WASHINGTON, Aug. 30, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Roofing Materials Market finds that the increase in the construction industry is expediting market development. In addition, increasing disposable incomes, expanding population, and technological advancements are projected to enhance the growth of the Global Roofing Materials Market during the forecast period. The Global Roofing Materials Market revenue is expected to reach a value USD 142.7 Billion in 2028.
The Global Market revenue was valued at USD 114.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period; states Vantage Market Research, in a report, titled “Roofing Materials Market Size, Share & Trends Analysis Report by Product (Asphalt Shingles, Concrete & Clay Tile Roofs, Metal Roofs, Plastic Roofs), by Application (Residential, Non-residential), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
Key Industry Findings & Insights from the report:
- The global Roofing Materials Market was valued USD 114.1 Billion in 2021 and is all set to surpass USD 142.7 Billion by 2028, exhibiting a CAGR of 3.8% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Roofing Materials industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Get Access to a Free Copy of Our Latest Sample Report @ https://www.vantagemarketresearch.com/roofing-materials-market-1808/request-sample
Market Dynamics:
Driver:
Rising Products Used in Several Residential, Industrial, and Commercial Sectors to Drive the Market Growth
The worldwide surge in housing and construction activities with the increase in the human population is the major factor driving the market expansion. Nowadays, smart Roofing Materials Market that are visually attractive with sound properties and eco-friendly are witnessing massive demand. The global construction market is the world’s largest consumer of raw materials. Roofing Materials Market are the outermost layers of a building’s roof used to construct or repair a roof. It is a vital part of building a …….