Roofing Materials Market Size, Share, Growth, Price Trends and Industry Analysis Reportby Susan Hill Business Consultant
The global roofing materials market size is expected to reach USD 154.20 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 4.2% during the forecast period. Thriving construction industry owing to consistent economic growth, coupled with low interest rates leading to increase in approval of building projects, is expected to aid market expansion.
Growing trend of development of reflective coatings for dark-colored roofing materials, which enable better heat reflection and reduce overall energy requirements, is presumed to fuel market expansion. In addition, evolving technology to improve the weather ability, installation, and aesthetics of the membrane roofing material is projected boost product demand.
The market exhibits the presence of a large number of substitutes, including living roofs, restoration coatings, and solar and SPF roofs. These materials have better performance characteristics as compared to common roofing materials available in the market. However, high maintenance and installation cost are expected to limit their growth, resulting in moderate threat of substitutes.
The industry is characterized by high brand loyalty, coupled with established long-term relationships between customers and manufacturers. Major market players are focusing on enhancing their brand reputation by offering a wide range of products with better quality standards as compared to competitors.
Further key findings from the study suggest:
- On the basis of
product, concrete and clay tile dominated the roofing materials market in
2018 and accounted for 35.6% share in the overall revenue, which can be
attributed to their ease of installation, availability, durability, energy
efficiency, and low cost
- In terms of
revenue, the residential application segment is expected to register a
CAGR of 4.4% over the forecast period. This could be attributed to rising
residential construction in emerging economies due to increasing
population and stable economic growth
- Asia Pacific
emerged as the largest regional market in 2018 and is expected to reach
USD 51.81 billion by 2025 owing to increasing infrastructure development
activities, including renovation of airports, setting up of SEZs, and
establishment of IT parks
- In terms of
revenue, China is estimated to exhibit a CAGR of 5.8% over the forecast
period owing to government initiatives to encourage sustainable
construction practices and increase energy efficiency
- Industry players are focusing on inorganic growth by expanding their product portfolio to provide next generation solutions to their customers. In addition, they are aiming to integrate their manufacturing and distribution operations to increase their profit margins.
research report on global roofing materials market:
Created on Oct 24th 2019 05:06. Viewed 140 times.