Authored By: Sarah
22 Aug 2024

Roofing Market Size to grow by USD 30.8 billion between 2024-2028

The Roofing Market is segmented by Component (Material and Chemicals), Application (Residential, Commercial, and Industrial), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 30.8 billion, at a CAGR of 4.35% during the forecast period. There are several companies that are contributing to the market as per this report. Increase in demand for smart roofing solutions .

By Component, the Material segment is projected to dominate the market size in 2024

Roofing materials are essential components used in construction projects to shield buildings and structures from the elements. These materials are meticulously selected based on their ability to withstand various weather conditions, including rain, snow, intense sunlight, and freezing temperatures. The roofing industry offers a diverse range of materials, including metal, wood, and concrete, each with distinct characteristics. For instance, asphalt shingles incorporate additives like rocks, sand, glass, rubber, and plastics, while wooden shakes are crafted from various hard and softwood species. The vast array of options enables the creation of specialized features catering to diverse intended uses.

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Why is APAC forecasted to hold the largest regional market size in 2024?

The roofing market represents a significant business sector, characterized by continuous growth and innovation. Key players focus on delivering high-quality products and services, leveraging advanced technologies to enhance durability and energy efficiency. Consumer preferences for sustainable and cost-effective solutions are driving the demand for green roofing materials. Market research and strategic partnerships are essential for companies to stay competitive and meet evolving customer needs.

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Research Analysis Overview

The roofing market in the building industry is a vibrant and expanding business sector, with residential building making up a significant portion. Construction work in this area continues to grow, despite occasional setbacks from bad weather or economic recessions. In recent years, there has been a strong focus on energy efficiency and sustainability in roofing materials, making them an essential component of the construction industry's move towards greener practices. The roofing sector has seen a surge in demand for sustainable and energy-efficient roofing materials, with schemes and incentives encouraging their use. The industrial segment of the roofing market is also thriving, with a focus on long-lasting roofing solutions for commercial and redevelopment projects. However, the roofing industry can face catastrophic setbacks from extreme weather events, which can impact investor confidence and construction activities. Despite these challenges, the roofing sector remains a crucial part of the construction industry, with a significant role to play in the total lifespan of buildings and the overall sustainability of the construction industry. Construction materials companies are continually innovating to meet the demand for energy-efficient and sustainable roofing solutions, offering a range of options from traditional asphalt shingles to cutting-edge solar roofing systems. With ongoing investment in research and development, the future of the roofing market looks bright.

Market Research Overview

The global construction and engineering market encompasses businesses specializing in non-residential construction, comprising engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Residential construction firms are excluded from this market. According to Technavio, the market size is determined by the consolidated revenue generated by engineering service providers and EPC contractors functioning in the non-residential sector. Key growth drivers for the construction and engineering market include escalating investments in urban infrastructure, necessitated by expanding urban populations and the mounting demand for advanced transportation, communication services, and essential utilities such as water and electricity. - The Roofing Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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