According to the new market research report “Roofing Systems Market by Material (Asphalt, Metal, Plastic, Clay, Concrete), Product (Shingles & Plates, Tiles), Construction Type (New Construction & Reform Construction), End-Use Sector (Residential & Non-Residential) - Global Forecast to 2021”, published by MarketsandMarkets™, the market for roofing systems is projected to grow from USD 109.72 Billion in 2016 to USD 157.56 Billion by 2021, at an estimated CAGR of 3.06%.
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The growth is due to the growing construction activities, globally. Government regulations regarding zero energy building codes and green roofing also provide an opportunity to the market to grow further, especially in the emerging Asia-Pacific and Latin American regions.
Residential sector to gain maximum traction during the forecast period
The residential sector is projected to be the fastest-growing segment by 2021. The non-residential sector comprises industrial, commercial, and other applications. New construction and remodeling are expected to increase the demand for roofing systems.
The shingles & plates segment contributes maximum market share to the roofing systems market
Shingles & plates held the largest market share because of their low cost and easy installation techniques. They are the most preferred roofing products for residential buildings, as they are durable and can last for up to 30 to 40 years. Also, growing construction projects, both residential and commercial, have driven the market in this segment. Other roofing products include tiles, sheets, and shakes.
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Asia-Pacific to play a key role in the market for roofing systems
On the basis of key regions, the market for roofing systems is segmented into North America, Europe, Asia-Pacific, and RoW. The Asia-Pacific region is the most attractive market for roofing systems. Rising economy and rapid growth in the infrastructure sector in this region have significantly impacted the growth of roofing systems. This region is projected to see the highest number of new constructions and infrastructural activities in the near future.
The market ecosystem for roofing systems C is dominated by large players such as Compagnie de Saint Gobain SA (France), Etex Group NV (Belgium), Boral Limited (Australia), Braas Monier Building Group SA (Luxembourg), Owens Corning (U.S.), and Carlisle Companies Incorporated (U.S.). Other players in this market include CSR Limited (Australia), The Siam Cement Public Company Limited (Thailand), Berkshire Hathaway, Inc. (U.S.), and Atlas Roofing Corporation (U.S.).
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