Roofing Material Market Outlook from 2024 to 2034

The global roofing material market size reached USD 141.1 billion in 2023. Over the forecast period 2024 to 2034, sales are anticipated to rise at 4.6% CAGR. The total market value is predicted to increase from USD 147.1 billion in 2024 to USD 231.1 billion by 2034.

The roofing material market is poised for significant growth, driven by increasing construction activities across the globe and high demand for energy-efficient roofing solutions. Innovations such as advanced composite materials that do not have an environmental impact are projected to boost sales.

Furthermore, the ongoing promotion of highly durable products and implementation of stringent norms push the adoption of high-performance roofing solutions.

Attributes Description
Estimated Global Roofing Material Market Size (2024E) USD 147.1 billion
Projected Global Roofing Material Market Value (2034F) USD 231.1 billion
Value-based CAGR (2024 to 2034) 4.6%

The global industry is predicted to surge around 1.6X through 2034, amid a 2.6% increase in predicted CAGR compared to the historical one. Sustainability has become a significant focus, and consumers are looking for environmentally friendly options.

This has further led to the development of green roofing products such as solar panels and recycled materials. These would help meet environmental concerns and energy efficiency requirements.

Advances in technology have transformed the industry with the introduction of durable and weather-resistant materials such as composite shingles. Integrating smart technology into roof systems, including sensors for leak detection and energy monitoring, increases productivity and efficiency.

Rising merger and acquisition activities are projected to reshape the competitive landscape. Key players are broadening operations and global presence to take advantage of emerging market opportunities for innovative and sustainable roofing solutions.

North America is anticipated to remain dominant in the global roofing material market during the forecast period. The region is set to hold around 25.6% of the share in 2034.

North America has a strong construction industry supported by steady economic growth, particularly in the United States and Canada. Roofing solutions are required due to high demand from residential, commercial, and industrial sectors.

Technological innovations in materials science and architectural construction have resulted in the development of more efficient roofing solutions for specific needs.

The construction industry in North America is subject to stringent building codes aimed at ensuring safety, sustainability, and energy efficiency. These codes mandate the use of quality roofing materials that meet or exceed industry standards.

North America experiences hurricanes and storms ranging from freezing temperatures in the northern parts to hurricanes in the south. This varied climate creates a rising demand for roofing materials that can withstand the extremes of weather. Continued investments in roofing infrastructure, including real estate, commercial, and public works, are contributing to high demand in North America.

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Semi-annual Market Update

The table below presents the expected CAGR for the global roofing material market over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the decade from 2023 to 2033, the industry is predicted to surge at a CAGR of 4.1%, followed by a slightly higher growth rate of 4.8% in the second half (H2) of the same decade.

Particular Value CAGR
H1 4.1% (2023 to 2033)
H2 4.8% (2023 to 2033)
H1 4.2% (2024 to 2034)
H2 5% (2024 to 2034)

Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to increase slightly to 4.2% in the first half and remain relatively steady at 5% in the second half. In the first half (H1), the sector witnessed a decrease of 10 BPS, while in the second half (H2), it witnessed an increase of 20 BPS.

Key Industry Highlights

Environmental Sustainability Considerations in the Production of Roofing Materials

Green roofing practices, such as the adoption of green roofs and plant roofs, are a key contributor to growth globally. Cool roofing solutions are set to be immensely popular as these are used to reduce heat absorption, cooling costs, and urban heat island effects.

These products are typically made of circular materials to reflect sunlight and UV rays. These are projected to be popular in areas with hot climates due to the growing need for energy savings.

Vegetation or life cover is another characteristic of a permanent roof. These solutions incorporate vegetation such as grass, shrubs, or trees into the roof system. Plant roofs have several advantages, including natural insulation, stormwater management, and improved ventilation.

These rooftops are not only environmentally friendly but also beautiful and contribute to urban ecosystems. Hence, demand is anticipated to skyrocket through 2034.

Emergence of Smart, Safe, and Energy-efficient Solutions Revolutionize the Industry

Smart roof systems are gaining impetus worldwide as these incorporate sensors, automation, and remote sensing capabilities. These features allow building owners and facility managers to monitor roof conditions, detect problems early, and improve energy efficiency.

Smart roofing systems also improve predictive maintenance, reduce roof maintenance costs, and increase roof life, thereby augmenting demand.

The Internet of Things (IoT) plays an important role in roof technology for novel monitoring systems, including heating and humidity. These systems provide real-time information that helps building owners make informed decisions and proactively address potential roofing problems.

