Market Research Future published a half cooked research report on “Global Roofing Material Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Atlas Roofing Corporation, Owens Corning, Duro-Last Roofing, Inc., CertainTeed Corporation, Braas Monier Building Group Services GmbH, GAF, Johns Manville, IKO Industries Ltd., Firestone Building Products Company and TAMKO Building Products Inc. are some of the prominent players at the forefront of competition in the Global Roofing Material Market and are profiled in MRFR Analysis.
Global Roofing Material Market – Overview
Roofing is the outer most layer of the building which holds great importance in the construction. The roof displays various properties depending on the material used and the type of roofing. The key drivers of global roofing market are the surge in real-estate investment, increased renovation & remodeling, increased awareness about eco-friendly roofing and technological advancement. The growth in population with the increasing disposable income has resulted in changing life styles. This is related to the need for building remodeling and renovation of the existing properties. This is backed by the awareness among the consumers about the high-quality and eco-friendly roofing technology.
Huge investments in infrastructural projects in BRIC countries along with increased FDI in construction in the regions of Asia Pacific has spurred the demand for roofing for commercial and residential purpose. Asia-Pacific region has given a tough competition to well established European and U.S. markets when it comes to heavy machinery.
The governments across all regions are seen promoting and developing their construction sector. The emerging nations are the ones which are particularly bringing various reform and regulations to boost their infrastructure growth and real-estate market. For instance, the government of India announced several major policy initiatives such as the passage of the Real Estate (Regulation and Development) Act 2016, the amendment to the Benami Transactions Act, 100% deduction in profits for affordable housing construction, change in arbitration norms for construction companies, and many others to boost the construction industry in the country. This in turn is expected to roofing across the construction sector.
Furthermore, the investment by companies in new roofing technologies to suit the sustainable construction requirement has spiked the demand for roofing. There have been many unique advances in the roofing industry, which have come from every possible angle, from materials used to the processes that are used to provide the safety of the roofers themselves. Products such as low slope roofing, and metal roofing have revolutionized the market.
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Global Roofing Material Market – Competitive Analysis
The roofing market is partnering with partners across the supply chain to develop products and in order to create a more sustainable construction industry.
Icynene U.S. Holding Corp. and Lapolla Industries Inc. announced the completion of the merger in December 2017. The combined company is a leading manufacturer and distributor of spray foam polyurethane foam insulation products. The merger is expected to expand its client base by offering technologically advanced products.
In November 2017, NBA champion Cleveland Cavaliers and Quicken Loans Arena announced Tremco Roofing and Building Maintenanceas its official roofing supplier. Tremco Roofing provided products and services to the recently completed restoration of the 24-year-old, 170,000-square-foot main roof of Quicken Loans Arena.
Companies such as Dow Chemicals, SolTech Energy and SunTegra has been investing heavily in roofing structures with solarheat shingles. This is huge step in spiking the growth of net zero buildings market and green buildings market. Such innovations are considered as the game changers in the roofing industry which is traditional and conventional in nature.
Global Roofing Material Market – Segments
Global Roofing Material Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Roofing : Comprises – Bituminous/Asphalt, Elastomeric, Metal, Tile, Built-up, and others
Segmentation By Application : Comprises – Commercial, Residential, Industrial, and others
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World
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Global Roofing Material Market – Regional Analysis
The market across all regions is expected to show staggering growth due to its low operational & maintenance costs and innovations which are supporting environmental regulations pertaining emissions. There are various organizations which define the quality of the construction in developed regions. Such organizations are Energy and Environmental Design (LEED), Building Research Establishment Environmental Assessment Method (BREEAM), and Roofing Evaluation Labeling (GBEL).
However major growth and investment in roofing market is seen in APAC countries. The region is expected to witness staggering growth in the forecast period. The governments are seen promoting the Roofing practice along with offering flourishing markets to the international companies to push the market. The companies are seen investing in the innovation of new advanced technologies in APAC region, especially in China, India, Indonesia, among others and this is expected to boost the Roofing materials market demand. There are few challenges that the industry faces. High costs hinder the market growth in the long run.
Moreover, the Chinese government issued several favourable policies for lowering the proportion of down payment for second house loans and exempting of sales tax for ordinary housing, which helped the recovery of commercial housing market. Additionally, the rising demand for eco-friendly & sustainable construction and government support, fuel the demand of roofing in the region. India, on the other hand, is seeking increase in private funding solutions in the provision of much of the new infrastructure needed. However, the reconstruction is only expected to provide a short-term boost to construction activity that is likely to return to trend later in the decade. In Southeast Asia relatively strong construction spending growth is also expected in Indonesia and Vietnam, as both countries upgrade infrastructure to support their growing populations.
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