The Global Residential Roofing Market is segmented into product, type, residential construction and geographical regions. Residential roofing consists of sidings, installing roofs, and drainage systems for roofs. Worldwide development of efficient and advanced technology in roofing materials, rising commercial real estate of investments, growing popularity of eco-friendly roofing technologies, increasing popularity of rubber roofing, increasing building renovations & remodeling are the primary growth drivers for the market growth.
The market is expected to increase toward investments in non-residential infrastructure, such as transportation services, power plants, warehouse, manufacturing facilities and production units, among others, which, in turn, is expected to fuel the growth of the material segment. In addition to this, the requirement of roofing materials from residential and profitable sectors is also expected to pump the segment growth in upcoming years.
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In addition, rising emphasis on residential roofing for application in newer industrial vertical and emerging economies such as China, India and others, will create new opportunities for residential roofing market. However, volatile prices and availability of raw materials, lack of accessibility, and higher cost of residential roofing are the key restraints for market growth.
Residential Roofing Market size is segmented by product into Bituminous Metal, Tile; Others (Including Fiber Cement, Plastic, Etc).The market size is segmented by type into Asphalt Shingles Roofing Metal Roofing, Elastomeric Roofing, Built-up Roofing, Modified Bitumen Roofing, and others. Based on residential construction the global market is segmented into Commercial, and Non-residential Construction.
The non-residential application segment led the global market size in recent years. Factors such as increased demand for roofing materials, need for enhanced transportation facilities, and transformation of power infrastructure, implementation of enhanced policy system and reforms, and development of rural areas have led to the growth of the non-residential application segment. Nonetheless, the residential application segment of the global roofing market is predictable to grow at the maximum CAGR during the forecast period.
Residential Roofing Market geographically spans North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).Asia-Pacific region dominates global market, followed by North America. The market is projected to have the fastest growth, owing to rapidly increasing construction industry, rise in industrial sector, inflexible government regulations to advance the energy competence of homes, mounting toughness, ease in mechanism, and growing urbanization in developing nations such as China, and India in this region.
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Amongst all the applications, new construction roofing has the maximum market share in the global market due to encourage in construction industry. Metal Roofing is the market leader among all types of residential roofing, unsettled to its better presentation, durability, and ease of installation. Key Players in the residential roofing market include Royal Group Inc, Atlas Roofing Corp, Knauf Insulation Inc, GAF Materials Corp, and Sika Sarnafil Inc.