Coating technology has also advanced dramatically, which is one of the market trends in roofing materials. Cool roof coatings reflect UV rays and reduce thermal absorption, thereby extending the life of the underlying roof materials. These coatings increase energy efficiency and reduce aging due to UV exposure, which is set to boost demand.

Companies Develop Flexible and Sustainable Roofing Solutions to Surge Sales

High demand for flexible and durable roofing solutions is a key driver of the roofing material market growth. Building owners, architects, and contractors are projected to use roofing systems that offer exceptional longevity, strength, and zero to low emissions.

Several key players are leading the way in this evolving business environment with innovative roofing solutions. Companies such as Owens Corning, CertainTeed Corporation, and GAF Materials Corp. are constantly developing flexible and sustainable roofing products that meet the demands of today’s consumers.

These companies invest in research and development to create products that provide superior performance while being environmentally friendly.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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2019 to 2023 Global Roofing Material Sales Analysis Compared to Demand Forecast for 2024 to 2034

Sales of roofing materials grew at a CAGR of 2% between 2019 and 2023. Total revenue reached about USD 141.1 billion in 2023. In the forecast period, the sector is set to thrive at a CAGR of 4.6%.

The global steep slope roofing material market experienced slow growth from 2019 to 2023. Trade volumes for these products decreased in terms of supply, mainly due to geopolitical disputes, trade issues, and economic uncertainty backed by the impact of the COVID-19 pandemic. Price volatility and regulatory challenges also contributed to moderate growth during the historical period.

Another growth inhibiting factor was the high initial cost of flexible and durable roofing systems. While these systems offered long-term benefits, the high upfront costs deterred some property owners, especially looking after off-budget projects.

Balancing upfront investment in the long run was a challenge. Maintenance and repair cost was also a limiting factor in the historical period. It was difficult for owners and managers to budget for regular maintenance and unexpected repairs. However, neglecting maintenance led to premature roof failure and high costs in the long run.

The fluctuating cost of roofing materials also affected the industry. Prices of materials such as asphalt, steel, and wood fluctuated depending on supply and demand. These changes in costs affected the affordability and choice of roofing solutions for various projects.

The industry is poised to exhibit healthy growth during the forecast period. The growth outlook looks promising, with increasing global trade activities, infrastructure development, and rising exports. In addition, there might be a high focus on aesthetics, which is one of the key commercial roofing material market trends.

Customers are anticipated to look for interesting ways to support construction. Overall, the industry is poised for considerable growth as environmental concerns and technological advancements reshape the industry towards robust and flexible solutions.

Market Concentration

Tier 1 companies comprise key leaders with a revenue of above USD 30 million, capturing a significant share of 10% to 15% globally. A broad range of products and an immense production capacity define these leaders. These corporations stand out for maintaining an expansive geographic reach, a loyal client base, and significant knowledge of producing a variety of materials.

These players offer a broad range of services, such as recycling and manufacturing, all while adhering to legal requirements, cutting-edge technology, and top-notch results. Prominent companies within Tier I include Owens Corning Inc., Carlisle Companies Inc., Mapei SpA, and ETEX.

The bulk of small businesses with limited income that operate locally and cater to specific industries are categorized as Tier 2. These businesses focus on meeting the needs of the local sector.

The geographical reach is restricted, and these players operate on a small basis. In this particular context, Tier 2 is identified as an unstructured sector, signifying a business that lacks considerable framework and institutionalization in contrast to organized counterparts.

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Comparative Market Overview

In this section, drivers, trends, and opportunities of two related industries in the chemicals and materials domain are described. These include the roofing chemical and the Asia Pacific waterproofing chemical industries. Analysis of these related sectors can provide in-depth insights that may be helpful for developing unique differentiating strategies to pursue growth and opportunity.

Roofing Chemical Industry Analysis:

Roofing chemicals are set to gain momentum through 2034 amid the rising need for lower in-house temperatures, especially in countries with extremely hot climates. In addition, ongoing research and development activities to improve the efficiency of these chemicals are likely to drive demand.

Attributes Description
Related Market Roofing Chemical Market
CAGR (2024 to 2034) 8%
Growth Factor Rising demand for sustainable living standards that promote the reduction of the carbon footprint of houses
Opportunity Emergence of novel features, including protection against hail, wind, and fire
Key Trends Growing demand for bituminous roofing across warehouses owing to high durability

Asia Pacific Waterproofing Chemical Industry Analysis:

Demand for waterproofing chemicals is rising across Asia Pacific on the back of increasing investments in the construction sector, especially in Vietnam and Thailand. Also, the development of power plants, factories, and residential buildings in India is projected to open the door to new opportunities.

