Albany, NY, April 1, 2015 (GLOBE NEWSWIRE) -- According to the report, the global roofing market was valued at US$ 64.49 Bn in 2013 and is anticipated to reach US$ 97.59 Bn in 2020, expanding at a CAGR of 6.3% between 2014 and 2020. In terms of volume, the market stood at 10,600.9 million square meters in 2013.
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Demand for roofing is estimated to be driven by the growth of the construction industry in the emerging economies of Asia Pacific and RoW. The re-roofing market in the developed economies of North America and Europe is also projected to boost the demand for roofing materials. Energy prices have increased due to the depletion of resources. This, in turn, has created awareness for energy conservation. Roofing helps conserve energy. It also reduces utility bills. The importance of roofing has increased significantly in the last few years due to rising awareness about greenhouse gas emission and global warming. Energy star roofing materials are likely to help in energy conservation. Usage of new-generation roofing materials such as solar roofing panels has increased due to technological advancements. This is expected to emerge as a major driver of the roofing market in the near future.
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Fiber cement and plastic roofing materials are the commonly used roofing materials in emerging and underdeveloped economies. Demand for fiber cement and plastic roofing materials is anticipated to rise, as these are light in weight and available at low price. However, bituminous roofing is the majorly used product segment and accounted for over 45% of the overall market share in 2013. The market for bituminous roofing materials is anticipated to be highly attractive during the forecast period.
Demand for roofing was the highest in the nonresidential construction application segment, owing to rise in construction of offices and hotels in developed as well as emerging regions. This segment accounted for over 40% of the market share in 2013. Educational infrastructure has also witnessed a noticeable increase due to growing number of institutions and renovation projects. Furthermore, green buildings are becoming an important part of the construction industry. Therefore, roofing products are being used in various commercial, healthcare, and educational applications to support the green building movement.
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Other factors contributing towards the growth of the roofing market are the various subsidies and tax benefits provided by the government in several countries. In 2012, the U.S. government issued tax benefit of 10% on all Energy Star (an international trademark for energy efficient products) standard metals and bituminous roofing materials. This move further boosted the demand for roofing materials. The favorable legislations implemented by the government in the U.S., the second largest consumer of roofing materials, are expected to drive the roofing market.
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Roofing Market - Product Segment Analysis
- Others (Including fiber cement, plastic, etc.)
Roofing Market - Application Analysis
- Residential construction
- Nonresidential construction
Roofing Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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