The Roofing Systems Market Overview encompasses the manufacturing and installation of various roofing materials, including shingles, tiles, plates, and membranes. Roofing materials are used extensively in commercial and residential buildings to provide protection from external elements like rain, sunlight, wind etc. Advancements in materials such as enhanced durability and lightweight properties are driving increased adoption of roofing systems across applications.
The global roofing systems market is estimated to be valued at US$ 18.21 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the roofing systems are F. Hoffmann-La Roche AG, Boehringer Ingelheim, Bayer AG, Pfizer Inc., Biogen, Daiichi Sankyo, Bristol-Myers Squibb, Johnson & Johnson, AstraZeneca, SanBio and Athersys Inc. Growing construction industry particularly in Asia Pacific and Latin America due to rapid urbanization represents a major opportunity for players in the roofing systems market. Key players are focusing on expanding their geographical footprint in high growth regions through partnerships and acquisitions.
The global Roofing Systems Market Growth is expected witness significant growth owing to increasing construction of commercial buildings and infrastructure projects across the globe. Rapid urbanization and growing population have boosted construction activities in emerging economies. This in turn is expected to drive demand for various roofing materials over the forecast period. Furthermore, remodeling and renovation of old residential and non-residential buildings require roof replacement, supplementing market growth.
Market Drivers
The primary driver boosting the roofing systems market is the significant growth of the global construction industry. Rapid urbanization has increased housing needs worldwide. Moreover, governments across countries are investing heavily in public infrastructure such as roads, railways, hospitals and others which require extensive use of roofing materials. According to statistics, the global construction industry is expected to grow at 4-5% annually through 2025. This robust expansion in construction spending will continue to drive revenues in the roofing systems market during the forecast period.
PEST Analysis
Political: Government regulations and building codes related to energy efficiency and sustainability are pushing adoption of new roofing systems. Subsidies and tax benefits are supporting use of green materials.
Economic: Growth in the construction industry globally, especially in developing nations is driving demand. Inflation in raw material prices may impact costs but steady spending on infrastructure boosts the market.
Social: Increasing public awareness about climate change impacts and demand for durable, eco-friendly housing aid market prospects. Population growth necessitates more residential and commercial construction.
Technological: Advances in polymer chemistry, materials science and engineering are expanding choices. Self-cleaning and solar roofing options harness renewable energy sources. Digital technologies aid in complex roof design and maintenance management.
The Roofing Systems Market Regional Analysis in Asia Pacific region contributes a significant share in terms of value to the global roofing systems market due to rising construction activities in countries such as China, India. It is also emerging as the fastest growing regional market on account of increasing infrastructure spending, urbanisation, and growth in residential & non-residential construction in developing economies.
North America holds substantial market share owing to the extensive re-roofing industry caused by aging rooftops and a revival of the construction industry in the US. Government emphasis on green building codes is catalysing adoption of sustainable roofing materials across regions. The market is consolidated with major players focusing on strategic expansions to consolidate their presence.
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