Roofing Materials Market Size & Forecast

The Roofing Materials Market is expected to reach $159.9 billion by 2031, at a CAGR of 3.8% from 2024 to 2031. The growth of this market is driven by increasing construction activities and growing demand for roofing materials in new housing developments and renovations. Additionally, the growing demand for energy-saving roofing materials and increasing awareness of environmental sustainability and green building practices is expected to create market growth opportunities. However, environmental concerns of traditional roofing materials may restrain the growth of this market. Adapting roofing materials to withstand extreme weather conditions is a major challenge for the players operating in this market.

Additionally, the increasing use of recycled and renewable roofing materials and the growing adoption of cool roofs, solar panels, and green roofs are key trends in the roofing materials market.

Roofing Materials Market Growth Drivers

Increasing Construction Activities

Construction activities include the process of building, renovating, and expanding infrastructure, residential, commercial, and industrial properties. Roofing materials, including asphalt shingles, built-up roofing, and synthetic solutions, are used most in construction projects for their affordability and versatility and help safeguard homes against environmental elements. The surge in new housing developments and renovations in residential construction supports the need for durable and appealing roofing solutions. According to Deloitte Touche Tohmatsu Limited (U.K.), in August 2023, the total construction spending stood at ~USD 1.98 trillion, a 7.4% increase compared to the previous year. This total spending was primarily driven by non-residential construction spending, which recorded a growth of 17.6% year-over-year. According to the India Brand Equity Foundation (India), by 2040, the real estate market will grow to approximately USD 9.30 billion from USD 1.72 billion in 2019. Such rising construction spending and real estate market growth underscores the importance of the roofing materials industry in meeting the evolving demands of the global construction sector. Hence, manufacturers and suppliers are focusing on innovating new products, enhancing sustainability practices, and offering high durability and design flexibility suitable across a diverse range of building projects. All such factors are supporting the demand for roofing materials during the forecast period.

Roofing Materials Market Trends

Growing Adoption of Cool Roofs, Solar Panels, and Green Roofs

Increasing emphasis on sustainability and energy efficiency in building design is supporting the growing adoption of innovative roofing technologies, including cool roofs, solar panels, and green roofs. Cool roofs are designed to reflect more sunlight and absorb less heat compared to traditional roofs. It helps reduce the heat transferred into buildings, reduce energy consumption for air conditioning, and extend the lifespan of roofing materials by minimizing thermal stress. Solar panels help to harness the solar energy to generate electricity. It offers renewable and environmentally friendly power sources. Green roofs involve planting vegetation on rooftops that helps in insulation, reduce stormwater runoff, enhance building sustainability, and improve air quality. Companies in the market are actively promoting and developing these technologies. In January 2024, CertainTeed Corporation (U.S.) partnered with AMYT Energy Holdings, LLC (SunStyle) (U.S.) to deliver industry-leading solar solutions to homeowners, architects, and builders and expand CertainTeed’s commitment to providing sustainable energy solutions. Such developments, along with the increasing awareness of climate change, growing government incentives for renewable energy projects, and corporate sustainability goals, further support the demand for roofing materials during the forecast period.

Roofing Materials Market Opportunity

Growing Demand for Energy-Saving Roofing Materials

Increasing awareness of environmental sustainability and the need to reduce energy consumption in buildings are supporting the growing demand for energy-saving roofing materials. Energy-saving roofing materials are used to enhance building energy efficiency, reduce carbon emissions, and lower the overall environmental impact. Cool roofs, reflective roofing, insulated roofing panels, and green roofs are used as energy-saving roofing materials. These types of materials are used across various sectors, including residential homes, commercial buildings, industrial facilities, and institutional structures, to lower utility bills, improve indoor comfort, and reduce energy consumption. Leading companies in the roofing industry are focusing on meeting the demand for sustainable building practices with innovative, energy-saving roofing solutions. In October 2022, Duro-Last, Inc. (U.S.) collaborated with DuPont de Nemours, Inc. (U.S.) to launch the Duro-Life™ 600 Roofing System for schools, hospitals, and commercial buildings that demand high energy efficiency, lower maintenance, repair, and replacement cost over conventional roof assemblies. Such developments, along with the increasing need to improve building insulation, reduce heat transfer, and lower energy costs associated with heating and cooling, are creating growth opportunities for market players during the forecast period.

