Global Roofing Materials Market to Generate $186.7 Billion by 2031, Owing to Higher Expenditure on Commercial and Residential Building Renovations

The primary function of roofing materials is to protect the commercial or residential building from rain, sunlight, hail, snow, dust, etc. For this, roofing materials such as asphalt shingles, clay tiles, metal sheets and shingles, wood, etc., are regularly used due to their durable nature and the all-round protection that they offer in different seasons and climatic conditions. Moreover, innovative roofing solutions have been developed such as solar roofing materials which help in generating power while protecting the house from the sunshine and heat.

Forecast Analysis of the Roofing Materials Market

In recent years, the growing expenditure on commercial and residential building renovations is expected to be the primary growth driver of the global roofing materials market in the forecast years. Along with this, rapid industrialization around the world is anticipated to offer numerous investment and growth opportunities to the market in the analysis timeframe. Additionally, the growing expanse of the global construction sector is anticipated to push the market higher in the 2022-2031 period. However, the high cost of roofing materials may restrain the growth of the roofing materials market in the forecast period.

Regionally, the roofing materials market in the Asia-Pacific region is expected to be the most dominant one by 2031. The rise in construction activities in different developing economies of the Asia-Pacific region is projected to be the main factor behind the growth of the market in this region.

According to the report published by Research Dive, the roofing materials market is expected to gather a revenue of $186.7 billion by 2031 and grow at 4.3% CAGR in the 2022–2031 timeframe. Some prominent market players include 3M Company, Duro-Last, Inc., Sika AG, Atlas Roofing Corporation, E. I. Du Pont De Nemours, Inc., Standard Industries Inc., BASF SE, Owens Corning, The Dow Chemical Company, and Johns Manville, and many others.

Covid-19 Impact on the Roofing Materials Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The roofing materials market, too, faced a similar fate. The overall demand for roofing materials declined due to the slowdown in the construction sector during the pandemic which affected the growth rate of the market. Moreover, disruptions in the global supply chains caused an irregular supply of raw materials for roofing materials which further affected the market growth.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the roofing materials market to flourish. For instance:

• In September 2022, Solvay, a chemical manufacturing company, announced that it was collaborating with 3TREES, a leading high-end coating company. This partnership is expected to expand the durability of BIPV roofing materials. The partnership will thus help both the companies to pool their resources and achieve the intended aim in the next few years.
   
• In January 2023, Beacon, a roofing products provider, announced the acquisition of Whitney Building Products, LLC, a commercial waterproofing company. This acquisition is predicted to help Beacon to expand its operations globally in the next few years.
   
• In April 2023, Holcim, a building material company, announced the acquisition of Duro-Last, a leading commercial roofing company. This acquisition by Holcim is expected to help the company to increase its footprint in the market in the coming period.