Roofing systems play a vital role in protecting buildings and infrastructure from harsh weather conditions. Roofing materials such as asphalt, metal, tiles etc. enhance durability and lifespan of structures. Increasing commercial construction activities are driving the demand for advanced roofing systems that provide weather resistance and energy efficiency.
The global Roofing Systems Market is estimated to be valued at US$ 150 Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased commercial construction activities have accelerated the demand for roofing systems by 10% annually over the forecast period. Various government initiatives towards infrastructure development and real estate sector expansion are fueling commercial construction projects globally. This is positively impacting the roofing systems market as advanced commercial roofing provides durability against harsh weather and reduces maintenance costs. Rapid urbanization and growing need for office spaces, malls and other commercial buildings have increased construction of large complexes which in turn is driving the sales of roofing materials and systems.
Segment Analysis
The global roofing systems market is dominated by asphalt shingles sub segment. Asphalt shingles are the most widely used roofing material for residential buildings due to their affordability and versatility. Additionally, they are strong, durable and provide various style options. Metal roofing sub segment is also gaining popularity due to its fire resistance and high reflectiveness properties which help in energy saving.
Key Takeaways
The Global Roofing Systems Market Demand is expected to witness high growth over the forecast period 2024 to 2031.
Regional analysis: North America region currently dominates the global market led by United States. The growing construction activities in residential as well as commercial sector is boosting the roofing systems demand in the region. Asia Pacific region is expected to grow at fastest pace during the forecast period with China and India emerging as lucrative markets. Increasing investment in infrastructure projects and rising disposable income are supporting the roofing systems market growth in Asia Pacific region.
Key players operating in the roofing systems market are GAF, Saint-Gobain, Atlas Roofing Corporation, CSR Limited, Owens Corning, Duro-Last Roofing Inc, Dow Inc.
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