As per the report by Global Market Insights, Inc. “Worldwide Roofing Materials Market was valued USD 125 billion in 2022 and will surpass a revenue collection of USD 194 billion by 2032 with an annual growth rate of 4% over 2023 to 2032.”
The market growth is driven by improving political stability and the expanding presence of leading industry participants. Players in the market are consistently putting-in efforts to expand their global footprints to gain access to a much broader customer base and offer reliable services to their international clients.
This helps companies diversify their reach while improving their reputation, lowering operational costs, and providing access to talent. In light of these benefits, in October 2022, Elite Roofing Solutions, a Texas-based full-service commercial and residential roofing company announced the launch of their expert roof replacement, repair, and installation services in Los Angeles. The increasing number of companies making their foray into international markets has boosted the need for new commercial and industrial facilities, positively impacting the expansion of the roofing materials industry size.
The roofing materials market is categorized based on material, type of construction, application, and region.
In terms of material, the bituminous segment size was worth over USD 55 billion in 2022 and is expected to observe a decent CAGR from 2023 to 2032. Unlike their recently introduced counterparts, bitumen roofing materials have a proven record that can be relied upon. They are significantly long-lasting, durable, and have superior tensile strength, pushing their adoption over the forthcoming years. They are unlikely to develop cracks and be damaged in storms, making them a preferred roofing material, thus increasing their sales through 2032.
Based on the type of construction, the new construction segment is poised to amass a sizeable roofing materials market share by 2032. The spurring infrastructural and real estate projects fueled by the increasing number of industrial, residential, commercial construction, and institutional constructions may create favorable growth prospects for the roofing materials industry. Besides, the massive rise in public and private activities will propel segment revenues in the coming years.
With regard to the application landscape, the non-residential segment is slated to record a decent valuation by 2032. The robust industrial outlook across developed and evolving economies has fostered the demand for more industrial and commercial spaces. The increasing infrastructural investments focused on constructing new non-residential establishments, in tandem with the accelerating renovation, repair, and maintenance of old facilities, will augment segment share over the coming eight years.
Regionally, the Latin America roofing materials market is predicted to depict more than 3% CAGR through 2032. The robust outlook of the construction sector and the proliferating demand for retail stores, warehouses, and logistics facilities in the region will bolster product adoption across Latin America. Additionally, the growing emphasis on developing a strong public safety, life science, and healthcare infrastructure will stimulate the regional revenue streams by 2032.
Source: https://www.gminsights.com/industry-analysis/roofing-materials-market
