Residential Roofing Market is forecast to reach $11.8 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. The growth of the global residential roofing market is powered mainly by development of new, effective technologies in roofing materials, investment property, increased popularity of environmentally-friendly hygiene products, growing rubber roofs and increasing building renovations and renovation. In addition, due to the increasing demand for hard coatings from different end-user applications, the residential roofing industry is expected to increase the in the forecast era.
Residential Roofing Market Segment Analysis – By Roofing Type
Asphalt shingles are extensively used in residential roofing market. The expected increase in construction expenditure for residential buildings would spur growth. Over the past few years, demand for high-performance laminated asphalt shingles has risen sharply, fueled by growing interest in roofing materials built to withstand high winds, impacts and deterioration caused by exposure to the elements. New houses originate from single-family homes, in particular. Their strong gains would raise the market for asphalt shingles because of the modest costs and ease of installation the builders opt for these products. The much larger segment of residential reroofing would also post developments as homeowners repair older roofs worn out or beyond their planned lifespan.
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Residential Roofing Market Segment Analysis – By End Use
Residential Industry held the largest share in the residential roofing market in 2019. The roof is an important building structure, as it offers protection and enhances the attractiveness of the building. The factor driving demand for roofing materials for residential purposes is increased government and institutional funding for the construction of housing infrastructure in emerging economies. The key factors driving demand for residential roofing materials include rising population and growing preference for single family housing structures. In addition, easy credit availability and low-interest rates play a major role in the overall demand for residential structures. Furthermore, the rising population would fuel the fuel the growth of residential building units such as individual houses and apartments. Increasing investments by house owner in green construction is also projected to favorably impact the future demand for roofing materials.
Residential Roofing Market Segment Analysis – By Geography
Asia Pacific held the largest share with 39.2% in the residential roofing market. Asia Pacific is expected to have the highest growth due to a rapid increase in the construction industry, an increase in the manufacturing sector, strict government regulations to boost household energy performance, increased durability, easy installation and increased urbanization in developing countries such as China and India in the region. New construction roofing has the largest market share in the global residential roofing sector, owing to the spur of all applications in the construction industry. By 2022, the Indian government has set a target of 20 million flexible houses that is expected to have a substantial market impact. Building industry is expected in China to rise by 5 percent on an annual average in real terms between 2019 and 2023, reported by the International Trade Administration. The Government of Japan also reports that Japan is mounting efforts to incorporate new building technology in the construction sector through its cooperation with private companies.
Residential Roofing Market Drivers
Excellent fire-resistant property metal roofing will drive the market
Metal roofing is expected to grow rapidly as wildfire cases increase. Metal roofing has excellent re-resistant roofing advantages and is therefore an important choice for re-codes and standards. Metal roofing is available in copper, aluminum, stainless steel and zinc and comes in two forms, panels and shingles. Galvanized steel and aluminum are the most common cost-effective metals. Metal roofing is a durable material which lasts much longer than other materials. Metal roofing absorbs the UV rays from the sun and keeps the building cooler in the summer months. The metal roofing also provides some additional insulation to the building sustaining stable temperatures during both the winter and the summer months. Sales of metal roofing in both industrial building and residential renovating are on the rise. Land owners and professional design architects have used metal roofs as one of the hardest choices for the roofing industry. The metal roofing weighs less than roofing or tiles of bituminous shingles. It does not stress the structure of the building, like other roofing materials, due to its strength, durability and low maintenance.
Reroofing Activity to Account for the Large Majority of Demand
Residential reroofing activity created substantial demand for asphalt shingles from the previous years, as several incidents of extreme weather events were observed in many areas of various regions. The residential reroofing segment will continue to be the leading asphalt shingles market in the future. The US has a wide number of older houses, many of which have older three-tab shingles that do not follow the codes of new construction. In certain cases, insurers as a condition of retaining coverage may mandate homeowners to replace older shingles with newer, more robust laminated asphalt shingles prior to a policy renewal. Thus, increasing demand for reroofing will further drive the residential roofing market over the forecast period.
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Residential Roofing Market Challenges
Effects of roofing materials
Climatic conditions may affect product quality. For instance, some of the materials are not able to withstand extreme heat and ultraviolet radiation from sunlight but easily succumb to prolonged freeze-thaw cycles. Bituminous shingles can be damaged if they are installed during freezing temperatures and since they are not of top quality, they are more prone to wind lifting and can quickly break at varying temperatures. Durability of the roofing materials and repair specifications should be taken into consideration. Such as raw timber shakes and shingles requiring heavy maintenance. While manufacturing roofing products, attention should be given to natural resources, electricity and toxicity of all emissions generated. These are made of materials that are limited or that are environmentally sensitive.
Residential Roofing Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in residential roofing market. Major players in the residential roofing market are GAF Materials Corporation, Atlas Roofing Corporation, Owens Corning, Braas Monier Building Group, Etex, Boral Ltd., TAMKO Building Products, Saint Gobain SA, Johns Manville, and Carlisle Companies Inc among others.
The Asia-Pacific dominated the residential roofing market owing to the increase in adoption of residential roofing for application in newer industrial vertical and emerging economies such as China, India and others.
Increased disposable income and improved affordability have driven customers to spend more on renovation and improvement projects. The changing consumer’s propensity to renovate houses and to provide attractive living structures also provided market vendors with ample opportunities.
Growing regulatory attention requiring energy efficiency in construction projects is another crucial factor driving market trends.
The construction industry is expected to take on a major hit due to labor shortages and the government’s shutdown during COVID-19, which is expected to be exacerbated by the resulting supply chain problems and funding diffculties due to non-compliance with the completion times.
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B. Roofing Adhesives Market
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