Roofing Systems Market is Booming Due to Rising Construction Activities Globally

 

Roofing Systems Market 

The roofing systems market is growing exponentially owing to increasing new construction and remodeling activities across the globe. Roofing systems provide protection from external elements such as rain, snow, wind, and sunlight while being durable and cost-effective. Different roofing materials such as asphalt, clay, concrete, metal, plastic are used as per project requirements and climatic conditions.
The Global roofing systems market is estimated to be valued at US$ 153.99 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the roofing systems market

Key players operating in the roofing systems market are General Electric, BD, Luminex Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Miltenyi Biotec GmbH., Sysmex Corporation, Agilent Technologies, Inc., Danaher, Enzo Life Sciences, Inc., Cytek Biosciences, Sartorius AG, BioLegend, Inc., Beckman Coulter, Inc., Laboratory Corporation of America Holdings., and MilliporeSigma.

Growing demand for roofing systems across sectors

Rapid infrastructural growth along with increasing residential and commercial construction is expected to drive the demand for Roofing Systems Market Demand over the forecast period. Renovation and repair of aging building infrastructure will further supplement market growth.

Increased focus on global expansion

To tap the potential growth opportunities, market players are expanding their geographical footprint through partnerships and acquisitions. Focus on emerging nations in Latin America, Asia Pacific, and Middle East & Africa will allow companies to leverage favorable macroeconomic conditions and boost profitability.

Market key trends

Sustainable roofing material innovations is a major trend in the market. With rising environmental concerns, manufacturers are developing bio-based, green, and cool roof materials that are more energy-efficient. Extensive R&D is underway to commercialize recyclable and reusable roofing product options made from waste materials. Such eco-friendly innovations are expected to shape the future of the roofing systems industry.

Porter’s Analysis
Threat of new entrants: The roofing systems market requires high initial investments and established distribution channels which make it difficult for new players to enter.

Bargaining power of buyers: Buyers have moderate bargaining power in the roofing systems market due to availability of substitutes and standard products.

Bargaining power of suppliers: A few major companies dominate the raw material supply for roofing systems providing them higher bargaining power against buyers.

Threat of new substitutes: Substitute materials like clay tiles provide a low threat as they are limited to certain geography and styles.

Competitive rivalry: The roofing systems market is highly fragmented with the presence of numerous regional and international players competing on price, quality, and warranty.

Geographical Regions
North America accounts for the largest share of the global roofing systems market primarily due to demand from the commercial and residential construction sectors in the US and Canada.Stringent building codes and growing repair & replacement activities are driving the market.

The Asia Pacific region is expected to be the fastest growing market for roofing systems during the forecast period. Growing infrastructure development and construction activities in China, India and other Southeast Asian countries are boosting the demand for various roofing materials.

Get more insights on Roofing Systems Market

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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