The global Residential Roofing Market size is expected to record a CAGR of 5.8% from 2023 to 2032. In 2023, the market Application is projected to reach a valuation of USD 10.3 Billion. By 2032, the valuation is anticipated to reach USD 16.2 Billion.
Residential Roofing Market: Growth Factors and Dynamics
- Population Growth: Increasing populations drive the demand for new residential constructions, fueling growth in the residential roofing market.
- Renovation and Remodeling: Homeowners’ inclination towards home improvement projects and renovations contributes to market growth.
- Technological Advancements: Integration of smart technologies in roofing systems enhances functionality and appeals to tech-savvy consumers.
- Sustainability Focus: Growing environmental awareness leads to the adoption of sustainable and eco-friendly roofing materials.
- Energy Efficiency Requirements: Rising energy efficiency standards drive the demand for roofing solutions that contribute to better insulation and reduced energy consumption.
- Government Incentives: Supportive government policies and incentives for sustainable roofing solutions stimulate market growth.
- Extreme Weather Events: Increasing occurrences of extreme weather conditions boost the need for resilient and weather-resistant roofing materials.
- Architectural Trends: Evolving architectural preferences and designs influence the demand for specific roofing styles and materials.
- Consumer Awareness: Growing awareness among consumers regarding the importance of quality roofing for home protection and energy efficiency.
- Low-Interest Rates: Favorable financing conditions encourage homeowners to invest in roofing projects.
- Insurance Replacements: Insurance claims and replacements due to weather-related damages contribute to market dynamics.
- Material Innovations: Continuous advancements in roofing materials, such as cool roofs and solar tiles, drive market growth.
- Housing Market Trends: Fluctuations in the housing market impact roofing demand, with growth during periods of increased home sales.
- Aging Infrastructure: The need for roof replacements in older homes and buildings supports market growth.
- Disposable Income Levels: Higher disposable incomes enable homeowners to invest in premium roofing materials and designs.
- Online Sales Channels: The growing popularity of online platforms for roofing material purchases influences market dynamics.
- COVID-19 Impact: The pandemic’s focus on home-centric living has driven renovations and roofing projects.
- Resilient Roofing Solutions: Demand for roofing materials that can withstand natural disasters and extreme weather events.
- Cultural and Regional Influences: Cultural preferences and regional trends impact the choice of roofing materials and designs, influencing market growth.
Residential Roofing Market: Partnership and Acquisitions
- In January 2022, Owens Corning completed the acquisition of Natural Polymers LLC, a firm specializing in the production of spray polyurethane foam insulation tailored for building and construction applications.
- In February 2022, Johns Manville, a Berkshire Hathaway subsidiary, introduced two novel products designed for bituminous roofing systems, aimed at enhancing productivity in roofing applications.
- In February 2022, Carlisle Companies Incorporated successfully acquired MBTechnology, Inc. (MBT), a move expected to broaden Carlisle’s range of modified bitumen roofing solutions and increase capacity for roofing underlayment.
List of the prominent players in the Residential Roofing Market:
- Owens Corning
- GAF Materials Corporation
- CertainTeed Corporation (Saint-Gobain)
- TAMKO Building Products Inc.
- IKO Industries Ltd.
- Malarkey Roofing Products
- Carlisle Companies Incorporated
- Atlas Roofing Corporation
- PABCO Roofing Products
- Eagle Roofing Products
- Duro-Last Inc.
- Beacon Building Products
- Johns Manville
- Sika AG
- Boral Limited
- BMI Group
- Monier Roofing
- Firestone Building Products
- IKO Industries Ltd.
- Mule-Hide Products Co. Inc.
- Others
The Residential Roofing Market is segmented as follows:
- Asphalt Shingles
- Metal Roofing
- Solar tiles
- Clay and Concrete tiles
- Build roofing
- Others
- Reroofing
- New Construction Roofing
