Market Dynamics:
Rapid urbanization is driving the growth of construction industry globally. According to the United Nations, over 60% of the world’s population will live in urban areas by 2030, up from 55% today. This rapid urbanization is resulting in increased construction of residential, commercial and industrial infrastructure which is fueling the demand for roofing materials.
The roofing materials market is estimated to be valued at US$ 170.03 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Another key driver for the roofing materials market is growth in repair and rehabilitation activities of the existing infrastructure. The aging building stock across regions like North America and Europe is requiring frequent repair and rehabilitation works resulting in rising demand for roofing repair and replacement materials. Additionally, advancement in roofing material technologies are allowing manufacturers to develop lightweight, durable and aesthetically appealing products catering to consumer preferences, thus augmenting the market growth over the forecast period.
SWOT Analysis
Strength:
- Growing construction industry worldwide fuelling demand for roofing materials.
- Technological advancements leading to development of innovative and durable roofing material solutions.
- Presence of major players with strong distribution network globally.
Weakness:
- Fluctuation in prices of raw materials affecting profit margins of manufacturers.
- High cost of RD for developing new products.
Opportunity:
- Emerging need for green and sustainable roofing material solutions opens up new growth avenues.
- Rising investments in non-residential building projects in developing nations.
Threats:
- Stringent environmental regulations regarding disposal of certain roofing materials.
- Increased popularity of alternative roofing material types.
Key Takeaways
The global roofing materials market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing investments in infrastructure development and construction projects worldwide.
