Roofs have been an essential part of construction ever since man learnt to build houses for himself. Their main purpose is to complete the insulation that a house can provide and protect the insides from weather effects and precipitation. As the technology of roofing steadily advanced, man started using dual-layered roofs for better insulation, or even sloped roofs to prevent the accumulation of water. While the purpose of roofing has not changed much over the years, the materials and the skill of construction have surged ahead in leaps and bounds, especially since the industrial age. In this context, roofs are one of the most conspicuous aspects of any building. A clearer perspective of this can be obtained in developing economies and countryside areas in developed ones, where modern buildings with advanced roofing can be seen side-by-side with architecture from as much as half a century ago.
The global roofing market can reach US$97.6 bn by the end of 2020. It is expanding at a CAGR of 6.3% between 2014 and 2020, which is quite impressive for one of the older construction-based markets in the world. This market was valued at US$64.5 bn in 2013 and amounted to 10,600.9 mn sq. meters by volume. Taking advantage of this growth rate and its causal factors are the key players in the global roofing market: Beacon Roofing Supply, Inc., IKO Industries Ltd., Owens Corning Corporation, Johns Manville, CertainTeed Corporation, GAF Materials Corporation, Duro-Last Roofing, Inc., CertainTeed Corporation, and Atlas Roofing Corporation.
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Construction Boom Drives Roofing Demand
The single greatest driver of the global roofing market is the rapid rate of construction activities happening across the world. The global roofing market is directly dependent on the construction, reparation, restoration of buildings and houses. As such, any positive impact on construction rates will bode well for the global roofing market. This applies the most for nations with developing economies, where a rapid rate of industrialization as well as urbanization is observed. The high number of new construction projects popping up, as well as re-roofing projects taken up, is adding major revenue streams into the global roofing market.
The Green Angle
Another major reason for the rise of the roofing market is the growing regulatory pressure as well as the rapid depletion of energy resources. The energy supplies across the world are fast falling, making it increasingly difficult to expend conventional fuels to maintain the temperatures inside housings and buildings. One of the most efficient ways to control the temperatures inside a building and keep it at a cool and constant temperature without reaching for the thermostat is to make sure the roof suits the environment. The best way to ensure this is to use the right materials for constructing the roof. The materials, the sloping, and the additional utilities will all be dependent on the environment of the place.
Another simple and highly effective method of using good roofing to cut down on the building’s electricity bill is to paint the roof white. This is a special white paint easily available in stores. It is elastic and highly reflective, which means it will not crack under exposure to heat, and will keep solar energy from being absorbed by the roofing materials. This ensures a lower room temperature in the building, thus reducing the electricity required to maintain optimum cool temperatures.
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It should come as no surprise that most of the demand in the global roofing market is coming from Asia Pacific, given the rate of development shown by nations such as China and India. At the same time, re-roofing projects are being increasingly taken up in North America and Europe. In the long run, this will help maintain a balance in the global roofing market in terms of region, ensuring a positive growth rate.