Roofing, defined as an upper structure of a building, is designed to provide protection against heat, cold, rain and other environmental elements. Asphalt shingles, wood, tile, slate, and metal represent conventional roofing materials that are commonly used in most constructions. Urban sprawl, caused by the migration of population from rural to urban areas and the resulting pressure on housing infrastructure is helping spur demand opportunities in the roofing market. Cities are increasingly being built to accommodate their growing population, with about seven out of 10 people in the world projected to live in cities by 2050.
In addition to urbanisation, the market is also poised to benefit from technology innovations targeted at improving energy efficiency and eco-friendly attributes of roofing products.
Rising standard of living, particularly in developing countries, is encouraging building renovation projects, while tightening safety regulations worldwide are triggering the need to replace old roofs with newer advanced roofing solutions. All of these factors bode well for market growth in the medium-term.
Green building certifications are spurring the need for eco-friendly roofing, given that the building sector accounts for about 40 per cent of total energy consumption worldwide. Rising air pollution, loss of biodiversity and urban heat island effect are leading governments across the world to focus on green roofs as a means to reduce environmental degradation. Green roofs aid in reduction of solar heat absorption, elimination of pollutants from air, and provide superior acoustic insulation. Especially poised to gain are eco-friendly roofing products, such as, light coloured tiles and membranes; roofing products made from recycled materials; integrated photovoltaic roofing; vegetative roofs; and advanced shingles made from fibreglass technology.
Fastest growing market
As stated by a new market research report on roofing by Global Industry Analysts, Inc., a leading publisher of off-the-shelf market research, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 8.1 per cent over the analysis period. Steady economic growth, robust construction activity, growing population, expanding middle class, and increasing investments in industrial and public infrastructure, represent key factors driving growth in the region.
Asphalt shingles represents the largest product market, while metal roofing ranks as the fastest growing sector with a CAGR of 5.8 per cent over the analysis period.
The research report titled ‘Roofing: A Global Strategic Business Report’ announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, growth drivers, product launches and recent industry activity of major companies across the world. The report provides market estimates and projections for the global and major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), and the Middle East and Latin America (Brazil and Rest of Latin America). Product segments analysed in the report include asphalt shingles, metal, elastomeric, built-up, roofing tile, modified bitumen, plastic, and others.