Roofing System Market Growth Rate, Market Drivers and Opportunities Evaluation

Roofing offers protection from heat, rain, and other atmospheric conditions. Bitumen, ceramic coated granules, clay, sand, fiberglass, concrete, and polycarbonate are used for the construction of roofs in residential and commercial buildings, such as offices, hotels, and educational institutes.

Advancement in construction industry, rapid urbanization, and innovations in technology are the key factors that drive the growth of the roofing market. In addition, technological innovations such as green roofing, eco-friendly roofing materials, and drones for roof inspections have increased the demand for roofing products. However, the high installation cost of roofing systems is expected to hamper the roofing market growth.

Major players in this roofing market focus on designing efficient roofing systems to ensure long-term performance even in the harshest weather conditions. Such factor offers lucrative opportunities for the roofing market growth during the forecast period. For instance, in March 2020, Standard Industries has launched roof integrated solar product, Solaria panels, which are 16% more powerful than standard solar integrated roof and allow homeowners to fit more roof-integrated solar capacity in a similar amount of space. Similarly, Johns Manville has launched wide range of high-performance commercial roofing products, which have the lowest fastening rates in the market for a HD polyiso cover board for which up to 50% fewer fasteners are needed to achieve FM I-90.

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. Energy efficient roofing systems are available in the market owing to the introduction of new roofing technologies. New technologies, such as green roofing, increase in roof life & safety, improved air quality, and reduced noise & cost of air-conditioning help to aid the growth of the roofing market. Introduction of advanced technologies results in aesthetics improvement, which is expected to strengthen the roofing market in the future. The effect of new technologies is moderate; however, its impact is expected to increase in the future, owing to the rise in adoption of bituminous roofing in residential and commercial buildings.