2020, Johns Manville revealed the acquisition of ITW Insulation Systems a leading manufacturer of insulation and waterproofing products for the commercial and industrial markets. This results in the expansion of Johns Manville’s product portfolio and strengthens its position in the commercial roofing market.

Report Scope