PORTLAND, Ore., Nov. 19, 2020 /PRNewsCentre/ — Allied Market Research recently published a report, "Roofing Market by Material Type (Bituminous Roofing, Metal Roofing, Tile Roofing, and Others), Type (Flat Roof, and Slope Roof), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global roofing industry was pegged at $92.94 billion in 2019, and is projected to reach $132.77 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
Major drivers of the market growth
Rise in urbanization & industrialization in developing countries, recovery in the construction sector, and increase in spending on home remodeling drive the growth of the global roofing market. However, economic uncertainty in Europe and high initial cost hamper market growth. On the contrary, technological advancements are expected to create lucrative opportunities for the market players in the coming years.
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Bituminous segment dominated the market
By material type, the bituminous segment held the largest share in 2019, accounting for nearly half of the global roofing market. However, the segment is expected to register the highest CAGR of 5.5% during the forecast period, owing to easy installation, high durability, longer life span, and technological innovations. The report includes analysis of other segments such as metal, tile, and others.
Residential segment to manifest highest CAGR through 2027
By application, the residential segment is projected to portray the highest CAGR of 5.4% during the forecast period. Increased investments in the real estate sector, growth in popularity of eco-friendly roofing technologies, growth in building renovations & remodeling, and government regulations and natural calamities drive the growth of the segment. However, the commercial segment held the largest share in 2019, accounting for more than two-fifths of the global roofing market, owing to growth of the construction industry and increased adoption of modern roofing materials.
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Asia-Pacific, followed by North America, held the largest share
By global roofing market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 5.9% during the forecast period, owing to rise in demand for roofing production from residential and commercial sectors because of urbanization. The market across North America held nearly one-fourth of the market in 2019.
Major market players
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