Attributes Description
Related Market Asia Pacific Waterproofing Chemical Market
CAGR (2024 to 2034) 9.6%
Growth Factor Growing awareness of disaster resilience in Asia Pacific
Opportunity Booming construction sector and ongoing infrastructure development projects to create opportunities
Key Trends Need to reduce the requirement for frequent maintenance and repair to boost adoption

Country-wise Insights

The table below shows the estimated growth rates of the leading countries. Chile and ASEAN are set to record high CAGRs of 7.6% and 5.4%, respectively, through 2034. Country-wise market size of roofing materials would enable potential clients to make novel business decisions for investment.

Countries CAGR 2024 to 2034
Chile 7.6%
ASEAN 5.4%
United States 3.4%
China 3.1%
India 4.7%

High Frequency of Hurricanes in the United States to Spur Sales

The United States roofing material market is projected to reach USD 29 billion by 2034. Over the assessment period, demand is set to rise at 3.4% CAGR.

Due to increased awareness and concerns about climate change, there is a high demand for sustainable roofing solutions in the country. This shift is driving manufacturers to develop new products, such as solar panels and cool roof options that help reduce energy consumption and environmental impact.

The increasing frequency of extreme weather events such as hurricanes is further boosting the need for flexible roofing solutions that can withstand such conditions. This trend is pushing investments in durable and impact-resistant roofing materials to meet challenges related to weather conditions.

Technological advances such as the integration of smart sensors and digital monitoring systems in roofing products are transforming the United States. These innovations offer benefits such as real-time performance monitoring, predictive maintenance, and improved safety.

Rising Sustainability Goals in China Accelerate Demand

One of the key factors driving growth in China is rapid urbanization and industrialization. As the country continues to undergo urban expansion and industrialization, demand for high-quality roofing materials that offer durability and environmental resilience is increasing.

Steel building roofs, with good strength and flexibility, are well suited to meet these requirements. Hence, residential, commercial, and industrial construction projects are demanding these products.

Increased emphasis on sustainable and energy-efficient construction practices is propelling the adoption of metal roofing solutions in China. Metal roofs are highly reflective, reducing heat absorption and cooling costs, making these an attractive option for energy-conscious businesses.

Steel frames are often made from recycled materials. These are gaining impetus in China as companies are looking for materials that comply with sustainability objectives. As per the roofing material market forecast, China is anticipated to total USD 30 billion by 2034. Over the forecast period, demand in the country is set to increase at a steady CAGR of 3.1%.

Development of Affordable Housing in India Bolsters Sales

The government of India's focus on infrastructure, affordable housing, and smart cities continues to be one of the leading growth factors influencing the roofing material market.

Policies and incentives have been put in place to improve construction efficiency and quality as well as promote sustainable building practices. The Atal Mission for Rejuvenation and Urban Transformation (AMRUT), for instance, has enabled the development of affordable housing and urban infrastructure.

India’s growing awareness of environmental sustainability and energy efficiency is driving the adoption of new roofing solutions. Increasing integration of solar roofing materials in energy-efficient building designs is also pushing demand for environmentally friendly roofs, such as solar panels and cool roofs.

India is anticipated to total USD 9.8 billion by 2034. Over the forecast period, demand in the country is set to increase at an average CAGR of 4.7%.

Category-wise Insights

The section below shows the metal roofing segment dominating based on product type. The segment is forecast to thrive at 5.5% CAGR through 2034. The residential segment is anticipated to be lead based on end-use. The segment will likely witness a 4.4% CAGR between 2024 and 2034.

Metal Roofing Solutions to Gain Traction Amid High Durability

Segment Metal Roofing (Product Type)
Value CAGR (2024 to 2034) 5.5%

Based on product type, the metal roofing segment is anticipated to lead the sector at a CAGR of 5.5% from 2024 to 2034. By 2034, the target segment is estimated to reach USD 15.3 billion.

Growing popularity of metal roofing worldwide is due to high durability, energy efficiency, environmental friendliness, and weather resistance capabilities. These are mainly demanded across countries facing extreme weather conditions.

Advancements in metal roofing technology add to its aesthetic appeal, offering a variety of styles and colors to suit architectural designs. As sustainability concerns surge, the use of recyclable metals and reflective materials rises. These factors are estimated to create a high demand for metal roofing solutions.

Homeowners Look for Novel Roofing Solutions to Raise Property Values

Segment Residential (End-use)
Value CAGR (2024 to 2034) 4.4%

Based on end-use, the residential category is estimated to dominate the industry. Increasing urbanization and population growth are projected to augment demand for residential complexes, especially in developing nations.

