Roofing Systems Market Is Estimated To Witness High Growth Owing To Growing Construction Industry1/3/2024 The Roofing Systems Market is estimated to be valued at US$ 133.67 Bn in 2023 and is expected to exhibit a CAGR of 3.0 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: A roofing system provides protection from rain, sunlight, heat, wind, snow, and other weather-related factors. There are different types of roofing materials available in the market such as asphalt shingles, concrete & clay tile, metal roofing, plywood, and others. Roofing systems are widely used in residential, non-residential, and commercial construction projects. They play a crucial role in protecting buildings. Market Dynamics: One of the key drivers for the Roofing Systems Market is the rapid growth of the construction industry worldwide. There is a rising number of residential, commercial, and industrial construction projects taking place globally due to rapid urbanization and growing population. This is raising the demand for various roofing materials such as asphalt shingles, tiles, and metal sheets. Another driver is the increasing adoption of green and eco-friendly roofing systems. Sustainable roofing materials made from recycled content are gaining popularity due to stringent government regulations regarding green buildings and energy efficiency. SWOT Analysis Strength: Roofing systems provide protection from weather elements such as rain, snow, wind etc. They come in a variety of materials such as asphalt shingles, metal roofing, clay roof tiles etc. which suit different climatic conditions and preferences. These systems improve energy efficiency of buildings and reduce cooling and heating costs. Manufacturers offer warranties ranging from 10-50 years on different roofing materials. Weakness: Installing or replacing roofing requires skilled labor and heavy machinery which increases project costs. Certain materials like clay tiles are heavier and more expensive than other options. Improper installation can compromise quality and reduce lifespan of the roof. Opportunity: Rapid urbanization and infrastructure development in emerging economies drives the need for new residential, commercial and industrial construction which offers opportunities for Roofing Systems Market. Rise in renovations and remodeling of existing buildings especially in developed nations also presents an avenue for growth. Threats: Fluctuations in prices of raw materials used in roofing systems such as bitumen, polymers can squeeze margins for manufacturers. Strict environmental regulations regarding disposal of old roofing materials pose challenges. Natural calamities like hurricanes, cyclones, hailstorms can damage roofs requiring premature replacement. Key Takeaways Global Roofing Systems Market Size is expected to witness high growth, exhibiting a CAGR of 3.0% over the forecast period, due to increasing infrastructure development and construction activities across developing nations. Asia Pacific region dominated the market in 2023 with a share of over 30%, driven by China, India and other Southeast Asian countries undertaking massive investment in real estate and industrial sectors. North America remained the second largest regional market for roofing systems attributed to frequent re-roofing and repairs needed in existing buildings located in snow-prone and high wind areas of U.S. and Canada. Stringent building codes in the region concerning energy efficiency in roof designs have also augmented demand. Key players operating in the Roofing Systems Market include Atlas Roofing Corporation, BASF SE, Johns Manville, Duro-Last, Inc., E. I. Du Pont De Nemours, Inc., Owens Corning, Sika AG, Standard Industries Inc., and The Dow Chemical Company. These leaders enjoy sizeable market shares due to their broad product portfolios and strong distribution networks across major countries. The market remains fairly consolidated in nature. Get More Insights on this Topic- https://www.dailyprbulletin.com/roofing-systems-market-growth-analysis-and-overview/
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