Roofing Tiles Market 2023 Business Opportunities for Manufacturers by 2027 | At a CAGR of 5.2%
Global roofing tiles market is projected to reach $41.3 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
PORTLAND, OR, UNITED STATES, July 20, 2023/EINPresswire.com/ — Roofing tiles are a popular roofing material used to cover the roof of buildings and structures. They have been used for centuries and are known for their durability, aesthetics, and weather resistance. Roofing tiles come in various shapes, sizes, and materials, catering to different architectural styles and climate conditions. Roof tiles are laid on the framework of roof. Roof tiles are preferred in residential construction, owing to its features and properties such as longevity, durability, fire resistance, wind resistance, and others.
The global roofing tiles market size was valued at $30.4 billion in 2019, and is projected to reach $41.3 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
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Driving Factors:
Factors such as population growth, rise in urbanization coupled with increase in industrialization in developing countries such as India, China, Brazil, Indonesia, Bangladesh, and Egypt drive the construction activities which is expected to fuel the growth of the global roofing tiles market during the forecast period. On the contrary, economic uncertainty in Eurozone and high installation cost of roofing systems are the major restraints expected to hinder the growth of the market. Moreover, technological advancements in solar roof tiles and roof tile manufacturing process is expected to provide lucrative opportunities in near future.
Top Players:
The key players profiled in the roofing tiles market report include Boral Limited, Crown Roof Tiles, Dachziegelwerke, Eagle Roofing, Ecostar LLC, Ludowici Roof Tile, Marley Ltd, MCA Clay Roof Tile, Shital Potteries, and Terreal Malaysia Sdn bhd.
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Key Segments:
Based on material type, the concrete segment garnered the largest share in the roofing tiles market in 2019, growing at a CAGR of 5.9% during the forecast period, as these roofing tiles ensure high durability, thermal resistance, cost-effectiveness, and high energy efficiency.
On the basis of construction type, the new construction segment is anticipated to grow rapidly, during the forecast period due to surge in urban population and rise in residential construction projects. For instance, the project “Housing for All by 2022” initiated by Indian government is expected to accelerate the growth of the residential construction sector, which in turn fuels the growth of the market.
Regional Analysis:
Region wise, the roofing tiles market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2019, and is expected to exhibit the highest CAGR from 2020 to 2027. This is attributed to the fact that emerging economies in the region are witnessing increase in infrastructural development and increase in construction projects. Moreover, rapid economic recovery significantly drives the roofing tiles market growth in this region.
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David Correa
Allied Analytics LLP
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