Roofing Materials Market applications and company’s active in the industry

The roofing materials market is likely to register significant gains in coming years owing to growing non-residential construction sector, rising home renovation and reroofing trend, flourishing residential sector; particularly in emerging economies, and rising adoption of plastic-based roofing materials. A roof system comprises of numerous kinds of material that are interrelated mainly to provide weatherproof protection in buildings.
In addition, roof also aids in protecting buildings from snow, rain, sun as well as other elements. The materials used in roofing vary depending on the location, shape of the roof and climate and whether the use is for commercial or residential settings. Some of the most common type of roofing materials available today are plastic liquid coatings, plastic and glass, slate and cement, clay, metal, wood, asphalt, and others.
The roofing materials market is bifurcated in terms of material, types of construction, application, and regional landscape.
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With respect to material, the market for roofing materials is categorized into plastics, elastomer, metal, concrete & clay tile, bituminous, and others. Among these, the plastic roofing materials segment will generate more than $8 billion revenue by the end of 2027. The anticipated growth is majorly ascribed to the several benefits offered by these materials including light weight, easy to install, extreme weather resistance, and others.
Plastic-based roofs are usually approved for usage in garages, outbuildings, greenhouses, and conservatories. In fact, for a structure that needs a robust and resilient roof to make sure there is structural stability, a corrugated polycarbonate-based roof sheet could be one of the best options for a quick, easy, as well as inexpensive finish on the top of an outdoor office or a workshop. Plastic roofs are also best for flat roof applications and traditional looks.
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Based on types of construction, the roofing materials market is classified into reroofing and new construction. Among these, the reroofing segment is expected to witness around 4% CAGR through the analysis time period. The reroofing activities are highly demanded in Europe and North America region owing to storms and harsh weather conditions.
In terms of application, the overall market is segmented into non-residential and residential. Among these, in 2020, the residential application segment in roofing materials market valued around $70 billion and slated to progress at rapid pace over the projected period. This projected growth is ascribed to the proliferating residential sector in emerging economies coupled with rising trends of home renovation.
From a regional frame of reference, Europe roofing materials market is expected to witness around 3.7% CAGR through the analysis time period. The rising reroofing trends coupled with growing non-residential construction sector in region will drive the regional market growth.