Increased awareness of energy efficiency and sustainability is pushing consumers towards environmentally friendly solar roofs. Homeowners are looking to raise property values by installing innovative roofing solutions. Over the forecast period, the segment is forecast to rise at a CAGR of 4.4% CAGR. By 2034, the target segment is estimated to reach USD 124.4 billion.

Competition Outlook

Key players operating in the global roofing material market are investing in unique facilities and entering into partnerships. A few roofing material manufacturers are acquiring small-scale companies to broaden regional presence.

The competitive landscape of the roofing material industry looks promising. Leading companies are participating in exhibitions and trade fairs to showcase the latest products and generate more sales. With the rising construction of new residential and commercial buildings, key companies are striving to offer innovative products with multiple features at an affordable rate.

Industry Updates

  • In April 2024, Hong Kong-based Sangobuild launched a new range of Titan solar roof tiles. The company aims to broaden presence in the field of solar roofing solutions. The sustainable product provides long-term stability, excellent weather resistance, and high solar conversion efficiency. These are meant for use across buildings seeking a unique, clean energy source.
  • In March 2024, PABCO Roofing Products, headquartered in the United States, started shipping the latest version of ridge cap called Shadow Cap Wide. This would act as the ideal shingle option for vented ridge, color matching, and coverage applications.
  • In January 2024, Westlake Royal Roofing Solutions, based in the United States, exhibited the company’s new Unified Steel Cool Roof Colors and Unified Steel Material List Generator at the 2024 International Roofing Expo, Las Vegas.

Leading Roofing Material Brands

  • CertainTeed
  • Mapei SpA
  • Braas Monier Building Group
  • Atlas Roofing Corporation
  • ETEX
  • Carlisle Companies Inc.
  • IKO Industries Inc.
  • TAMKO Building Products
  • Alumasc Group PLC
  • DECRA Roofing Systems Inc.
  • Bauder Ltd.
  • Worthouse
  • Carlisle Companies Inc.
  • ETEX
  • Crown Building Products LLC
  • Boral Roofing

Key Segments of Market Report

By Product Type:

A few leading product types include asphalt shingles, concrete tiles, clay tiles, synthetic tiles, metal roofing, membrane roofing, green roofs, and others.

By End-use:

Two key end-uses include residential and non-residential. Both segments are bifurcated into new construction and renovation.

By Region:

Information about leading countries across North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East Africa is given.

Frequently Asked Questions

What was the value of the global sector in 2023?

The sector stood at USD 141.1 billion in 2023.

How big is the roofing material market?

The sector is set to reach USD 147.1 billion in 2024.

At what rate will the global industry rise through 2034?

The industry is anticipated to rise at 4.6% CAGR through 2034.

What is the expected industry size in 2034?

The industry is set to reach USD 231.1 billion by 2034.

Which product type segment is expected to lead the market?

Metal roofing is expected to lead by 2034.

Who is the prominent supplier of roofing materials?

Tecta America.

What is the most popular type of roofing material?

Asphalt shingles.

Table of Content

1. Executive Summary

2. Industry Introduction, including Taxonomy and Market Definition

3. Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments

4. Global Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections

5. Pricing Analysis

6. Global Analysis 2019 to 2023 and Forecast 2024 to 2034

    6.1. Product Type

    6.2. End Use

7. Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type

    7.1. Asphalt Shingles

    7.2. Concrete Tiles

    7.3. Clay Tiles

    7.4. Synthetic Tiles

    7.5. Metal Roofing

    7.6. Membrane Roofing

    7.7. Green Roof

    7.8. Others

8. Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use

    8.1. Residential

        8.1.1. New Construction

        8.1.2. Renovation

    8.2. Non-residential

    8.3. New Construction

    8.4. Renovation

9. Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    9.1. North America

    9.2. Latin America

    9.3. Western Europe

    9.4. South Asia

    9.5. East Asia

    9.6. Eastern Europe

    9.7. Middle East & Africa

10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

17. Sales Forecast 2024 to 2034 by Product Type and End Use for 30 Countries

18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard

19. Company Profile

    19.1. Owens Corning Inc.

    19.2. Johns Manville Corporation

    19.3. GAF Material Corporation

    19.4. CertainTeed

    19.5. Mapei SpA

    19.6. Braas Monier Building Group

    19.7. Atlas Roofing Corporation

    19.8. ETEX

    19.9. Carlisle Companies Inc.

    19.10. IKO Industries Inc.

    19.11. TAMKO Building Products

    19.12. Alumasc Group PLC

    19.13. DECRA Roofing Systems Inc.

    19.14. Bauder Ltd.

    19.15. Worthouse

    19.16. Carlisle Companies Inc.

    19.17. ETEX

    19.18. Crown Building Products LLC

    19.19. Boral Roofing


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