Roofing Market to Observe Strong Development by 2024
A
copious number of companies operate in the global roofing market,
making it both fragmented and competitive. The companies are of all
sizes – large, cash-rich global players and small- and mid-sized
entities. While the larger heavyweights account for a dominant share
in the overall market for roofing, their smaller local counterparts
have a solid presence in regional pockets, particularly in developing
countries whose construction sector is booming.
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In
order to stay ahead of the curve in the highly competitive roofing
market, keen players are seen pouring money into development of new
types roofing with advanced features and various materials. Some of
the noteworthy companies operating in the market are Atlas Roofing
Corporation, GAF, Johns Manville, IKO Industries Ltd., Firestone
Building Products Company, Carlisle, and Owens Corning.
roofing-marketA
research study by Transparency Market Research finds that the global
market for roofing will register a CAGR of 6.4% over the course of
the forecast period from 2016 to 2024. Growing at this pace, the
market will attain a value of US$124.5 bn by 2024 from US$71.2 bn in
2015.
Bituminous
roofing accounted for a dominant 45.0% share in the global roofing
market in 2015, vis-Ã -vis volume. This is because it can be easily
installed, has a wide array of colors to choose from, and is
economical. Going forward, the segment is expected to retain its
leading position in the market. The other roofing materials are tiles
and metal.
Geographically,
the key segments of the global roofing market are North America, Asia
Pacific, Europe, Latin America, and the Middle East and Africa. At
present, Asia Pacific of them generates maximum revenue. In 2015, its
leading revenue share came to 40.0%. Presence of densely populated
developing countries of India and China that are seeing a massive
surge in construction activities are primarily serving to stoke
growth in Asia Pacific. The region is predicted to hold on to its
dominant market share in the next couple of years as well.
Primarily
serving to drive the market for roofing is the rising construction
activities worldwide. Developing nations in the Asia Pacific, Africa,
and Latin America are witnessing massive construction boom on account
of rising industrialization which is leading to urbanization and
upping the spending capacity of people. Construction of commercial
projects such as malls, multiplexes and shopping centers in response
to increasing purchasing power of people is also pushing up demand
for roofing in the nations. Yet another growth driver – various
government projects to solve the housing problem in nations such as
China, India, Brazil, etc. to improve the standard of living of the
vast majority of poor.
Developed
countries in North America and Europe too are generating demand in
the market for roofing on account of constant thrust on renovation
activities to make buildings environment-friendly. “Energy
conservation initiatives are proving beneficial for roofing in these
regions, since it is resulting in supplanting of old roofs with newer
innovative ones. Overall, with stronger demand, companies could
benefit immensely from economies of scale,” adds the lead analyst
of the TMR report.
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Hindering
demand in the market for roofing is the high market price of roofs,
particularly with advanced features. With economies of scale,
however, companies could produce eco-friendly roofs at low costs and
thereby up sales.
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