Increasing Construction of Commercial and Retail Projects to Drive Growth of Global Roofing Market
The competitive landscape of the global roofing market is a fragmented one with the presence of several key players. These leading players in the market have become highly focused on maintaining a regular and strong set of income. Moreover, these leading players in the market have incorporated a broad range of aggressive business strategies that will help them in boosting their revenues and bolstering their brand value. Strategies such as mergers, joint ventures, and acquisitions have become increasingly common across the market. This development is helpful for the overall growth of the global roofing market. Some of the leading players in the global roofing market include names such as Carlisle Companies Incorporated, Brass Monier Building Group, Owens Corning Corp., CertainTeed Corporation, and GAF Materials Corporation among others.
The growth of the global roofing market is expected to be achieved with a CAGR of 4.9% for the forecast period of 2018 to 2026. With this growth rate, the market will see a significant rise from its initially recorded valuation of US$92,430.94 Mn in 2017.
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Asia Pacific to Remain as Leading Regional Segments
In terms of regional segmentation, the global roofing market is divided into
five major regions viz. North America, Middle East and Africa, Asia Pacific, Latin America, and Europe. Currently, for the given period of forecast of 2018 to 2026, the global market is expected to be dominated by the regional segment of Asia Pacific. One of the major reasons for the development of the Asia Pacific segment is the booming building and construction industry in the region. This is because of the presence of emerging economies such as India, China, Philippines, Vietnam, and Bangladesh. In addition to this, growing population in the region, growing activities of urbanization, and growth of industrialization in Asia Pacific are also projected to play a considerable role in the development of roofing market in the region.
Government Sponsored Construction Projects to Drive Growth of MEA Region
Middle East and Africa is expected to emerge a promising region for the development of the roofing market in the coming years of the forecast period. The growth of the regional segment can be attributed to the huge developments and expansions in the construction industry that consists of public infrastructure, public utilities, and commercial establishments among others. There has been a robust growth in the construction industry in Qatar and UAE due to the growing expenditure sanctioned by the governments for building lucrative commercial projects. This has also helped in pushing the growth of the roofing market in the region.