The Brainy Insights
The market for roofing materials is anticipated to increase due to the superior aesthetics, durability, and convenience of installation connected with these items. Construction activities are anticipated to be fueled by the expansion of the residential, commercial, and industrial sectors because of the region’s countries’ sustainable economic growth, which will increase demand for roofing materials.
Newark, Jan. 16, 2023 (GLOBE NEWSWIRE) — The Roofing Materials market was estimated at around USD 125.2 billion in 2021, growing at a CAGR of nearly 3.6% during 2022-2030. The market is projected to reach approximately USD 189.2 billion by 2030.
Sales of roofing materials have greatly increased in recent years due to the rapid growth of retrofitting operations in developed economies and the ongoing expansion of the construction industry in developing nations.
The Covid-19 issue, which resulted in lockout and the closure of all factorial units, caused a significant fall in overall sales for the roofing materials industry in 2020, causing the manufacturing companies to suffer enormous losses. Global manufacturers are now putting their full attention into increasing their sales and profitability through product updates, innovations, and online sales in 2021.
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Leading companies, such as GAF Materials Corporation and Atlas Roofing Corporation, are taking steps to raise awareness about the advantages of roofing materials in strengthening homes’ resistance to the elements. They are also concentrating on the establishment of research institutes in various locations to develop improvements in their product lines. In order to dominate the global market for roofing materials with the largest market share, they are implementing business strategies such as sales contracts, strategic alliances, acquiring technical expertise, obtaining product approvals, patents, and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilization, technological advancements, etc.
Growth Factors
Asphalt shingles continue to have greater demand and investment than bitumen because to their low cost and simplicity of installation. While bitumen has been banned in some nations for violating environmental regulations, the price volatility of petroleum-based roofing materials, particularly asphalt shingles, is forcing producers to adjust their business plans. The culture of building is changing as a result of growing concerns about the sustainability of construction materials, and roofing materials are no exception. Manufacturers have been concentrating on boosting the output of metal shingles, with the “recyclability” factor playing a significant role.
Leading names in technology, like Tesla, are also moving into the sustainable roofing market with the creation of a novel type of textured glass roofing shingle that will harness solar energy to power homes and is more affordable than conventional roof systems.
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