Residential Roofing Market Size, Share, Growth, and Industry Growth by Type (Asphalt Shingles Roofing, Metal Roofing, Elastomeric Roofing, Modified Bitumen Roofing, and Others) By Application (Reroofing and New Construction Roofing) Regional Forecast To 2031

Updated On: 08 April 2024

Residential Roofing Market Report Overview

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The global residential roofing market size was USD 98.25795 billion in 2021 and the market is projected to touch USD 134.73119 billion by 2030, exhibiting a Compound annual growth rate (CAGR) of 3.5% during the forecast period.

Residential roofing comprises of sidings, installing roofs, and drainage systems. Roofing offers protection from rain, heat, and other climate conditions.

Residential roofing market growth is attributed to the advancement in construction sector. Growing innovation in technology and rapid urbanization. Further, increased technological innovations such as eco-friendly roofing, green roofing. These factors are anticipated to fuel market growth. Also, increased roof inspections by drones is predicted to fuel market progress. Growing need for comfort interior and increased demand for interior designing is estimated to surge market growth. The product is used to offer protection from rain, heat, and other climate conditions. Increased focus on designing effective roofing and to provide long-term performance is projected to expand market growth. In addition, increased research and development activities coupled with innovative launches by market players is predicted to expand market growth. On the contrary, high installation cost of residential roofing is anticipated to limit market progress throughout the projected years.

COVID-19 Impact:  Lockdown Measures and Closure of Manufacturing Units to Hamper Market Growth

Strict lockdown measure affected market growth and closure of manufacturing units reduced production activities. Further, lower demand for construction activities and limited labors and employees to reduce market growth. Economic slowdown during the pandemic to restrain market growth. 

However, Upliftment of several regulations is anticipated to recover market growth. Increased demand for reroofing and increased construction activities to fuel market growth.

LATEST TRENDS

"Rise in Residential Projects to Fuel Market Growth "

Rise in number construction projects such as schools, hotels, and industrial buildings, and business complexes.  The roofing system includes such as sheet metal, ceramic or concrete tiles, polyurethanes, bricks, and aluminum.  Increased number residential constructions and rise in number of people prefer high quality roofing for protection and safety. The roofing has several benefits such as ease in installation, durability, and energy efficiency. These properties of the product are anticipated to surge market growth in the forthcoming years. Today people are preferring more long-lasting and effective roofing for their home. Increased demand for energy efficient homes and high demand for designed roofing is anticipated to drive residential roofing market progress.

Residential Roofing Market SEGMENTATION

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• By Type

Based on type, the market is divided into asphalt shingles roofing, metal roofing, elastomeric roofing, modified bitumen roofing, and others.

Asphalt shingles roofing is expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into reroofing and new construction roofing.

New construction roofing is expected to be the top part of application segmentation.

DRIVING FACTORS

"High Need for Reroofing and Growing Solar Projects to Surge Market Growth"

Increased need for reroofing and high need to repair old roof for protection and safety. Growing innovation in technology and rapid urbanization. Further, increased technological innovations such as eco-friendly roofing, green roofing. These factors are anticipated to fuel market growth. Also, increased roof inspections by drones is predicted to fuel market progress. Extensive demand for reroofing and increased demand for solar projects is predicted to expand market growth. The roofing is ideal for installation of solar. The roofing is solar integrated and ensure high-performance is anticipated to fuel market growth. Rapid urbanization and increased R&D activities in developing new products is predicted to fuel market growth in the forthcoming years. 

"Government Regulations and High Spending Capacity to Foster Market Progress"

Increased government regulations to improve the energy efficiency of homes. The roofing is easy to install and ensure long-lasting features is predicted to fuel market growth. Increased construction activities and high demand to protect home from natural calamities such as storm, heavy rain, and sun. These factors are anticipated to fuel market growth. Increased acceptance of roofing for protection is estimated to drive market growth.  Increased urbanization and rise in disposable income. Change in lifestyle and high spending capacity. Such factors are estimated to fuel market growth in the forthcoming years.

RESTRAINING FACTORS

"High Installation Cost of Residential Roofing to Limit Market Growth "

High installation cost of residential roofing is anticipated to limit market progress throughout the projected years.

Residential Roofing Market REGIONAL INSIGHTS

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"Increased Construction Activities in Asia Pacific to Drive Market Share "

Asia Pacific is estimated to account for the highest residential roofing market share due to increased construction activities in the region such as India and China. Further, several government regulations and ease to install which is anticipated to accelerate market growth. Increased research and development activities coupled with innovative launches by market players is predicted to expand market growth. Further, increased roof inspections by drones is predicted to fuel market progress. Growing need for comfort interior and increased demand for interior designing is estimated to surge market growth. The product is used to offer protection from rain, heat, and other climate conditions. Increased focus on designing effective roofing and to provide long-term performance is projected to expand market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Knauf Insulation Inc. (U.S.)
• Johns Manville (U.S.)
• Owens Corning (U.S.)
• CertainTeed (U.S.)
• Rockwool Group (Denmark)
• Lapolla (U.S.)
• Saint-Gobain (France)
• GAF Materials Corp. (U.S.)
• Atlas Roofing Corp. (U.S.)
• Sika Sarnafil Inc. (U.S.)
• BASF SE (Germany)
• Royal Group Inc. (U.S.)
• Bayer (Germany)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.