According to the recent study the roofing material market is projected to reach an estimated $160.6 billion by 2027 from $119.7 billion in 2021, at a CAGR of 5% from 2021 to 2027. Growth in this market is primarily driven by increasing demand for residential buildings and investments in the renovation and redevelopment of residential and commercial buildings.
Browse 102 figures / charts and 65 tables in this 152 -page report to understand trends, opportunities and forecast in roofing material market by product (shingles, metal, tiles, and others), application (residential and commercial), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Tiles market is expected to remain the largest segment during the forecast period.”
Based on product, the roofing material market is segmented into shingles, metal, tiles, and others. Lucintel forecasts that the tiles market is expected to remain the largest segment due to the advantages of durability, superior aesthetics, versatility, and ease of recycling.
“Within the roofing material market, the residential segment is expected to remain the largest application”
Based on application the residential segment is expected to witness the highest growth over the forecast period due to rising government and institutional support for the development of housing infrastructure in emerging economies, increasing population and growing preference for single-family housing structures.
“Asia pacific will dominate the roofing material market in near future”
APAC will remain the largest region over the forecast period due to urbanization and rapid industrialization, especially in China and India, coupled with population expansion in this region.
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Major players of roofing material market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. GAF Materials Corporation, Owens Corning, Saint-Gobain, BMI Group, Atlas Roofing Corporation, Carlisle, and Berkshire Hathaway are among the major roofing material providers.
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