The global roofing materials market size is expected to reach USD 154.20 billion by 2025
NEW YORK, Aug. 7, 2019 /PRNewswire/ -- Roofing Materials Market Size, Share & Trends Analysis Report By Product (Asphalt Shingles, Concrete & Clay Tile), By Application (Residential, Non-residential), By Region, And Segment Forecasts, 2019 - 2025
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The global roofing materials market size is expected to reach USD 154.20 billion by 2025, registering a CAGR of 4.2% during the forecast period. Thriving construction industry owing to consistent economic growth, coupled with low interest rates leading to increase in approval of building projects, is expected to aid market expansion.
Growing trend of development of reflective coatings for dark-colored roofing materials, which enable better heat reflection and reduce overall energy requirements, is presumed to fuel market expansion. In addition, evolving technology to improve the weatherability, installation, and aesthetics of the membrane roofing material is projected boost product demand.
The market exhibits the presence of a large number of substitutes, including living roofs, restoration coatings, and solar and SPF roofs.These materials have better performance characteristics as compared to common roofing materials available in the market.
However, high maintenance and installation cost are expected to limit their growth, resulting in moderate threat of substitutes.
The industry is characterized by high brand loyalty, coupled with established long-term relationships between customers and manufacturers. Major market players are focusing on enhancing their brand reputation by offering a wide range of products with better quality standards as compared to competitors.
Further key findings from the study suggest:
-- On the basis of product, concrete and clay tile dominated the roofing materials market in 2018 and accounted for 35.6% share in the overall revenue, which can be attributed to their ease of installation, availability, durability, energy efficiency, and low cost
-- In terms of revenue, the residential application segment is expected to register a CAGR of 4.4% over the forecast period. This could be attributed to rising residential construction in emerging economies due to increasing population and stable economic growth
-- Asia Pacific emerged as the largest regional market in 2018 and is expected to reach USD 51.81 billion by 2025 owing to increasing infrastructure development activities, including renovation of airports, setting up of SEZs, and establishment of IT parks
-- In terms of revenue, China is estimated to exhibit a CAGR of 5.8% over the forecast period owing to government initiatives to encourage sustainable construction practices and increase energy efficiency
-- Industry players are focusing on inorganic growth by expanding their product portfolio to provide next generation solutions to their customers. In addition, they are aiming to integrate their manufacturing and distribution operations to increase their profit margins.
Read the full report: https://www.reportlinker.com/p05763760/?utm_source=PRN
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