The Roofing Materials Market Overview
Roofing materials refer to building materials that are used to cover roofs for protection from weather elements such as rain, snow, wind, and sun. Some key roofing materials include asphalt shingles, tiles, slates, metal roofing, and modified bitumen membranes. Asphalt shingles are the most commonly used roofing material owing to their affordability and easy installation. Tiles and slates provide durability and aesthetic looks. Metal roofing offers longevity, hail and fire resistance, and energy efficiency advantages. Modified bitumen membranes are laid as waterproof membranes on flat or low-sloped commercial roofs.
Market key trends
One of the key trends driving growth in the roofing materials market is the increasing construction and remodeling activities in the residential and non-residential sectors. According to the U.S. Census Bureau, private residential construction spending in the U.S. increased by over 28% in 2022 compared to 2021. Also, over 430,000 new housing units were constructed in the first half of 2022. This has boosted the demand for roofing materials such as asphalt shingles, tiles, and underlayments. In addition, increasing occurrence of extreme weather conditions has led to greater demand for sustainable and durable roofing materials such as metal, slate, and solar roofing materials. Research and development of advanced roofing materials that are lightweight, energy efficient, and easy to install is another key trend contributing to market growth.
The global Roofing Materials Market Demand is estimated to be valued at US$ 131.04 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The roofing materials market has high capital requirements and established brand loyalty which poses significant entry barriers for new players. Buying construction materials also involves high switching costs which deter new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power in the roofing materials market due to the availability of substitute products. However, switching to alternatives requires additional costs which limits buyers’ influence.
Bargaining power of suppliers: A few major players dominate raw material supplies for roofing like asphalt, aggregates etc giving them significant influence over prices. Supplier concentration in raw materials increases their bargaining power.
Threat of new substitutes: Substitute materials like metal, slate etc pose competition. However, asphalt and concrete tiles still account for the bulk demand due to their affordability and widespread usage.
Competitive rivalry: Intense competition exists among major established brands to gain market share.
SWOT Analysis
Strengths: Wide availability of products, brand recognition, technical expertise, product innovation and R&D by major players.
Weaknesses: Seasonal demand and slowdown during winters, vulnerable to price fluctuations of raw materials.
Opportunities: Rising residential & commercial construction in developing nations, growing repair & replacement demand for aging roofs, demand for sustainable products.
Threats: Strict environmental regulations, increasing raw material costs, competition from substitutes.
Key Takeaways
The global roofing materials market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing residential & commercial construction activities globally. The market size for roofing materials is estimated to reach US$ 131.04 Bn by 2023.
Regional analysis: The Asia Pacific region dominates the global roofing materials market with over 35% share due to high construction activities in China, India and other developing countries. Asia Pacific is expected to be the fastest growing market over the forecast period. North America and Europe are also major regional markets for roofing materials.
Key players operating in the roofing materials market are Owens Corning, CSR Limited, Carlisle Companies Inc, Wienerberger AG, Etex Group, Fletcher Building, Boral Roofing, Eagle Roofing Products, Johns Manville, CertainTeed, Crown Building Products LLC, TAMKO, Building Products, Inc, Atlas Roofing Corporation, GAF, Georgia-Pacific, Metal-Era LLC, MIDWEST ROOFING SUPPLY, IKO Industries Ltd, Paul Bauder GmbH & Co. KG, Bravo Europa, Bilka, and Maxroof. Major players are focusing on new product development, acquisitions and expansion in emerging markets to gain higher shares.
For more insights, read-
https://www.insightprobing.com/roofing-materials-market-trends-size-and-share-analysis/
