Residential and Commercial Roofing Materials Market Size Worth $ 192.82 Billion By 2032 | CAGR: 4.2%

The global residential and commercial roofing materials market size is expected to reach USD 192.82 billion by 2032, according to a new study by Polaris Market Research. The report “Residential and Commercial Roofing Materials Market Share, Size, Trends, Industry Analysis Report, By Construction Type (New Construction, Re-roofing); By Product; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing demand for housing with the increasing global population is positively influencing the growth of the residential and commercial roofing materials market. The presence of higher healthcare, educational, and employment opportunities in urban areas with government support is optimally boosting the number of people migrating from rural to urban areas, necessitating the need for compatible dwellings. According to rising government projections, the most populous nation, India, registered an urban housing shortage of 19 million units in the previous year, which is anticipated to increase twice by 2030.

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The rising demand for construction materials, along with the significant increase in roofing, is positively fueling the expansion of the residential and commercial roofing materials market. According to industry experts, in 2023, building materials registered a significant rise in price, specifically steel, concrete, and wood, by 22%, 15%, and 16%, respectively. The price inelastic demand for residential and commercial roofing, driven by the strong demand for housing, is anticipated to propel revenue in the global market in the next few years.

The growing innovations of superior roofing technologies, making energy efficiency a primary concern, are showing tremendous growth potential for the residential and commercial roofing materials market. For instance, in March 2023, the London Legacy Development Corporation (LLDC) introduced a new project to install solar PV on the London Stadium roof with an investment of £4 million and a strategy to meet carbon neutrality by 2030. These types of measures by companies and other organizations are likely to facilitate significant demand for residential and commercial roofing materials in the coming years.

The increasing research studies on the development of efficient housing roofs by major market players to gain a competitive advantage over their peers are boosting the expansion of the global residential and commercial roofing materials market. For instance, in March 2023, Gaco unveiled its latest high-build acrylic elastomeric roof coating, which can apply around 80 wet mils in a one-pass application.

Residential and Commercial Roofing Materials Market Report Highlights

• Re-roofing segment is projected to grow at a faster pace during the study period owing to the rising demand for house renovation and remodeling services.
• Asphalt shingles segment registered the largest market share, primarily attributable to its affordability and durability.
• The commercial segment held the largest share due to the significant rise in the adoption of solar in commercial dwellings.
• Asia Pacific is projected to register the fastest growth during the forecast period, attributable to the growing population in the region.
• The global players include Atlas Roofing Corporation, Boral Roofing, Carlisle Companies Inc., CertainTeed Corporation, & CSR Ltd.

Polaris Market Research has segmented the residential and commercial roofing materials market report based on construction type, product, application, and region:

Residential and Commercial Roofing Materials, Construction Type Outlook (Revenue - USD Billion, 2019 - 2032)

• New Construction
• Re-roofing

Residential and Commercial Roofing Materials, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Asphalt Shingles
• Concrete and Clay Tile Roof
• Metal Roofs
• Elastomers and Plastic Roofs
• Tile Roofs
• Bituminous Roof
• Others

Residential and Commercial Roofing Materials, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Residential
• Commercial
• Non-Residential
• Others

Residential and Commercial Roofing Materials, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Australia
• Malaysia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Residential and Commercial Roofing Materials Market Report Scope