Roofing Market to grow by USD 32.18 billion from 2023-2027 | 3M Co., Atlas Roofing Corp., Axter Ltd. - Technavio
NEW YORK, Dec. 11, 2023 /PRNewswire/ -- The roofing market is estimated to grow at a CAGR of 4.68% between 2022 and 2027, and the size of the market is forecast to increase by USD 32.18 billion, according to Technavio. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 3M Co., Atlas Roofing Corp., Axter Ltd., BASF SE, Berkshire Hathaway Inc., Blachotrapez Sp. z o.o., Carlisle Companies Inc., Compagnie de Saint Gobain, Dow Chemical Co., DuPont de Nemours Inc., EAGLE Roofing Products, Etex NV, Holcim Ltd., IKO Industries Ltd., Oriental Yuhong, Owens Corning, Sika AG, Standard Industries Ltd., Westlake Corp., and Wienerberger AG are some of the major market participants. Although the Growing number of construction projects will offer immense growth opportunities, Health hazards associated with roofing chemicals will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. View the new Sample Report within minutes!
Roofing Market 2023-2027: Segmentation
Roofing Market is segmented as below:
- Component
- Material
- Chemicals
- Application
- Residential
- Commercial
- Industrial
- Geography
- APAC
- North America
- Europe
- South America
- Middle East and Africa
The material segment will account for a major share of the market's growth during the forecast period. Based on their properties, certain materials have been chosen that can withstand adverse weather conditions like rain, snow, scorching sun, and subfreezing temperatures. Metal, wood, and concrete are just a few examples of the materials used to construct roofs' highest layers. Slates shakes, and shingles are preferred by homeowners because they come in a variety of colors, patterns, and textures. In the market, there are numerous vendors who specialize in selling roofing supplies. Hence, these factors are expected to drive segment growth during the forecast period.
Roofing Market 2023-2022: Market Dynamics
Key Drivers
The growing number of construction projects is a key factor driving the growth of the global roofing market. The increasing investments in the remodeling and reconstruction of commercial and residential structures are the key factors driving the growth. The roof, one of the most key parts of the construction, not only provides protection but also enhances the building's appearance. Furthermore, the growth of the construction industry, which comprises new building and renovation projects, is aligned with the need for roofing materials in the APAC region. Worldwide demand for building and construction work has risen as a result of rapid industrialization, which has also increased demand for roofing supplies. Hence, these factors are expected to drive market growth during the forecast period.
Leading Trends
An increase in demand for smart roofing solutions is the major trend in the roofing market. A smart roof is one that performs independent functions. The smart roof's operation is governed and directed by an algorithm. A smart roof also manages and continuously monitors the condition of the roof, allowing problems to be found as they occur and fixing them as quickly as possible. In addition, there is no need to frequently inspect the roof to assess its condition because the sensors are continuously gathering essential data. However, these roofs can be built for both new construction and renovation projects.
Significant Challenges
Health hazards associated with roofing chemicals are a significant challenge restricting market growth. Roofing chemicals possess several characteristic properties and significant applications in commercial and non-commercial buildings, there are some adverse effects associated with their use. For instance, bitumen has severe toxicity owing to its petrochemical origin. In addition, bitumen can be hazardous to workers as it may cause burns in case of splashes and spills. In addition, cause coughing, irritation to the throat, headache, skin rashes, fatigue, eye irritation, and lung problems are caused by fumes produced by heating bitumen. Therefore, health hazards are expected to restrict market growth during the forecast period.
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- Global competitiveness and key competitor positions
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Vendor Offering
- 3M Co. - The company offers 3M roofing granules for contractors, manufacturers, and homeowners.
- Atlas Roofing Corp. - The company offers various types of roofing such as shingles, underlayment, and ventilation roofing.
- Berkshire Hathaway Inc. - The company offers roofing such as single-ply commercial roofing under its subsidiary called Johns Manville.
Roofing Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist roofing market growth during the next five years
- Estimation of the roofing market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the roofing market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of roofing market vendors
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Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Component
- market Segmentation by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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