According to a recent study conducted by Allied Market Research, the global roofing tiles market closed at 2019 with the value of $30.4 billions. The market analysts at the said research firm have predicted that this value will increase up to $41.3 billions by the time we reach 2027. Meaning, the market analysis of roofing tiles shows a projected growth of CAGR of 5.2% now.
Mostly used in residential construction, roof tiles are laid on top of the roof, on a detailed framework to support them. They are an attractive, baroque looking, environment friendly option for your roofing needs. Many homeowners prefer to have their nests covered by roofing tiles, owing to their style, longevity, fire and wind resistance, and other such valuable properties.
There are many factors affecting the research data. For one, there is the rapid urbanization growth in the third-world countries, such as India, Bangladesh, Brazil, Indonesia, Egypt, etc. which in combination with the fast industrialization of productions, which fuels the residential construction market very well. Even China is included in that list while it isn’t a third-world country. This, of course, is greatly beneficial to the roofing tiles market.
On the other hand, regions such as Europe, Russia and America are seeing a negative effect on the roofing tiles market since they have economic uncertainty in a country-wide scale. Add to that the high installation costs for roofing tiles in these regions. Altogether they affect the roofing tiles market growth negatively.
Another factor is the advancement in technology which is quite complicated to calculate on the roofing tiles market. There are innovative new roofing tiles such as solar panels which are being favored by many homeowners now. And again, there are technological breakthroughs in the roofing tile manufacturing process, such as using polymers and recycled materials, which may lower the costs and attract more market traffic.
The concrete roofing tiles are projected to see the most amount of growth. Boasting a solid 5.9% predicted CAGR during the forecast period, the concrete segment is expected to grow much better than other types of roofing tiles, terracotta, for example. There is good reason for this, since the concrete roofing tiles are highly durable, resist heat and fire very well, quite cheap in comparison with other types of roofing tiles, and are also quite well energy efficient.
The market is divided between new construction and re-roofing work, and here the new construction segment leaves the other side sagging. The new construction of buildings is growing rapidly and a lot of these new buildings they require roofing tiles for the roofs, window tops and other places. Thusly, the forecast period expects to see surges in population and urban or suburban density. The rise of the mega construction projects factor in this as well, and housing-for-all initiatives taken by many governments.
The roofing tiles market was segmented region-wise into the following:
As mentioned above, the major growths in urbanization and population density affect the roofing tiles market growth a lot, and therefore the Asia-Pacific won outright in this category. The region is expected to show the highest CAGR in the projection period of 2020 to 2027, and the rapid economic growth and recovery is injecting adrenaline into the roofing tiles market in these countries.