Categories: Oil & Gas

Roofing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Roofing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Roofing Global Market Report 2024, The roofing market size has grown steadily in recent years. It will grow from $267.64 billion in 2023 to $277.42 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to construction and real estate growth, urbanization trends, climate and weather conditions, architectural styles and trends, maintenance and replacement needs.

The roofing market size is expected to see steady growth in the next few years. It will grow to $327.83 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, resilience to extreme weather events, innovations in roofing materials, energy efficiency requirements, government regulations and building codes. Major trends in the forecast period include customization and aesthetic trends in roof design, integration of green roofing practices, shift towards lightweight and modular roofing solutions, emphasis on weather-resistant coatings and sealants, technological integration in roofing installation and maintenance.

The increasing infrastructure development is expected to propel the growth of the roofing market going forward. Infrastructure refers to the construction of physical structures such as bridges, highways, roads, and sewage systems. Roofing is a must for every construction as it helps in protecting the building against rain, snow, sunlight, wind, and extremes of temperature. For instance, according to IIFL Holdings Limited, an India based financial services company, in the year 2021 Government of India allocated 1.89 billion in their union budget for the development of infrastructure in India through Atal Mission for Rejuvenation & Urban Transformation (AMRUT) and Smart Cities Mission. To have a faster infrastructure development it launched two new schemes known as Housing for All and Smart Cities Mission. Also, for the year 2021, according to India Brand Equity Foundation, an India based government agency, infrastructure activities accounted for a 13% share of the total FDI (Foreign Direct Investment) inflows of USD 81.72 billion. Therefore, the increasing infrastructure development is driving the growth of the roofing market.

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The roofing market covered in this report is segmented –

1) By Type: Flat Roof, Slope Roof

2) By Roofing Material: Bituminous Roofing, Metal Roofing, Tile Roofing, Other Roofing Materials

3) By Application: Residential, Commercial, Non-Residential

New technological innovations have emerged as the key trend gaining popularity in the roofing market. Major companies operating in the roofing market are focused on new technological innovations to sustain their growth in the market. For instance, in January 2022, GAF, a US-based company that manufactures solar roofs launched its new solar roof called Timberline Solar based on solar roof technology. This helps in generating energy by using sunlight and this energy can be used for household purposes. This is very easy to install, and it is most cost-effective. Solar roofs are the future of clean energy, and Timberline Solar is the game-changing innovation in this market.

The roofing market report table of contents includes: