Globally, the demand in the roofing market has increased significantly due to rise in the construction industry. The growth potential for the market is seen in developing economies, where the need for housing is rising considerably. Government initiatives to support and provide better housing facilities have also benefitted the growth in the market. Over the years, the roofing market has diversified according to its need and through technological innovation in it. Players operating in market has introduced various new roofing material that are stronger and low in cost, thus, driving the growth in the market. Moreover, the global roofing market is likely to growth further in the coming years due to increasing investment.
As per the study conducted by Transparency Market Research (TMR), the global roofing market is likely to entail a growth rate of 6.5% over the forecast period from 2017 to 2024. The valuation of the market is expected to reach US$124.5 bn by the end of 2024. In 2017, the market valued was at US$80.11 bn.
Various leading players in the market are investing in mergers and acquisitions to strengthen their position in the global market. For instance, IKO Industries Ltd. is looking forward to acquire the Roof Tile Group from New Zealand based manufacturer and builder Fletcher Building. This purchase will expand IKO’s global operating and manufacturing footprint. Thus, deals like these are expected to expand the growth opportunities of the roofing market.
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Developing Economies Boosted Demand in Roofing Market
Building and construction industry is flourishing in both the developed and developing countries. But the demand for roofing material is comparatively high in developing regions. This is due to rapid industrialization in regions of Asia Pacific, Africa, and Latin America. Rising urbanization in these regions has also grown tremendous opportunity for the roofing market. Industrial growth in economies such as China, India, japan, and South Korea I projected to contribute in the growth of this market. In addition, rising residential and commercial construction in various countries in the Middle East and Africa due to high economic development has also resulted in the growth of this market.
The growth scenario of the roofing market in developed economies is also on a positive note. The demand for construction of green building is booming in regions of Europe and North America that has further boosted the demand in the roofing market. In addition to that, rising demand for energy conservation leading to renovation of old buildings has grown the demand for roofing material to change old roofs with new ones. Hence, in the coming years, the global roofing market is expected to rise at a healthy growth rate.
Rising Demand for Environment Friendly Roofing to Fuel Market Growth
The changing environmental norms and need to take strict measures to minimize environment pollution has created the need for eco-friendly roofing. Large-scale renovation activates carried in developed economies is driving the demand for environment oriented roofing system. Players in these regions are making efforts to introduce innovative material at affordable price. Leading players are also engrossed in research and development activities to come up with new roofing material. Moreover, the use of green roofing or bio-based roofing and solar roofing has also gained popularity to serve energy conservation and environmental needs.