Roofing Materials Market Analysis: Key Findings

By Product: In 2024, The Asphalt Shingles Segment to Dominate the Roofing Materials Market

Based on product, the global roofing materials market is broadly segmented into asphalt shingles, metal roofing, slate roofing, concrete & clay tiles, wood shingles & shake, synthetic roofing, built-up roofing (BUR), green roofs, and other products. In 2024, the asphalt shingles segment is expected to account for the largest share of above 25.0% of the roofing materials market. The large market share of this segment can be attributed to the growing need for durable and cost-effective roofing materials, increasing use of asphalt shingles in residential roofing, including townhouses, apartments, and commercial roofing, including offices, restaurants for their ease of installation, affordability and versatility in design options.

However, the synthetic roofing segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by the increasing demand for synthetic slate and rubber roofing in residential roofing applications for its durability, minimal maintenance, and resistance to weather, as well as the increasing demand for sustainable alternatives to traditional roofing materials.

By End-user: In 2024, The Residential Segment to Dominate the Roofing Materials Market

Based on end-user, the global roofing materials market is broadly segmented into residential, commercial, industrial, hospital/clinics/medical facilities, education & institutional, government & public sector, aerospace & defense, and other end-users. In 2024, the residential segment is expected to account for the largest share of above 55.0% of the roofing materials market. The large market share of this segment can be attributed to the growing demand for new residential construction and roof replacements due to increasing population and urbanization, increasing use of roofing materials in rural areas for residential properties, including farms and ranches, increasing investments in renovation and remodeling projects including roof upgrades, and growing demand for energy-efficient roofing materials among homeowners. The segment is also projected to witness the highest growth rate during the forecast period of 2024–2031.

Geographical Analysis

In 2024, Asia-Pacific Region to Dominate the Roofing Materials Market

Based on geography, the global roofing materials market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 35.0% of the roofing materials market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific’s significant market share can be attributed to several key factors, including the growing construction activities, including residential, commercial, and industrial developments, increasing demand for roofing materials to support infrastructure development, and growing adoption of advanced roofing technologies and materials to improve energy efficiency and sustainability, growing aging Infrastructure requiring roof replacements or upgrades, increasing adoption of energy-saving roofing solutions to enhance building performance and sustainability. Additionally, the growing population in countries like China, India, and Indonesia drives the need for residential and commercial construction, thereby supporting the demand for roofing materials. The market in Asia-Pacific is also projected to register the highest growth rate of above 5.0% during the forecast period.

Roofing Materials Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the roofing materials market are Owens Corning (U.S.), CertainTeed Corporation (U.S.), GAF Materials LLC (U.S.), Beacon Roofing Supply, Inc. (U.S.), BMI Group Holdings UK Limited (U.K.), Herbert Malarkey Roofing Company (U.S.), IKO Industries Ltd. (Canada), Hi-Tech Roofing (U.S.), Atlas Roofing Corporation (U.S.), Johns Manville (U.S.), TAMKO Building Products LLC (U.S.), Carlisle Companies Incorporated (U.S.), Holcim Ltd (Switzerland), Fletcher Steel Limited (New Zealand), Boral Limited (Australia), Etex NV (Belgium), CSR Limited (Australia), ProVia (U.S.), Siplast, Inc. (U.S.), JSW Steel, Coated Products Limited (India), and Tata BlueScope Steel (India).

Roofing Materials Industry Overview: Latest Developments from Key Industry Players

• In April 2024, Hangzhou Singer Building Materials Co., Ltd. (China) launched a new generation of Titan solar roof tiles products to provide customers with high-quality, sustainable solutions. These products offer high solar conversion efficiency, high weather resistance, and long-term stability a reliable source of clean energy.

• In December 2023, Johns Manville (U.S.) announced a new White EPDM Peel-and-Stick Flashing designed specifically for difficult-to-flash areas on TPO roofing systems, including Scruppers, Pipe Flashings, and Inside/Outside Corners.

• In August 2023, - Owens Corning (U.S.) acquired Natural Polymers LLC (U.S.) to provide long-term, sustainable solutions and a diversified insulation product portfolio for building and construction applications.
• In February 2022 - Johns Manville (U.S.) announced two new products called DynaSet 1K and 1-Part PermaFlash for bituminous roofing systems to help improve productivity on the roof.
• In February 2022, Carlisle Companies Incorporated (U.S.) acquired MBTechnology, Inc. (MBT) (U.S.) to expand CWT’s modified bitumen roofing offerings and provide additional capacity for roofing underlayment.
• In January 2021, ProVia (U.S.) launched a metal roofing product line that combines the luxury and beauty of slate or cedar shakes with the durability and longevity of a galvanized, highly engineered steel roof system.

Roofing Materials Market Research Summary

Key questions answered in the roofing materials market report: