Roofing Materials Market to hit $190 Bn by 2032, Predicts

Selbyville, Delaware, Nov. 08, 2022 (GLOBE NEWSWIRE) —

Roofing materials market is expected to cross a valuation of USD 190 billion by 2032, according to the latest research report by Global Market Insights Inc. The consistent improvement in government reforms and the considerable rise in foreign direct investments across the construction sector is likely to bolster the demand for roofing materials from 2023 to 2032. FDI is a source of modernization, economic development, employment, and income growth in emerging and developing countries. This has encouraged governments in these countries in transition to liberalize their FDI regimes and pursue other policies to attract investments.

For instance, the Government of India permits 100% FDI in the construction sector in relation to built-up infrastructure, housing, township, and construction of development projects. Estimations by the Department for Promotion of Industry and Internal Trade (DPIIT) suggest that FDIs in construction activities and the construction development sector stood at USD 27.92 billion and USD 26.20 billion, respectively, during April 2000-March 2022. These optimistic scenarios are poised to transform the roofing materials market dynamics through 2032.

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High durability and aesthetic appeal of concrete & clay tiles

The concrete & clay tile segment in roofing materials market was worth over USD 25 billion in 2022. Concrete & clay are available in assorted colors and shades, such as yellow, orange, green, white, and brown, and have superior insulating properties. These attributes make them a more aesthetic and durable roofing option than their counterparts. However, the high level of water absorption in these materials may lead to stains and mildew growth, which may hamper their adoption throughout the forecast period.

Escalating urban development projects to increase product demand in new construction projects

The new construction sector is anticipated to drive lucrative revenues and amass a prominent share by 2032. The rise in urban infrastructure development projects in thedeveloping economies resulting in the construction of new commercial facilities will propel the segment demand by 2032. The consistent rise in real estate and infrastructure investments focused on sustaining the skyrocketing demand for housing and residential spaces will create a positive growth outlook for the roofing materials industry.

Favorable government policies to foster product adoption in non-residential applications

The non-residential segment in roofing materials market scenario is predicted to gain significant impetus and record a remarkable estimate by 2032. The increasing rollouts of government-backed initiatives focusing on developing a robust infrastructure landscape will propel segment size between 2023 and 2032. Besides, the rapid growth of public-private partnerships and favorable FDI policies will positively influence the industry’s revenue trajectory.

Robust travel and tourism sector in Europe to drive promising growth prospects

The European roofing materials industry is likely to exhibit about 3.5% CAGR from 2023 to 2032. The regional growth can be credited to the rapid growth of the hospitality sector and the surging infrastructure development in Europe. The flourishing tourism and travel market in the region, has accelerated the renovation and restoration of existing hotels and tourist facilities. Besides, the construction of new hotels and restaurants will further strengthen the business statistics.

 Acquisitions to come forth as a prominent growth tactic

Prominent roofing materials market enterprises include Carlisle Companies, Johns Manville, Bansal Roofing Products Limited, CertainTeed, IKO Industries, Ltd, Owens Corning, Atlas Roofing Corporation, Etex Group, Braas Monier Building Group, TAMKO Building Products LLC, GAF Materials Corporation, Inc, Boral Ltd, Fletcher Building, North American Roofing Services, Inc, and others. These companies are focusing on strengthening their strategic landscape as part of their key growth strategy.

For example, in November 2022, Beacon announced the acquisition of Coastal Construction Products, a premier US-based distributor of specialty waterproofing products, from Supply Chain Equity Partners (SCEP), the firm’s majority owner, a leading private equity enterprise. The move marks Beacon’s third acquisition since February 2022, when it launched its Ambition 2025 goals, and the fifth in the last 12 months.

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Partial Table of Contents (ToC) of the report:

Chapter 2   Executive Summary
2.1    Roofing materials industry 3600 synopsis, 2017 – 2032
2.1.1    Business trends
2.1.2    Material trends
2.1.3    Type of construction trends
2.1.4    Application trends
2.1.5    Regional trends
Chapter 3   Roofing Materials Industry Insights
3.1    Industry segmentation
3.2    Roofing materials industry size and forecast, 2017 – 2032
3.3    Industry ecosystem analysis
3.4    Technology landscape
3.5    Regulatory landscape
3.6    Pricing analysis by region
3.7    Industry Impact Forces
3.7.1    Growth drivers    Increasing construction of non residential building activities across North America    Increasing infrastructure development and rising construction activities    Improving political stability and expanding presence of major industry players.    Improving government reforms and surge in foreign investments.
3.7.2    Industry pitfall & challenges    High Initial cost of materials    Stringent government regulation and fluctuating raw materials prices
3.8    Innovation & sustainability
3.9    Growth potential analysis, 2020
3.10    Porter’s analysis
3.11    Competitive landscape, 2020
3.12    PESTLE analysis
3.13    COVID-19 impact on demand for roofing materials by application

3.14    Russia-Ukraine war impact on demand for roofing materials

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.