Roofing is a critical component of any building construction, providing not only protection from the elements but also contributing to the overall aesthetics. In 2018, the global roofing market witnessed the installation of over 11 billion square meters of roofing material, indicating the significance of this industry across residential, commercial, and industrial sectors.
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The diversity of roofing materials available in the market allows for various applications. Among the popular choices, tiles, asphalt shingles, and metal roofing stand out as the top preferences globally. These roofing options offer a perfect blend of functionality, durability, and visual appeal, making them sought-after choices for builders and homeowners alike.
Tiles, including clay and concrete variants, are favored for their longevity, aesthetic beauty, and minimal maintenance requirements. Their ability to withstand different weather conditions and retain their appeal over time has contributed to their popularity across the globe.
Asphalt shingles, known for their versatility, provide excellent fire and wind resistance, making them ideal for various architectural styles. They offer an economical option with good durability and elegance, making them a preferred choice for building and construction projects.
Metal roofing, with its exceptional durability and modern appearance, has gained popularity in both residential and commercial applications. Its resistance to fire, wind, and UV rays adds to its appeal, making it a reliable choice for regions prone to extreme weather conditions.
Combined, tiles, asphalt shingles, and metal roofing account for over 60% of the total roofing market. As the construction industry witnesses growth in new projects and renovations, these roofing options are poised to seize ample opportunities in the global market.
Growth in Non-residential Construction to Outperform Residential Segment
The roofing market is segmented into residential and non-residential construction, each offering unique growth opportunities. Residential construction is expected to remain the largest market for roofing, driven by rising disposable income levels and increased housing projects. Additionally, the demand for renovation and reroofing projects further fuels the growth in this segment.
On the other hand, the non-residential construction sector has seen a significant rebound in recent years, especially in commercial and office spaces. With investments pouring into key projects like healthcare infrastructure, public transit, institutional complexes, and warehousing, the non-residential segment is expected to become the most lucrative market for roofing materials in the foreseeable future.
Asia Pacific and Middle East Africa Present Lucrative Opportunities
The demand for roofing materials varies across regions due to regional tastes, material preferences, and aesthetic appeal. In North America, asphalt shingles dominate the residential segment, covering over three-fourths of houses in the U.S. due to their economic benefits, water resistance, ease of installation, and low maintenance requirements.
Asia Pacific, led by China and India, is at the forefront of the roofing market, witnessing a surge in demand for roofing products. The region experiences a shift towards metal roofing systems in commercial and industrial construction, replacing traditional materials like asbestos and galvanized steel sheets. In the residential segment, consumers are prioritizing design freedom and attractive colors, driving demand for modern roofing options.
The Middle East Africa is also poised to offer lucrative opportunities in the roofing market, backed by significant investments in existing housing conditions, commercial activities, and urban development projects. As economic growth and income levels rise, the region is expected to witness an upswing in demand for roofing systems.
Embracing Sustainability with Green Roofing
As concerns about climate change and environmental sustainability increase, the construction industry is exploring green roofing solutions. Green buildings, certified by various organizations such as LEED (US), BREEAM (UK), and DGNB (Germany), focus on sustainable practices to reduce environmental impact.
Green roofing systems, covered with soil and vegetation, offer multiple benefits, including energy conservation and improved living conditions. These eco-friendly roofing options not only enhance the aesthetics of buildings but also lead to significant energy savings by reducing the need for heating and cooling.
Advancing Roofing Systems for a Competitive Edge
The global roofing market is highly competitive, prompting companies to develop innovative and eco-friendly roofing solutions to meet changing consumer demands. Product differentiation and technological advancements play a crucial role in staying competitive in this dynamic market.
Leading players in the industry are introducing advanced materials, such as the REVIA™ Hand-Split Shake Collection and REVIA Hybrid™ PV Thermal Roofing Tiles, to provide functionality, energy conservation, and improved aesthetics.
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