According to research study by Fortune Business Insights™ The global roofing materials market size is predicted to reach USD 151.49 billion by 2027, exhibiting a CAGR of 3.1% during the forecast period. The growing investment in commercial and residential buildings for renovation and restoration will spur opportunities for the market. The rising utilization of bituminous as a roofing alternative owing to its excellent benefits such as cost-effectiveness, protection against elements and appealing designs will bolster healthy growth of the market, states Fortune Business Insights in a report, titled “Roofing Materials Market Size, Share Industry Analysis, By Material (Bituminous, Tile, Metal, Elastomeric, and Others), and By End-Use (Residential, Non-Residential, and Industrial), and Regional Forecast, 2020-2027” the market size stood at USD 119.69 billion in 2019.
Burgeoning Construction Industry to Back Massive Development
The model welfare government schemes for existing infrastructure and buildingswill contribute massively to the growth of the market. The ongoing projects including residential, non-residential, and commercial building plans in the developing nations will influence the tremendous growth of the market. The rising consumer spending on manufactured products and services will have a progressive effect on the market during the forecast period. The growing proclivity about the prominence ofroofsin the enhancement of building’s appeal will promote the growth of the market. For instance, roofs offer weatherproof protection against rain, heat snow, and other elements. The rising application of metal, EPDM, and built-up roofs in commercial buildings will enable speedy expansion of the market. In addition, the flourishing global construction industry will create lucrative opportunities for the market in the forthcoming years.
Covid-19 Outbreak to Thwart Construction Sector Advancement
The fabrication in roofing materials can affect the prolongment of rooftops, which in turn, will dampen the growth of the market. The climatic conditions can be a major challenge, materials that can’t withstand extreme heat and ultraviolet radiation from will further restrict the augmentation of the market. Moreover, the high initial cost of metal roofing will negatively impact the market in the foreseeable future. Besides, the coronavirus crisis is expected to distress the construction sector; halt of construction work and other building activities will limit the market progression. The shutdowns of factories and transportation restrictions will further aggravate the industry growth.
Rising Refurbishment Activities to Aid Expansion in Asia Pacific
The market in Asia Pacific generated a revenue of USD 44.61 Billion in 2019 and is predicted to grow rapidly during the forecast period. The growth in the region is attributed to the growing construction sector. Therefurbishment activities of commercial and residential buildings in India and China will contribute positively to the growth of the market in the region. The surge inindustrial operations and growing population will have a positive impact on the market.
February 2019 –Brickability Group plc announced the acquisition of McCann Roofing Products Limited, a global leader of high-quality roofingproducts for the construction industry. The new development of the company will support its distribution network to serve the construction industry abundantly with innovative products.
The Report List the key Companies in the Market:
- Owens Corning (U.S.)
- CertainTeed Corporation (U.S.)
- Atlas Roofing Corporation (U.S.)
- Braas Monier Building S.A. (U.K.)
- Johns Manville (U.S.)
- IKO Industries Ltd. (U.S.)
- GAF Materials Corporation (U.S.)