NEW YORK, June 06, 2018 (GLOBE NEWSWIRE) -- The global roofing materials market is expected to witness a CAGR of 3.13% and is projected to reach USD 138.91 billion by 2024. Rise in demand for energy efficient roofs has given impetus to the market. Moreover, growth in construction industry and urbanization of rural areas is expected to drive the growth of this market in the coming years.
The market is driven by tandem growth in the construction industry, moreover, repair and maintenance further drives the growths. Shingles are the most commonly used roofing materials and held the largest share of the market in 2017 due to their cost effectiveness and easy installation. Furthermore, new energy efficient innovations, such as the Tesla solar glass roof which generates its own energy are expected to drive the market over the forecast period.
Shingles segment held the largest share of the market in 2017
Shingles segment offers a wide variety of roofing materials, such as asphalt, wooden, tiles, and slate shingles.Among these, asphalt shingles held the largest share of the market in 2017. Asphalt shingles are mostly used for residential applications as they are easy to install and the installation cost incurred is affordable. A wide variety of shingles offer unique properties suitable for the protection of roofs based on slope, water resistance and temperature fluctuations. Shingles segment is expected to continue to hold the largest segment of roofing material market over the forecast period.
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Roofing materials market – Regional Insight
Asia Pacific held the largest market share of the global market in 2017.Roofing materials market has gained fast traction in this region owing to APAC holding the largest share of the global construction industry. China, India and Japan hold the major share of the market in this region. Urbanization of rural areas along with demand for residential accommodations catering to increasing population is expected to continue to propel the growth of this market in this region.
Key findings from the report:
By Product Type
By Application
Region
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