Global Roofing Materials Market to Reach $159.9 Billion by 2031

Global Roofing Materials Market to Reach $159.9 Billion by 2031

According to the latest publication from Meticulous Research®, the global roofing materials market is projected to reach $159.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031. The market's expansion is driven by increasing construction activities and the growing demand for roofing materials in new housing developments and renovations. Additionally, the rising demand for energy-efficient roofing materials and heightened awareness of environmental sustainability and green building practices are expected to create significant growth opportunities. However, environmental concerns related to traditional roofing materials may restrain market growth. Adapting roofing materials to withstand extreme weather conditions poses a major challenge for market players.

Key Trends in the Roofing Materials Market

• Recycled and Renewable Materials: There is an increasing trend towards the use of recycled and renewable roofing materials.
• Cool Roofs and Solar Panels: Growing adoption of cool roofs, solar panels, and green roofs are prominent trends shaping the market.

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Market Segmentation

The global roofing materials market is segmented by product and end-user. The study evaluates industry competitors and analyzes the market at the region/country level.

By Product

• Asphalt Shingles: Expected to account for over 25.0% of the market in 2024. The segment's large share is due to the demand for durable, cost-effective roofing materials and their extensive use in residential and commercial roofing.
• Metal Roofing
• Slate Roofing
• Concrete & Clay Tiles
• Wood Shingles & Shake
• Synthetic Roofing: Projected to witness the highest growth rate from 2024 to 2031.
• Built-up Roofing (BUR)
• Green Roofs
• Other Products

By End-User

• Residential: Expected to account for over 55.0% of the market in 2024 and is projected to have the highest growth rate. This is due to the demand for new residential construction, roof replacements, and energy-efficient roofing materials.
• Commercial
• Industrial
• Hospitals/Clinics/Medical Facilities
• Education & Institutional
• Government & Public Sector
• Aerospace & Defense
• Other End-Users

Regional Analysis

• Asia-Pacific: Expected to account for over 35.0% of the market in 2024, followed by Europe, North America, Latin America, and the Middle East & Africa. The Asia-Pacific region is also projected to register the highest growth rate of above 5.0% during the forecast period. The significant market share is attributed to the robust construction activities and the adoption of advanced roofing technologies in the region.

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Key Players

Key players in the roofing materials market include: Owens Corning (U.S.), CertainTeed Corporation (U.S.), GAF Materials LLC (U.S.), Beacon Roofing Supply, Inc. (U.S.), BMI Group Holdings UK Limited (U.K.), Herbert Malarkey Roofing Company (U.S.), IKO Industries Ltd. (Canada), Hi-Tech Roofing (U.S.), Atlas Roofing Corporation (U.S.), Johns Manville (U.S.), TAMKO Building Products LLC (U.S.), Carlisle Companies Incorporated (U.S.), Holcim Ltd (Switzerland), Fletcher Steel Limited (New Zealand), Boral Limited (Australia), Etex NV (Belgium), CSR Limited (Australia), ProVia (U.S.), Siplast, Inc. (U.S.), JSW Steel, Coated Products Limited (India), and Tata BlueScope Steel (India).

This comprehensive analysis highlights the robust growth and evolving trends in the global roofing materials market, underscoring the significant opportunities and challenges faced by industry stakeholders.