Roofing Market Report By Insights, Size, and Growth - 2031

The roofing industry was valued at approximately US$ 267.35 billion in 2023 and is projected to grow to US$ 379.33 billion by 2031, reflecting a compound annual growth rate (CAGR) of 4.5% during the period from 2023 to 2031.

As reported by the Associated General Contractors of America (AGC), the construction sector in the United States comprises over 745,000 employers and employs more than 7.6 million individuals, generating nearly US$ 1.4 trillion in construction annually. The National Housing Strategy (NHS) initiated by the government aims to promote energy-efficient building practices, thereby increasing the demand for residential construction projects across the country. The government has allocated upwards of US$ 82 billion for the NHS from 2018-2019 through 2028-2029. In India, the Pradhan Mantri Awas Yojana (Urban) Mission, launched in June 2015, aims to ensure housing availability for all urban residents by 2022. Additionally, the Smart Cities Mission, also initiated in 2015, focuses on developing 100 cities with robust infrastructure, including affordable housing and technology-driven enhancements in safety and security. Meanwhile, China?s 14th Five-Year Plan (2021-2025) includes provisions for 6.5 million government-subsidized rental homes across 40 major cities to assist nearly 13 million individuals in need of affordable housing. Furthermore, around 219,000 aging residential communities built before 2000 are set to undergo renovations by 2025 to increase housing availability. As the emphasis on sustainable and high-performance construction grows, the significance of advanced materials in the industry becomes increasingly evident. Consequently, various governmental initiatives worldwide aimed at bolstering the residential construction sector are driving a substantial demand for modern construction materials, particularly roofing solutions.

The roofing market is categorized by material types, including asphalt, metal, clay, concrete, plastic, and others. In 2023, the metal segment dominated the market share, while the concrete segment is anticipated to experience the highest CAGR from 2023 to 2031. Asphalt roofing materials, especially in the form of shingles, have gained popularity among both residential and commercial properties. These materials are recognized for their durability against various weather conditions, such as extreme temperatures, wind, and rain, making them ideal for diverse climates. The production of asphalt roofing involves treating fiberglass or organic base mats with asphalt and covering them with mineral granules, which enhance their durability, waterproofing, and visual appeal. Asphalt shingles offer a cost-effective roofing solution without sacrificing quality or longevity. Their straightforward installation and repair processes further enhance their appeal to homeowners and contractors alike. Additionally, the wide variety of styles, colors, and textures available allows for customization, enabling property owners to achieve their desired aesthetic and complement their building's architectural design.

The Asia Pacific region is projected to exhibit the fastest CAGR in the global roofing market from 2023 to 2031. Rapid urbanization is a key driver of growth in the construction sector within this area. Demographic trends, including the increasing elderly population and improved living standards due to urbanization, further support this industry. This region boasts the largest construction market globally, significantly bolstered by government initiatives. According to a report from the National Bureau of Statistics, China increased its fixed asset investment to US$ 8.5 trillion in 2022, facilitating funding for infrastructure projects. In India, the growing population has led to heightened demand for housing, particularly in tier 1 cities, prompting both governmental and private sectors to focus on meeting this rising need. The Indian government is also prioritizing rural development. Moreover, in 2019, the Chinese government invested US$ 1.9 billion in 13 public housing initiatives. The State Council of the People?s Republic of China noted that the urbanization rate in the country was the highest in the world in 2019, climbing from 60.5% in 2019 to 64.7% in 2021. Under the 14th Five-Year Plan, China aims to elevate its urbanization rate to 65% between 2021 and 2025. Thus, government backing for urbanization is likely to spur further advancements in the construction and infrastructure sectors, consequently increasing the demand for roofing products. In Singapore, the Building and Construction Authority announced construction contracts valued between US$ 32-38 billion for 2024. Therefore, elevated tender prices, a growing number of contracts for private residential developments, and expanding public housing projects create a favorable environment for roofing market growth in the Asia Pacific region.

Key players in the global roofing market include JSW Steel Ltd, Hindalco Industries Ltd, Siam Cement PCL, PT Utomodeck Metal Works, Hangzhou Singer Building Materials Co Ltd, Holcim Ltd, Compagnie de Saint Gobain SA, Owens Corning, Everest Industries Ltd, TAMKO Building Products LLC, GAF Inc, Roofseal (M) Sdn Bhd, Atlas Roofing Corp, Maruhachi Ceramics of America Inc, and Union Galvasteel Corp. These companies are committed to delivering high-quality products to meet customer needs and are actively engaged in launching innovative and superior products.

The overall size of the global roofing market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the roofing sector.