A new study projects global roofing sales will hit $120 billion in 2022, boosted in part by healthy housing markets in the U.S. and increased reroofing activity.

The Freedonia Group, a Cleveland-based industry research firm, released the study called “Global Roofing” on Monday.

“Through 2022, global demand for all types of roofing products is forecast to rise 2.4 percent per annum to 14.4 billion square meters valued at $120 billion,” Freedonia said in a press release.

Leading the way, bituminous roofing product demand is forecast to rise 2 percent per year through 2022 to 4.8 billion square meters, valued at $38.5 billion. Freedonia says bituminous product sales in North America, the largest market for these products, will benefit from healthy housing markets in the U.S., as well as rising reroofing activity, particularly in the U.S. where weather-related damage is an ongoing concern.

Additionally, demand will be supported by above average growth in the Asia/Pacific region, where low-slope products are expected to enjoy strong growth due to the rapidly expanding nonresidential markets in China, India, and Indonesia. However, a faster growth rate will be restrained by a slowdown in residential construction activity.

The study also looked at what types of roofing were most popular in 2017.

Bituminous products (including asphalt shingles and corrugated panels, as well as low-slope products) were the most popular roofing material in 2017, accounting for 34 percent of global roofing sales in area terms.

Concrete and clay tile were the second most commonly used, representing 30 percent of global roofing demand in area terms, followed by metal (11 percent), fiber cement (6 percent), rubber (4 percent), and plastic (5 percent), with other types accounting for the remainder (less than 10 percent in the aggregate). In dollar terms, tile roofing represented a larger share of world roofing sales than bituminous materials due to the higher average price for these products.

For more coverage on the roofing industry, be sure to check out Roofing Contractor's State of the Industry Report and Survey 2019.