US Roofing Materials Market Outlook, Opportunity, and Demand Analysis

The U.S. roofing materials market size was worth USD 25.21 billion in 2022 and is projected to grow at a CAGR of 3.7% during the forecast period.  Significant investments in residential and commercial buildings and strong demand for bituminous roofs are expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled “US Roofing Materials Market, 2024-2032.”

List of Key Players Profiled in the US Roofing Materials Market Report

Segmentation

Strong Adoption of Bituminous Material from Residential Construction to Boost Segmental Growth

By material analysis, the market is segmented into bituminous, tile, metal, elastomeric, and others.

The bituminous segment is expected to face major growth due to the rising demand for the product from residential construction. The inexpensive and simple-to-install nature of the product is expected to enhance the segmental growth.

Residential Segment to Grow Rapidly Owing to Rising Infrastructure Projects

By end-use industries it is classified into residential, non-residential, and industrial.

The residential segment is the dominating segment owing to rising infrastructure projects globally. The rising investments in the renovation and development of infrastructural facilities, buildings, and other commercial spaces may drive segmental growth.

Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Source- https://www.fortunebusinessinsights.com/u-s-roofing-materials-market-109207 

Driving Factors

Rapid Developments in the Construction Industry to Foster Industry Progress

US Roofing Materials comprise the outermost layers of a building and are used to repair and construct roofs. The rapidly progressing construction industry is expected to enhance the demand for the product. Further, the rising demand for the product due to its ability to deflect UV rays and maintain a cool living environment is expected to enhance US Roofing Materials’ demand. Moreover, the increasing adoption of US Roofing Materials from residential and commercial construction remodeling is expected to boost sales. In addition, robust infrastructure development is expected to enhance sales. These factors may propel the US Roofing Materials market growth.

However, the high prices of the materials are expected to hinder the market’s progress.

Regional Insights

Rising Population and Increasing Disposable Incomes to Enhance Market Growth in Asia Pacific

Asia Pacific is expected to dominate the US Roofing Materials market share because of the rising population and increasing disposable incomes. The market in Asia Pacific stood at USD 32.03 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Further, rising industrial operations in India and China are expected to enhance the demand for materials. These factors may propel market progress.

In North America, the rising number of roofing projects for residential, commercial, and industrial projects is expected to enhance the demand for the product. Furthermore, rising construction projects are expected to enhance US Roofing Materials’ demand. These factors may elevate US Roofing Materials demand.

Competitive Landscape

Companies Devise Acquisition Strategies to Enhance Brand Image

The prominent companies operating in the market engage in acquisitions to enhance their brand image globally. For example, in February 2022, Carlisle Companies Incorporated completed the acquisition of MBTechnology, Inc. (MBT). This acquisition shall enable the company to expand its CWT’s modified bitumen roofing offerings and offer more capacity for roofing underlayments. Further, major players incorporate mergers, partnerships, novel product launches, expansions and automated production techniques to enhance their market stance globally.