Roofing Tiles Market Trends
Growth Drivers
- Growing focus on energy and environment- As energy and environmental concerns are increasing globally, this is driving the demand for several renewable and green solutions meanwhile the roofing tiles are one of the key components of a building's exterior and consumer choice can have a significant impact on the energy and environmental performance. This has driven the demand for more advanced roofing tiles as a solution that is more environmentally friendly while including those titles that are made with organic and other recycled materials.
- Growing global construction market- Rapid urbanization and growing population in developing markets, particularly in Asia and Africa, are expected to continue in the coming decades. This is likely to trigger the construction of housing and commercial buildings at a significant scale. This will boost the demand for roofing tile solutions, driving roofing tiles market growth through the increased production and exports of roofing tiles from developed markets.
- Growing construction and landscaping market- The construction and landscaping industries are expected to grow significantly in the future, with the increased investment in infrastructure development and renovation projects. This is expected to boost the demand for roofing tiles, as the roofing tiles market grows proportionately with the construction and landscaping markets. The increased demand will drive market growth through the expansion of manufacturing capabilities and increased production of roofing tiles.
- Changing Consumers' Lifestyle- As lifestyle changes, so do the consumption dynamics of individuals, which influences the demand for roofing tiles services. This is because the consumption patterns of consumers are becoming more focused on convenience, flexibility, and cost-effectiveness, rather than traditional designs and materials. In addition, the trend of changing consumer lifestyles is also driven by an increasing number of consumers prioritizing experiences over physical possessions.
Challenges
- Seasonal market- The market of roofing tiles is highly impacted by the seasons, which can directly act as a restraining factor for the growth of this roofing tiles market. The roofing tiles are mainly required when the houses are under construction, and this often occurs during the summer or spring season, while repairing the roofs is more kind of a winter activity. This can result in demand spikes during certain periods and lower demand during the off-season, which can negatively impact the production rate along with the revenue and income which is generated from sales from this sector.
- Limited market opportunity along with limited innovation
- Limited manufacturing and supply
- High costs and lower consumer awareness
Roofing Tiles Market: Key Insights
The global roofing tiles market is thriving on the back of growing construction activities across the globe along with the rising real estate industry. Additionally, several affordable housing activities supported by the governments of various nations, for instance, Pradhan Mantri Awas Yojana (PMAY) in India, National Housing and Homelessness Agreement (NHHA) in Australia, Social Housing Services Corporation (SHSC) in Ontorio, Canada, and others, are contributing towards the growth of the real estate industry, which is anticipated to raise the demand for roofing tiles in buildings. All of these factors together are expected to drive the growth of the global roofing tiles market.
The market is anticipated to record a CAGR of around 4.57% throughout the forecast period, i.e. 2019-2027. The global roofing tiles market is segmented by end user into residential and non-residential, out of which, residential segment is anticipated to hold the largest market share on the back of expansion of middle-class housing segment, greater application of roofing tiles for heat treatment in residential houses, as well as government’s focus on aided residential housing facilities. Additionally, increasing urbanization, on the back of gradual shift in residence of the human population from rural to urban areas across nations around the globe is also anticipated to bolster the growth of the segment in the global roofing tiles market. According to a publication of the United Nations, it is projected that by the year 2050, India will contribute to 416 million urban dwellers, whereas China is expected to contribute 255 million.
Growth Drivers
Growing Need Amongst Homeowners And Renters For Remodeling, Redesigning And Restructuring Of Their Homes
There is a rising need amongst homeowners and renters for remodeling, redesigning and restructuring of their homes on the back of growing concerns over potential health impacts of unhealthy housing. Roof replacements and repairing of roofs are the two key focus areas which is expected to foresee rapid developments. Such a factor is anticipated to drive the growth of the global roofing tiles market. According to National Association of REALTORS®, which is the largest trade association of America and involved in all aspects of the residential and commercial real estate industries, stated that Americans spend around USD 400 billion annually on remodeling their homes. Additionally, 55% of owners in suburban areas and 52% of owners in urban areas say that they would be willing to remodel their home. Moreover, the report also stated that the two major reasons for doing a new roofing project was for the upgradation of worn-out surfaces, finishes and materials, and for the reason that the owners felt it was time for a change.
Growing Trend For The Construction of Green Buildings
Growing environmental concerns worldwide to reduce carbon, water, energy and waste is raising the need for the practice of creating civil structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life cycle. Owing to such a factor, the concept of green buildings is on a rising trend, which implies the balance between the various aspects of the built environment, consumption of resources and the environmental effects. Moreover, mandatory regulations imposed by various regulatory authorities to encourage the use of sustainable building materials, are some of the factors expected to propel the demand for global roofing tiles market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.9% |
|
Base Year Market Size (2024) |
USD 35.84 billion |
|
Forecast Year Market Size (2037) |
USD 75.51 billion |
|
Regional Scope |
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