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Rapid urbanization, and innovation in building and construction technology are expected to drive roofing systems market revenue growth.
NEW YORK, NY, UNITED STATES, June 20, 2022 /EINPresswire.com / -- The global Roofing Systems Market size is expected to reach USD 166.24 Billion in 2028 and register a revenue CAGR of 3.4% over the forecast period, according to latest report by Reports and Data. Roofing systems market revenue growth can be attributed to factors such as rapidly growing construction industry, rapid urbanization, and rising demand for sustainable roofing materials.
Rising number of construction projects in non-residential sector including schools, offices, and malls is leading to growing demand for roofing system materials. Different materials such as slate, terracotta, concrete, reflective metal roofing, and white flat tile are used for roofing systems. Technology is advancing, is resulting in reducing input cost of building roofs significantly, thereby driving market revenue growth.
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Companies profiled in the global market report include Atlas Roofing Corporation, Johns Manville, ETEX Group, Owens Corning, 3M Company, CSR Limited, Boral Limited, The Siam Cement Public Company Limited, Standard Industries Inc., and Dow Inc.
Some Key Highlights from the Report
•Among the material segments, the asphalt segment accounted for largest revenue share in 2020, and is also expected to register fastest revenue CAGR during the forecast period. Features and qualities of asphalt shingles enable asphalt-based roofing systems to withstand wind, hail, or fire damage and discoloration. Other features include algae resistance, locking shingles, and durability make asphalt a more reliable material for developing roofing systems.
•Roofing systems offer various benefits such as protection of building interior from various effects of extreme weather conditions such as rain, wind, sun, heat, and snow, and providing thermal insulation and desired aesthetic appearance.
•Among the product type segments, the shingles & plates segment accounted for largest revenue share in 2020. The tiles segment is expected to register faster revenue CAGR during the forecast period. Certain advantages offered by tiles in roofing systems include long-lasting systems, resistance to rot and insect damage, environment-friendly, energy efficiency, and low maintenance requirements.
•Roofing systems market in Asia Pacific accounted for largest revenue share in 2020, and is expected to register a fastest revenue CAGR during the forecast period due to substantial investments in research & development on advanced technologies in the construction sector. Rapid urbanization, and expansion of the construction industry in developing countries in the region are other factors driving revenue growth of the Asia Pacific market.
•In January 2022, Switzerland-based company, Holcim Group, signed agreement to acquire Malarkey Roofing Products, which is a US-based firm involved in providing residential roofing systems.
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For this report, Reports and Data has segmented the global roofing systems market based on material, product, construction type, end-use, and region:
Material Outlook (Revenue, USD Billion; 2018–2028)
•Asphalt
•Clay
•Concrete
•Metal
•Plastic
•Others
Product Outlook (Revenue, USD Billion; 2018–2028)
•Shingles & Plates
•Tiles
•Others
Construction Type Outlook (Revenue, USD Billion; 2018–2028)
•New Construction
•Reform Construction
End-Use Outlook (Revenue, USD Billion; 2018–2028)
•Residential
•Non-Residential
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Furthermore, the research study gives additional insights into the companies' regional presence through extensive regional analysis. The regional analysis covers the key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The regional analysis segment covers detail about the market share held by each region along with the prospective growth opportunities and revenue generation. The report also offers a projection of the growth rate for each region in the entirety of the forecast timeline. It also offers a country-wise analysis to impart a better understanding of the industry.
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