The analysts forecast a significant growth in the Compound Annual Growth Rate (CAGR) of the roofing industry. They give credit for this growth to increased investment in the construction industry and real estate.
The report outlines the increased investment in commercial buildings (such as new hotels and shopping mall segments) as the driving factor behind an increase in the global demand for roofing. Combined with the increased demand for environmentally friendly buildings, the industry is expected to continue to grow.
The report also credits the growth with a large number of employment opportunities for unskilled labor.
With a dramatic increase in environmental awareness in recent years, solar roofing panels are becoming more popular among homeowners. Additionally, solar roofing is being used in both developed and developing countries, adding to its significance.
Analysts prepared the report based on an in-depth market analysis with input from experts within the roofing industry.
According to Research and Markets, an analyst from the research team commented on the rising popularity of environmentally friendly materials and buildings, stating, “Due to the rising concern over the increase in carbon footprints in buildings, the demand for sustainable buildings is growing at a high rate. This in turn is creating huge demand for green roofing globally.”
Metal and steel roofing is also experiencing growth as a result of increased environmental awareness. With proper maintenance, metal roofs can last more than 50 years.
Experts are expecting the market to grow at a CAGR of almost 7% during the span of 2016-2020.
According to PR Newswire, when deciding the changes in the market, Research and Markets calculates the market size by considering the generated revenue from the sales of roofing.
The released report covers the present state of the industry and prospects of growth through 2020. They divided the market into three segments based on product types:
- Bituminous roofing
- Metal roofing
- Tile roofing
The report also outlines several key vendors within the global roofing industry that are expected to participate in the substantial growth.