Roofing Global Market Report 2024

The roofing market size has grown steadily in recent years. It will grow from $267.64 billion in 2023 to $277.42 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth observed in the historical period can be attributed to factors such as the expansion of construction and real estate, trends in urbanization, climate and weather conditions, architectural styles, and maintenance and replacement needs.

The roofing market size is expected to see steady growth in the next few years. It will grow to $327.83 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be attributed to the adoption of sustainable and eco-friendly practices, the focus on resilience to extreme weather events, innovations in roofing materials, compliance with energy efficiency requirements, and adherence to government regulations and building codes. Key trends expected during this period involve customization and aesthetic trends in roof design, the integration of green roofing practices, a shift towards lightweight and modular roofing solutions, an emphasis on weather-resistant coatings and sealants, as well as the integration of technology in roofing installation and maintenance.

The anticipated growth in the roofing market is driven by the increasing focus on infrastructure development. Infrastructure, encompassing physical structures such as bridges, highways, roads, and sewage systems, requires roofing for protection against adverse weather conditions. For example, in 2021, the Government of India allocated 1.89 billion in its union budget for infrastructure development through initiatives such as Atal Mission for Rejuvenation & Urban Transformation (AMRUT) and Smart Cities Mission. Additionally, infrastructure activities accounted for a 13% share of the total Foreign Direct Investment (FDI) inflows of USD 81.72 billion in 2021. Hence, the rising emphasis on infrastructure development is a significant factor propelling the roofing market.

The increasing impact of climate change is expected to contribute to the growth of the roofing market. Climate change involves long-term alterations in atmospheric conditions, and the use of resilient roofing materials becomes crucial for mitigating and adapting to climate challenges. Homeowners and builders prioritize weather-resistant and energy-efficient roofing solutions to withstand the effects of climate change. For instance, a report from the World Health Organization (WHO) in October 2023 highlighted that approximately 3.6 billion people reside in regions highly vulnerable to climate change impacts. The projected increase in climate-related deaths from 2030 to 2050 underscores the urgency for resilient roofing solutions. Therefore, the growing impact of climate change is a driving force behind the roofing market's expansion.

A noteworthy trend in the roofing market is the emergence of new technological innovations. Major companies in the market are actively pursuing technological advancements to sustain growth. For instance, in January 2022, GAF, a US-based company manufacturing solar roofs, introduced Timberline Solar, a solar roof technology that generates energy from sunlight for household use. This cost-effective and easy-to-install solution reflects the future of clean energy, positioning Timberline Solar as a game-changing innovation in the roofing market.

Major companies in the roofing market are developing innovative products, such as tiled roofs. Tiled roofs, consisting of individual overlapping units, offer durability and aesthetic appeal. In May 2023, Ruukki Construction, a Finland-based manufacturing company, launched Ruukki Pohjalainen, a tiled roof featuring advanced water control technology for efficient rainwater drainage. This innovative product combines quality, innovation, and practicality in roofing solutions for both new-build and renovated homes.

In March 2022, Holcim, a Switzerland-based building manufacturing company, acquired Malarkey Roofing Products, a US-based roofing manufacturer, for an undisclosed amount. This strategic acquisition aligns with Holcim's goal of achieving green growth and expanding its Solutions & Products division to 30% of Group Net Sales by 2025. The move positions Holcim to enter lucrative building categories, ranging from roofing systems to insulation and refurbishment.

Major companies operating in the roofing market report are Hindalco Industries Ltd., ABC Roofing Company Inc., Owens Corning, Carlisle Companies Inc., Etex SA, GAF Materials Corporation, CertainTeed Corporation, BMI Group Services GmbH, Atlas Roofing Corporation, Tamko Building Products Inc., Duro-Last Inc., Best Roofing Services Corp., Apex Roofing Contractors Ltd., Champion Roofing & Construction Inc., Bob's Roofing & Repair Inc., Clear Choice Roofing Corp., Braas Monier Building Group Services S.A., Acme Roofing Solutions LLC, Dependable Roofing & Sheet Metal Ltd., Eagle Roofing Company Inc., Elite Roofing Specialists LLC, Excel Roofing Contractors Corp., First Choice Roofing Services Inc., Five Star Roofing Company LLC, Golden Eagle Roofing & Construction Corp., Guardian Roofing & Repair Ltd., Hamilton Roofing Specialists Inc., Integrity Roofing & Siding LLC, J&J Roofing Contractors Corp., Keystone Roofing & Construction Inc., Knight Roofing Services LLC, Precision Roofing & Construction Ltd., Pro Roofing Specialists Inc.

Asia-Pacific was the largest region in the roofing market in 2023. The regions covered in the roofing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the roofing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of roofing are flat roofs and sloped roofs. Flat roofs provide a level surface in contrast to the various types of sloped roofs. These flat roofs are often utilized to cover terraces and can serve various purposes such as recreational activities, gardening, relaxation, and hosting events. They are widely employed in residential construction. Roofing materials encompass bituminous roofing, metal roofing, tile roofing, and other materials such as RCC (Reinforced Cement Concrete) and plastics. These materials find applications in residential, commercial, and non-residential constructions.

The roofing market research report is one of a series of new reports that provides roofing market statistics, including roofing industry global market size, regional shares, competitors with a roofing market share, detailed roofing market segments, market trends and opportunities, and any further data you may need to thrive in the roofing industry. This roofing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The roofing market consists of sales of gable roof, hip roof, and shed roof. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.