The global roofing industry was estimated to be worth $102.4 billion in 2020 and is anticipated to hit $156 billion by 2030—registering a CAGR of 4.3% during the forecast period—according to Allied Market Research.
According to Allied Market Research's report, titled "Roofing Market by Roofing Material (Bituminous Roofing, Metal Roofing, Tile Roofing, and Others), Roofing Type (Flat Roof, and Slope Roof), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030," developments in the construction industry, rapid urbanization, innovations in technology, government support for residential construction projects, and rise in re-roofing activities drive the growth of the global roofing market.
Additionally, technological innovations such as green roofing, eco-friendly roofing materials, and drones for roof inspections have increased the demand for roofing products, according to Allied Market Research.
The growth could be restrained based on the high installation costs, according to the report.
However, several government initiatives for energy-efficient buildings are expected to create lucrative opportunities in the industry, the report states.
The bituminous segment held the major share in 2020, garnering more than half of the global roofing market, per the report.
The rise in the number of non-residential projects in the emerging economies, such as hotels, schools, hospitals, and industrial buildings, is expected to increase the demand for bituminous roofing in the coming years, according to Allied Market Research.
The same segment is also projected to cite the fastest CAGR of 4.7% throughout the forecast period, according to Allied Market Research.
The flat roof segment held nearly three-quarters of the market and is forecast to register a 4.4% CAGR between 2021-2030, the report states.
The largest majority of the market value came from Asia Pacific and North America, according to Allied Market Research.
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