Global Residential Roofing Market Size Likely to Grow at a CAGR of 5.8% By 2033

As per the current market research conducted by the CMI Team, the global Residential Roofing Market size is expected to record a CAGR of 5.8% from 2023 to 2032. In 2023, the market Application is projected to reach a valuation of USD 10.3 Billion. By 2032, the valuation is anticipated to reach USD 16.2 Billion.

Residential Roofing Market: Growth Factors and Dynamics

• Population Growth: Increasing populations drive the demand for new residential constructions, fueling growth in the residential roofing market.

• Renovation and Remodeling: Homeowners’ inclination towards home improvement projects and renovations contributes to market growth.

• Technological Advancements: Integration of smart technologies in roofing systems enhances functionality and appeals to tech-savvy consumers.

• Sustainability Focus: Growing environmental awareness leads to the adoption of sustainable and eco-friendly roofing materials.

• Energy Efficiency Requirements: Rising energy efficiency standards drive the demand for roofing solutions that contribute to better insulation and reduced energy consumption.

• Government Incentives: Supportive government policies and incentives for sustainable roofing solutions stimulate market growth.

• Extreme Weather Events: Increasing occurrences of extreme weather conditions boost the need for resilient and weather-resistant roofing materials.

• Architectural Trends: Evolving architectural preferences and designs influence the demand for specific roofing styles and materials.

• Consumer Awareness: Growing awareness among consumers regarding the importance of quality roofing for home protection and energy efficiency.

• Low-Interest Rates: Favorable financing conditions encourage homeowners to invest in roofing projects.

• Insurance Replacements: Insurance claims and replacements due to weather-related damages contribute to market dynamics.

• Material Innovations: Continuous advancements in roofing materials, such as cool roofs and solar tiles, drive market growth.

• Housing Market Trends: Fluctuations in the housing market impact roofing demand, with growth during periods of increased home sales.

• Aging Infrastructure: The need for roof replacements in older homes and buildings supports market growth.

• Disposable Income Levels: Higher disposable incomes enable homeowners to invest in premium roofing materials and designs.

• Online Sales Channels: The growing popularity of online platforms for roofing material purchases influences market dynamics.

• COVID-19 Impact: The pandemic’s focus on home-centric living has driven renovations and roofing projects.

• Resilient Roofing Solutions: Demand for roofing materials that can withstand natural disasters and extreme weather events.

• Cultural and Regional Influences: Cultural preferences and regional trends impact the choice of roofing materials and designs, influencing market growth.

Residential Roofing Market: Partnership and Acquisitions

• In January 2022, Owens Corning completed the acquisition of Natural Polymers LLC, a firm specializing in the production of spray polyurethane foam insulation tailored for building and construction applications.

• In February 2022, Johns Manville, a Berkshire Hathaway subsidiary, introduced two novel products designed for bituminous roofing systems, aimed at enhancing productivity in roofing applications.

• In February 2022, Carlisle Companies Incorporated successfully acquired MBTechnology, Inc. (MBT), a move expected to broaden Carlisle’s range of modified bitumen roofing solutions and increase capacity for roofing underlayment.

Report Scope

Residential Roofing Market: COVID-19 Analysis

The COVID-19 pandemic significantly impacted the Residential Roofing Market, causing both challenges and opportunities.

• Supply Chain Disruptions: COVID-19 led to disruptions in the supply chain, affecting the availability of roofing materials.

• Construction Delays: Lockdowns and restrictions resulted in construction project delays, impacting the residential roofing market.

• Labor Shortages: Social distancing measures and lockdowns caused shortages in skilled labor, affecting roofing installations.

• Decreased Consumer Spending: Economic uncertainties during the pandemic led to reduced consumer spending on home improvements, impacting the residential roofing sector.

• Remote Work Impact: The shift to remote work affected housing preferences, influencing roofing demands in suburban and rural areas.

• Financial Strain: Economic challenges for homeowners led to a decline in large-scale roofing projects.

• Material Price Fluctuations: The pandemic induced fluctuations in raw material prices, affecting overall project costs.

• Shift in Roofing Priorities: Homeowners focused on essential repairs, maintenance, and energy-efficient roofing during the pandemic.

• Increased Emphasis on Health and Safety: Safety concerns led to increased demand for touchless and remote roofing services.

• Digital Transformation: The pandemic accelerated the adoption of digital tools for remote consultations, estimates, and project management.

• Government Support: Stimulus packages and government support programs influenced residential roofing market dynamics.

• Rise in DIY Projects: With more time spent at home, DIY roofing projects saw a surge during lockdowns.

• Preference for Sustainable Solutions: Increased environmental awareness led to a preference for sustainable roofing materials.

• Delayed Insurance Claims: Processing delays in insurance claims impacted the timing of roofing repairs and replacements.

• Focus on Resilience: Homeowners prioritized resilient roofing solutions to withstand future uncertainties.

• Market Consolidation: Some smaller players faced challenges, leading to market consolidation and acquisitions.

• Increased Online Engagement: Virtual consultations and online platforms became more prominent for roofing services.

• Adoption of Remote Technologies: The use of drones and satellite imagery increased for roof inspections and assessments.

• Regulatory Changes: Local regulations and safety protocols influenced roofing practices during the pandemic.

• Long-term Impact: The lessons from COVID-19 reshaped the industry, influencing long-term trends in residential roofing.

As the industry adjusts to the new normal, the Residential Roofing Market is expected to rebound, driven by ongoing renovation trends, increased focus on sustainable solutions, and the adoption of technology for streamlined operations.

List of the prominent players in the Residential Roofing Market:

• Owens Corning
• GAF Materials Corporation
• CertainTeed Corporation (Saint-Gobain)
• TAMKO Building Products Inc.
• IKO Industries Ltd.
• Malarkey Roofing Products
• Carlisle Companies Incorporated
• Atlas Roofing Corporation
• PABCO Roofing Products
• Eagle Roofing Products
• Duro-Last Inc.
• Beacon Building Products
• Johns Manville
• Sika AG
• Boral Limited
• BMI Group
• Monier Roofing
• Firestone Building Products
• IKO Industries Ltd.
• Mule-Hide Products Co. Inc.
• Others

The Residential Roofing Market is segmented as follows:

By Type

• Asphalt Shingles
• Metal Roofing
• Solar tiles
• Clay and Concrete tiles
• Build roofing
• Others

By Application

• Reroofing
• New Construction Roofing

By Roofing Pattern

• Flat Roof
• Slope Roof

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America