Roofing Systems Market is Estimated To Witness High Growth Owing To Trends of Growing Construction Industry

Roofing Systems Market



The roofing systems market is estimated to be valued at US$ 133.67 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Roofing systems are an essential part of building construction as they provide protection from extreme weather conditions such as rain, heat, snow etc. There are different roofing materials available including asphalt shingles, clay & concrete tile, metal roofing, and Others. They come with benefits such as cost effectiveness, durability, and aesthetic appeal. Growing construction activities are expected to drive greater demand for roofing systems over the coming years.

Market key trends:
One of the key trends driving growth in the roofing systems market is rapid growth of construction sector globally. According to United Nations, world's urban population is expected to grow exponentially from the current 55% to 68% by 2050. This is prompting greater construction of residential and non-residential buildings worldwide. Further, repair and renovation of existing infrastructure also contributes to roofing systems demand. Growing demand for eco-friendly, energy efficient roofing options is another trend fueling market revenue gains. Sustainable materials such as green or vegetative roofs in addition to cool roof materials are gaining popularity.

Porter’s Analysis
Threat of new entrants: Low requirement of capital to enter in roofing systems market makes threat of new entrants moderate. However, established players possess strong brand image and economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various roofing system options. However, switching costs associated with changing roof types provides advantage to suppliers.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and intense competition between key players.

Threat of new substitutes: Threat from substitutes is low as roofing systems from different materials require high investment and adoption costs.

Competitive rivalry: Intense due to presence of numerous global and regional players competing on basis of product quality, pricing and innovation.

SWOT Analysis
Strength: Wide product portfolio and strong brand recognition of prominent players. Innovation in green roofing materials increases marketability.
Weakness: Fluctuation in raw material prices poses supply challenges. Require high initial investment and regular maintenance costs.
Opportunity: Increasing repair and remodelling activities creates demand. Growing construction sector in developing economies boosts sales.
Threats: Strict regulatory norms regarding material usage can hamper growth. Economic slowdowns negatively impact construction spending.

Key Takeaways
Global Roofing Systems Market Size is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing construction of commercial buildings and infrastructure development projects across the globe.

Regionally, Asia Pacific dominates the global market and is expected to grow at fastest pace due to massive investment in building construction in China and India.

Key players operating in the roofing systems market are Atlas Roofing Corporation, BASF SE, Johns Manville, Duro-Last, Inc., E. I. Du Pont De Nemours, Inc., Owens Corning, Sika AG, Standard Industries Inc., and The Dow Chemical Company. 

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