April 16, 2024
Roofing Systems Market

The Booming Roofing Systems Market Presents Lucrative Opportunities For Green Roofing Systems

The global roofing systems market encompasses a wide range of products associated with installation and repair of roofs. Roofing systems are an integral part of construction activity and are installed in both residential and non-residential applications including commercial offices, industrial facilities, institutional buildings, and others. Some key products in the roofing systems market include asphalt shingles, metal roofing, clay and concrete tile, single-ply roofing, and green or eco-friendly roofing systems. Eco-friendly or green roofing systems involves partially or completely covering rooftops with vegetation and drainage layers. This serves the purpose of reducing environmental impact and providing ecological benefits like improved air quality, temperature regulation and noise reduction. The rising consumer demand for sustainable construction practices and energy-efficient roofing solutions is expected to boost the adoption of green roofing systems and drive significant opportunities in the global roofing systems market.

The global roofing systems market is estimated to be valued at US$ 133.67 billion in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing Adoption of Green Building Standards: The adoption of green building standards and codes requiring use of renewable materials and eco-friendly construction practices are expected to boost the green roofing systems market over the forecast period. For instance, LEED (Leadership in Energy & Environmental Design) rating system by U.S. Green Building Council recognizes use of green and cool roofing systems.

Rising Consumer Preference for Sustainable Construction: There is growing consumer awareness about the environmental benefits of green buildings and green roofs. This has spurred the demand for eco-friendly roofing solutions made from sustainable materials like vegetable-based single-ply and photovoltaic shingle systems. The preference for sustainable construction is estimated to drive market growth during the forecast period.
Segment Analysis

The global Roofing Systems market is segmented based on material, type, and application. The material segment of asphalt accounts for the largest share as it dominates the overall market. Asphalt roofing is economical and durable. Within the type segment, the shingle roofing sub-segment dominates owing to its affordability and ease of installation. In terms of application, the residential segment accounts for the highest share as majority of the housing constructions worldwide opt for asphalt shingle roofing systems.

PEST Analysis

Political: Governments in various countries promote the use of asphalt and wood-based roofing systems through subsidies as it supports the local construction industry. Economic: Growth in the construction sector especially in developing nations drives the demand for roofing systems. Social: Consumer preference for low maintenance and durable roofing materials like asphalt and tiles is high. Technological: Manufacturers are developing advanced coating technologies to enhance the durability and lifespan of asphalt and clay roofing tiles.

Key Takeaways

The global Roofing Systems Market Growth  is expected to witness high growth over the forecast period of 2023 to 2030. The Asia Pacific region currently dominates the market owing to rapid urbanization and infrastructure development programs in countries like China and India.

Key players operating in the roofing systems market are Waifair LLC,Westminster Teak Inc.,Polyteak,Bajanusa Furniture,Frontgate,Gloster Furniture GMBH.

Regional analysis

Asia Pacific region is expected to grow at the fastest rate during the forecast period. China dominates the APAC roofing systems market led by strong growth in new construction and re-roofing activities. India is also expected to offer lucrative growth opportunities owing to the government’s ‘Housing for All’ initiative.

Key players

Key players operating in the roofing systems market are Waifair LLC,Westminster Teak Inc.,Polyteak,Bajanusa Furniture,Frontgate,Gloster Furniture GMBH. Waifair LLC specializes in heavy timber construction and offers a wide range of wood roofing and decking solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it