by The global Roofing Systems Market is estimated to be valued at US$ 133.67 Billion 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 coverings placed on the top of buildings and structures. They serve the primary function of protecting people and property from outside elements like rain, snow, wind, and temperature extremes. The main types of roofing systems include asphalt shingles, ceramic tiles, metal, and membrane roofing. They provide resistance from heat, sunlight, rain, snow and other weather conditions. Green roofing systems maximize energy savings through increased roof insulation. They also improve air quality by filtering out pollutants and reducing storm water runoff.
Market key trends:
The growing focus on sustainable construction is driving the demand for green roofing systems. Green roofs support biodiversity by providing habitat for local wildlife, help mitigate urban heat island effect, and enhance storm water management. They extend the lifetime of a roof by protecting the waterproofing membrane from extreme temperature fluctuations. In addition, green roofs significantly reduce energy costs through thermal insulation and natural cooling. As environmental concerns rise globally, the adoption of green building practices is increasing spurring growth of the green roofing systems market.
Porter’s Analysis
Threat of new entrants: The roofing systems market requires high initial investments and established brand names, acting as a barrier to entry for new players.
Bargaining power of buyers: The presence of several buyers results in moderate bargaining power of buyers. However, product differentiation restricts bargaining power to some extent.
Bargaining power of suppliers: Major suppliers in this market have some bargaining power owing to differentiated products and services. However, availability of substitute materials limits their power.
Threat of new substitutes: Substitute products like metal roofing offer moderate threat as they serve specific requirements. However, asphalt and concrete tiles dominate overall demand.
Competitive rivalry: The global roofing systems market is a highly competitive space with major companies differentiating based on product quality and innovation.
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 infrastructural investments and repair & rehabilitation activities across developing nations.
Regional analysis
The Asia Pacific region dominates the global roofing systems market with a share of over 35.0% in 2023. Rapid infrastructural development and growth in the construction industry, especially in China and India, drive the roofing systems demand. North America is another major market boosted by repair and re-roofing activities along with new non-residential construction projects.
Key players
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
