Roofing Market to hit USD 342.8 Billion by 2033, Says We Market Research

CHICAGO, Dec. 13, 2023 /PRNewswire/ — As per the most recent analysis conducted by We Market Research, the Roofing Market is on track to reach a value of $342.8 Billion by the end of 2033. Looking ahead, the market’s prospects appear even more impressive, with projections suggesting a significant increase to $197.6 Billion in 2023. This remarkable growth trajectory is underpinned by a strong compound annual growth rate (CAGR) of 5.0% expected between 2024 and 2033.

Increase in Renovation and Repair Activities Have Played a Pivotal Role in Shaping Roofing Industry

The roofing market is expected to see significant growth in the coming years, driven in part by an increase in renovation and repair activities.

As buildings and infrastructure age, there is a natural need for renovation and repair. Roofs, being an integral part of any structure, are prone to wear and tear over time. As buildings get older, property owners are more likely to invest in renovations, including roof repairs or replacements.

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In the United States, the National Roofing Contractors Association (NRCA) estimates that the residential re-roofing market will reach $28.2 billion in 2023. This represents a 4.5% increase from 2022.

In the United Kingdom, the National Federation of Roofing Contractors (NFRC) reports that the roofing industry is worth £4.5 billion per year. The NFRC also reports that the number of roof replacements is increasing, driven by factors such as aging infrastructure and rising property values.

In Australia, the Master Builders Association (MBA) reports that the value of home renovation projects is expected to reach $37 billion in 2023. This represents a 6.5% increase from 2022. The MBA also reports that roofing is one of the most popular home renovation projects.

Roofing Market Report Scope:

 

Climate change and extreme weather events are becoming more prevalent. Harsh weather conditions such as storms, hurricanes, and heavy rainfall can cause significant damage to roofs. In response, property owners are prompted to invest in repairs or upgrades to ensure their roofs can withstand these challenges.

There’s a growing awareness of the importance of energy efficiency in buildings. Roofing materials with energy-saving properties, such as reflective coatings, cool roofs, or green roofs, are gaining popularity. Property owners may choose to renovate their roofs to improve energy efficiency and reduce utility costs.

As property values continue to rise, homeowners are more likely to invest in improvements to their homes, including new roofs.

New roofing materials, such as metal and asphalt shingles, are more durable and energy-efficient than older materials. This is leading more homeowners to choose these materials when they need to replace their roofs.

Technological Advancement, is poised to slash the demand for Roofing

Technological advancements play a crucial role in driving innovation and growth in the roofing market. These advancements encompass various aspects, from the development of new materials and manufacturing processes to the integration of smart technologies for improved functionality and sustainability.

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Technological innovations have led to the creation of advanced roofing materials that offer enhanced durability, energy efficiency, and environmental sustainability. New materials may include:

Building Information Modeling (BIM) software is now being utilized to create detailed 3D models of roofs, allowing for precise planning and optimization of material usage. This reduces waste and ensures the roof is built to exact specifications, leading to improved performance and longevity.

Smart Roofing Systems utilize sensors and connected technology to monitor roof health and performance in real-time. This allows for proactive maintenance and timely repairs, preventing small issues from escalating into costly problems. Additionally, smart roofs can optimize energy efficiency by automatically adjusting temperature and ventilation based on weather conditions.

Robots are increasingly being used for tasks like shingle installation and roof inspections. This not only improves safety for workers but also increases efficiency and accuracy, leading to faster completion times and higher quality results.

Drones are now commonly used for roof inspections, providing a safer and more efficient alternative to traditional methods. They can quickly cover large areas and capture high-resolution images, allowing for early detection of potential problems.

Technological advancements are leading to the development of more sustainable roofing materials. These include solar tiles, which generate clean energy, and green roofs, which provide insulation and improve air quality.

CertainTeed, a leading roofing manufacturer, offers a line of smart roofing products that can be monitored and controlled through a smartphone app. This allows homeowners to track energy usage, receive alerts about potential problems, and adjust settings remotely.

GAF, another major player in the roofing industry, has partnered with drone technology company DroneDeploy to provide drone-based roof inspections. This service helps homeowners and businesses quickly and safely assess the condition of their roofs and identify any areas that need repair.

The National Roofing Contractors Association (NRCA) has launched a program called RoofConnect, which allows homeowners and businesses to connect with qualified roofing contractors in their area. This platform also provides educational resources and helps consumers make informed decisions about their roofing needs.

U.S., china and Japan to be a game changer within the Roofing Market

The global roofing market is a dynamic and diverse landscape, with several countries making significant contributions to its growth and innovation. Among them, the United States, China, and Japan stand out as true game-changers, each shaping the industry in unique ways.

The U.S. boasts the largest roofing market worldwide, accounting for a significant share of the global market size. This dominance stems from a diverse housing market, high disposable incomes, and a mature construction industry.

American companies are at the forefront of technological advancements in roofing. Industry giants like CertainTeed, GAF, and Owens Corning invest heavily in R&D, pushing boundaries in material performance, sustainability, and smart technology integration.

Robust building codes and regulations ensure quality and safety in the U.S. roofing market, fostering trust and confidence among consumers and businesses, further driving growth.

Japan embraces cutting-edge roofing technologies like robotic installation and smart roof monitoring systems, improving efficiency and quality in roofing construction.

Japanese roofing materials are renowned for their exceptional quality and durability. This is attributed to strict manufacturing standards and a strong commitment to using high-performance materials.

Japan places significant emphasis on energy efficiency, evident in its roofing industry. Many Japanese roofs are designed and built to minimize energy consumption, contributing to the country’s overall sustainability goals.

Japan’s Robotic Roof Installation: Shimizu Corporation, a leading Japanese construction company, has developed a robotic system for installing roof panels, improving safety, accuracy, and overall efficiency in the construction process.

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Competitive Landscape

Major companies operating within Roofing market are Owens Corning (U.S.), Duro-Last Roofing, Inc. (U.S.), BASF SE (Germany), 3M (U.S.), Dow (U.S.), DuPont (U.S.), Braas Monier Building Group (Luxembourg), Sika AG (Switzerland), Atlas Roofing Corporation (U.S.), Innospec (U.S.), ADEKA CORPORATION (Japan), Dorf Ketal Chemicals (I) Pvt. Ltd. (U.S.), PMC Specialties Group (U.S.), Afton Chemical (U.S.), The Lubrizol Corporation (U.S.), Clariant (Switzerland), LANXESS (Germany), Mayzo, Inc. (U.S.), Solvay (Belgium), Akzo Nobel N.V. (Netherlands), Arkema (France) and Eastman Chemical Company (U.S.).

CertainTeed, GAF and Owens Corning dominate the market with an active share of around 35%-40%.

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About We Market Research:

WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.

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