Roofing Materials Market Size To Reach $168.25 Billion By 2030

Roofing Materials Market Growth & Trends

The global roofing materials market size is expected to reach USD 168.25 billion by 2030, registering a CAGR of 3.9% from 2024 to 2030, according to a new report by Grand View Research, Inc.Increasing investments in the renovation and redevelopment of residential and non-residential buildings are expected to drive the market growth. Furthermore, renovating and remodeling are significant factors for the long-term maintenance of properties. The preference renovating existing buildings over buying new homes is anticipated to give a rise to roof replacements.

The industry has been significantly growing owing to an increase in the number of roof replacement projects globally. However, rising adoption of cost-effective solutions such as roof coatings hampers the demand for roof replacements, thereby negatively impacting the market growth.

The power of buyers is expected to remain high in the coming years. As roofing materials are consumer products, brand loyalty plays a key role in the power of buyers. Homeowners are inclined toward buying roofing materials that not only provide value for money but also offer superior services. Contractors utilize different technologies to address issues of customers for retaining them. Manufacturers often have to deal with contractors who have organizational support from associations such as the National Roofing Contractor Association (NRCA), the North East Roofing Contractor Association, and the National Federation of Roofing Contractors Ltd., eventually increasing the power of buyers.

The global market has recently been witnessing considerable technological developments, which have paved new opportunities by increasing product lifespan, boosting efficiency, and reducing costs. Manufacturers are carrying out new product launches to gain a competitive advantage in the market and increase their product sales. For instance, in March 2021, Atlas Roofing Corporation launched new shingles StormMaster Hip and Ridge Shingles based on its Core4 enhanced polymer technology. The new shingles offer excellent strength, flexibility, and durability, as well as are weather resistant.

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Roofing Materials Market Report Highlights

• The concrete and clay tiles product segment led the market with the largest revenue share of 30.6% in 2023. These tiles offer benefits such as improved aesthetics, durability, and ease of recycling, hence driving the product demand. However, growing consumer preference for stone-coated steel roofing is projected to impede product demand.

• The residential application segment led the market and accounted for 56.2% of the global revenue share in 2023. Factors such as the increasing global population and rising preference of consumers for single-family housing structures are anticipated to fuel the growth of residential segment during the forecast period.

• Asia Pacific led the market and accounted for a 33.1% share of global revenue in 2023. The expansion of residential, commercial, and industrial sectors due to the sustainable economic growth of countries in the region is expected to fuel construction activities, thereby driving the demand for roofing materials. In addition, ongoing urbanization and improving standard of living of the masses are anticipated to contribute to the expansion of residential and commercial construction activities in Asia Pacific, including the development of shopping malls and retail chains.

• The roofing industry is characterized by high brand loyalty coupled with established long-term relationships between customers and manufacturers. Major market players focus on further enhancing their brand reputation by offering a wide range of products and providing better quality standards as compared to their competitors.

• Major companies are adopting strong market positioning strategies, which are focused on integrated roofing system services, by combining roofing tiles product portfolio with other roofing components in order to achieve a competitive advantage over local manufacturers and suppliers

• Technological advancements such as the usage of drones for aerial measurements and estimates, as well as modeling, allow homeowners to make informed decisions related to the choice of roofing materials. In addition, roof designs have evolved over the years from just being weather performance elements to architectural trademarks

Roofing Materials Market Segmentation

Grand View Research has segmented the global roofing materials market based on product, application, and region:

Roofing Materials Product Outlook (Volume, Billion Square Feet; Revenue, USD Billion, 2018 - 2030)

• Asphalt Shingles

• Concrete & Clay Tiles

• Metal Roofs

• Plastics

• Other Products

Roofing Materials Application Outlook (Volume, Billion Square Feet; Revenue, USD Billion, 2018 - 2030)

• Residential

• Non-residential

Roofing Materials Regional Outlook (Volume, Billion Square Feet; Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Norway

  • Sweden

  • Denmark

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players in the Roofing Materials Market

• GAF, Inc.

• Owens Corning

• CertainTeed, LLC

• Johns Manville.

• Wienerberger AG

• Crown Building Products LLC

• Atlas Roofing Corporation

• CSR Limited

• Carlisle Companies Inc.

• TAMKO Building Products LLC.