A new report by Future Market Insights released Tuesday shows the global roofing material market reached $141.1 billion in 2023, and sales are forecast to rise at a compound annual growth rate of 4.6% over the next decade to exceed $231 billion by 2034.

On the domestic side, the U.S. is anticipated to enjoy a 3.4% CAGR and reach $29 billion in the same period.

The study’s lead author, Nikhil Kaitwade, associate vice president at Future Market Insights, said growth will be driven by increasing construction worldwide and high demand for energy-efficient roofing solutions. 

"The roofing material market is poised for significant growth, driven by increasing construction activities across the globe,” Kaitwade said. “Rising demand for energy-efficient roofing solutions is also set to aid growth [and] innovations like advanced composite materials are reshaping the market scenario."

Kaitwade notes that technological advances have already revolutionized the industry. Environmentally friendly, durable, weather-resistant materials like composite shingles are projected to boost sales. 

Further integrating innovative technology into roof systems, including leak detection and energy monitoring sensors, has significantly enhanced productivity and efficiency. 

North America's robust construction industry is supported by continued economic expansion, particularly in the United States and Canada. The two countries’ stringent building codes ensure safety, sustainability, and energy efficiency. 

Due to increased demand from the residential, commercial, and industrial sectors, Kaitwade forecasts roofing solutions will continue to evolve, leading to increased development of green roofing products like cost-effective solar panels and increased material recycling. 

Key Industry Highlights

Environmental Sustainability Considerations in the Production of Roofing Materials

• Green roofing practices, such as the adoption of green roofs and plant roofs, are a key contributor to global growth. Cool roofing solutions, which reduce heat absorption, cooling costs, and urban heat island effects, are set to be immensely popular.
• These products are typically made of circular materials to reflect sunlight and UV rays. Due to the growing need for energy savings, they are projected to be popular in areas with hot climates.
• Vegetation or life cover is another characteristic of a permanent roof. These solutions incorporate grass, shrubs, or trees into the roof system. Plant roofs have several advantages, including natural insulation, stormwater management, and improved ventilation.
• These rooftops are environmentally friendly, and help curb increased heat in urban ecosystems. Demand is anticipated to skyrocket through 2034.

Emergence of Smart, Safe, and Energy-efficient Solutions Revolutionize the Industry

• Smart roof systems worldwide are gaining momentum by integrating sensors, automation, and remote sensing capabilities. These features enable building owners and facility managers to monitor roof conditions, identify problems early, and enhance energy efficiency.
• Smart roofing systems also improve predictive maintenance, reduce roof maintenance costs, and increase roof life, augmenting demand.
• The “Internet of Things” is important in roof technology for novel monitoring systems, including heating and humidity. These systems provide real-time information that helps building owners make informed decisions and proactively address potential roofing problems.
• Coating technology has also advanced dramatically, which is one of the market trends in roofing materials. Cool roof coatings reflect UV rays and reduce thermal absorption, thereby extending the life of the underlying roof materials. These coatings increase energy efficiency and reduce aging due to UV exposure, which is set to boost demand.

Companies Develop Flexible and Sustainable Roofing Solutions to Surge Sales

• The high demand for flexible and durable roofing solutions is a major driver of the roofing material market's growth. Building owners, architects, and contractors must use roofing systems with exceptional longevity, strength, and minimal to zero emissions.
• With innovative roofing solutions, several key players are leading the way in this evolving business environment. Companies, including Owens Corning, CertainTeed Corporation, and GAF Materials Corp., are constantly developing flexible and sustainable roofing products that meet the demands of today’s consumers.

Key factors contributing to the growth of the roofing material market include:

1. Urbanization and Infrastructure Development: Rapid urbanization, especially in emerging economies, is leading to an increase in residential and commercial construction projects, boosting the demand for roofing materials.
2. Sustainability and Energy Efficiency: The shift towards green building materials and energy-efficient solutions is driving the adoption of innovative roofing materials, such as cool roofs, which reflect more sunlight and absorb less heat.
3. Technological Advancements: Developing advanced roofing materials, including synthetic options with enhanced durability and weather resistance, fueling the market growth.
4. Government Regulations: Stricter building codes and regulations aimed at improving building safety and energy efficiency also push the adoption of modern roofing materials.

Key Takeaways from the Roofing Material Market Report

• Sales of roofing materials grew at a CAGR of 2% between 2019 and 2023.
• The residential segment is anticipated to be lead-based on end-use, showcasing a 4.4% CAGR between 2024 and 2034.
• By product type, the metal roofing segment is forecast to thrive at 5.5% CAGR through 2034.
• The United States roofing material industry is projected to reach $29 billion by 2034.

Competitive Landscape

Key players in the global roofing material market are investing in unique facilities and forming partnerships; roofing material manufacturers continue acquiring small-scale companies to expand their regional presence. 

For instance, in March 2024, PABCO Roofing Products started shipping its latest version of Ridge Cap, Shadow Cap Wide, which Kaitwade said makes an “ideal shingle option for vented ridges, color matching, and coverage applications.”

Leading Roofing Material Market Players

• CertainTeed
• Mapei SpA
• Braas Monier Building Group
• Atlas Roofing Corporation
• ETEX
• Carlisle Companies Inc.
• IKO Industries Inc.
• TAMKO Building Products
• Alumasc Group PLC
• DECRA Roofing Systems Inc.
• Bauder Ltd.
• Worthouse
• Carlisle Companies Inc.

Kaitwade, the lead author, has over a decade of experience in market research and business consulting and focuses on automotive, chemicals, industrial equipment, oil & gas, and service industries.