Roofing Tiles Market Set for High Growth backed by Rising Construction Activities Globally

The global roofing tiles market is estimated to be valued at US$ 19.77 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.

Roofing tiles are a common choice of roofing material used in the construction industry owing to their durability and affordability. They provide an aesthetically appealing look along with protecting rooftops from harsh weather conditions such as rain, snow, etc. Rising construction of residential and commercial buildings around the world driven by rapid urbanization is driving the demand for roofing tiles.

The key players operating in the roofing tiles market are IKO Global, Etex, Standard Industries Inc, Trevis Perkins, Boral roofing, BMI group, Wienerberger AG, Fornace Laterizi Vardanega Isidoro , Vande Hey Raleigh , Eagle Roofing Products, TCRoof Tiles, Jindal Mechno, Kerala Tiles Company, Raja Tiles Company, KPG Roofing, Sri Vijaya Lakshmi Tiles, Sirex, AV Roofing, and Simeyon.

Key Takeaways

Key players: IKO Global, Etex, Standard Industries Inc are some of the prominent players in the global roofing tiles market. They cater to diverse construction needs with their wide product portfolios and global distribution networks.

Key opportunities: Rising commercial construction in developing economies of Asia Pacific and Latin America driven by rapid urbanization is opening lucrative growth opportunities for roofing tiles manufacturers. Moreover, growing demand for eco-friendly and energy efficient roofing solutions is augmenting the demand for tile roofing.

Global expansion: Key players are expanding their production facilities globally particularly in high growth regions to leverage opportunities. For instance, IKO has production plants across North America, Europe, and Asia Pacific to serve the local markets.

Market drivers: Rapid growth of the construction industry worldwide backed by increasing spending on infrastructure development projects, residential buildings and industrial facilities is a major growth driver for the roofing tiles market. Moreover, government initiatives and investments to boost construction activities are further augmenting the demand.

PEST Analysis

Political: Roofing Tiles Market Demand is regulated by several local and international regulations regarding construction activities. Changes in construction related policies and regulations can impact the demand for roofing tiles.

Economic: Economic growth, rise in construction activities, and increase in disposable incomes are key drivers of demand for roofing tiles. Changes in macroeconomic factors such as GDP growth, interest rates can influence the roofing tiles market.

Social: Growing population and rapid urbanization have increased the demand for residential and commercial buildings construction which drives the roofing tiles market. Changes in lifestyle and consumer preference also impact roofing tile demand.

Technological: Advancements in tile production technologies help manufacturers to develop stronger, durable and aesthetically appealing roofing tiles. Use of new materials and technologies in tile making have enhanced product quality and shelf life of tiles.

Geographical regions with high market concentration in terms of value:-

The roofing tiles markets in Asia Pacific and Europe account for major shares in terms of value. Countries like China, India, Japan, Germany, UK, Spain, Italy have large construction industries which drive the demand for roofing tiles in these regions. Established construction sectors and growing housing markets in Asia Pacific and Europe make them key markets for roofing tiles.

Fastest growing region:-

The roofing tiles market in Middle East and Africa is expected to witness highest growth during the forecast period. Factors like rapid infrastructure growth, increase in new construction projects, urbanization and economic development in the region will boost the demand for roofing tiles in Middle East and Africa. Government initiatives for construction sector will further support the roofing tiles market growth in this region.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)