Market Details
According to reports and data research conducted by Market Research Future, in 2018, the global market for roofing tiles 2020 stood at USD 27.4 Billion and is likely to surpass this revenue mark by the year 2025, especially after economic lockdown due to Coronavirus pandemic worldwide. The growth of the market would take place during the years from 2017 to 2023 at a pace of 4.2%.
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Roofing Tiles Growth & Drivers
A multitude of factors liable for the growth of the roofing tiles market is accredited to mount in demand for green and energy-efficient characteristics such as solar reflectance, thermal mass, and thermal remittance. Currently, governments across the globe are taking initiatives to encourage the construction of environment-friendly buildings, owing to extreme climatic conditions.
Roofing tiles play a vital role in terms of thermal insulation. These tiles help out in reducing energy consumption significantly. Insulation feature of roofing tiles lowers heat transmission coefficient of a roof, thus decreasing energy consumption. Apart from these, these types of tiles decisively affect the appearance of a house and act like a pro in protecting a house or a building from cold, heat, hail, rain, storm, noise, and snow. All these factors have helped in gaining utter popularity which has directly motivated the market’s growth.
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More factors, such as surged expenditure on the remodelling and retrofitting of buildings globally, are likely to lead the market growth. In fact, owing to the growing urbanization, the need for new residential construction projects is at the optimum level, which powerfully fuels the demand for residential roofing tiles around the world. This further is raising the growth of roofing tiles market at a significant level. Various laws and regulations have been induced by governments in several countries to raise its infrastructure and real-estate industries, which lead to added demand for roofing tiles in the building.
Despite these factors, the presence of an unorganized sector and lack of skilled labour force are studied as restraining of the global roofing tiles market. Also, fluctuation prices of raw materials and expensive installations might hinder the market growth, especially the end-use industries.
Segment Review
The global roofing tiles market has been segmented on segments of type and application.
Depending on the segment of type, the market has been classified as metal, concrete, clay, and others. The clay segment occupied the largest market share in the global market. Such roofing tiles are an excellent option for homeowners as these tiles are attractive, strong, eco-friendly, and energy-efficient and provide various advantages of installing a roof in any building.
Depending on the segment of the application, the global market has included commercial, residential, infrastructural, and industrial. The residential segment grabbed the prime market share in 2018 and now is likely to witness the fastest growth rate during the anticipated period. The rapid growth of the real estate industry in developing countries such as India and China has led to extensive growth in the construction of residential properties, which further expects to add to the growth of the segment.
Regional Framework
With the view on the regional side, the global roofing tiles market is studied for the regions of North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
The market in North America is possible to expand at a noteworthy pace during the forecast period owing to the mount in demand for re-roofing residential houses in the region. The U.S. might be a foremost consumer of roofing tiles in North America, as it possesses a large stock of old homes, which have already exceeded their expected lifespan.
The market in Europe is likely to expand at a rapid pace during the estimated period owing to the boost in demand for re-roofing in the region. With this, several well-known manufacturers of roofing tiles operate in Europe due to which the market share is recorded to be high for roofing tiles.
The roofing tiles market in the Asia Pacific is also ready to expand at a rapid pace owing to the soaring rate of building and construction in the region. The developed countries such as China, India, and Japan have the highest rate of urbanization along with the focus on energy-efficient buildings. These factors are motivating the demand for roofing tiles in these countries.
Vendors Landscape
The vendors operating in the Global Roofing Tiles Market are Etex Group (Belgium), Tesla (US), Atlas Roofing Corporation (US), Boral Limited (Australia), Crown Roof Tiles (US), Brava Roof Tile (US), Eagle Roofing (US), Ecostar LLC (US), and Wienerberger AG.
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You use an array of equipment in your house and commercial space.
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Ignoring your HB Smith boiler maintenance can lead to wear and tear.
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