Strong Growth Forecast For Roofing Market

The global roofing industry had sales of $92.94 billion in 2019 and is projected to reach $132.77 billion by 2027, growing at a compound annual growth rate (CAGR) of 4.6 per cent from 2020 to 2027, says a report by Allied Market Research. Major drivers of the market growth include recovery in the construction sector and increased spending on home remodeling. As well, technological advancements are expected to create lucrative opportunities for the market players in the coming years. However, the market has been greatly affected by the outbreak of COVID-19 and a lack of workers and raw materials. By material type, the bituminous segment held the largest share in 2019, accounting for nearly half of the global roofing market. The segment is expected to register the highest CAGR of 5.5 per cent during the forecast period, owing to easy installation, high durability, longer life span, and technological innovations. By application, the residential segment is projected to portray the highest CAGR of 5.4 per cent during the forecast period. Increased investments in the real estate sector, growth in popularity of eco-friendly roofing technologies, growth in building renovations and remodeling, and government regulations and natural calamities drive the growth of the segment.