Roofing Tiles Market Growth with Key Drivers, Business Insights, Trends And Forecast To 2027
Roofing Tiles Market Expected to Reach $41.3 Billion by 2027
PORTLAND, OR, UNITES STATES, November 2, 2023 /EINPresswire.com/ — 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. As per the report, the global roofing tiles industry was pegged at $30.40 billion in 2019, and is projected to reach $41.35 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in demand for roofing tiles due to population growth and rapid urbanization and industrialization coupled with disposable income drive the global roofing tiles market. However, high installation cost hampers the market growth. On the contrary, improvement in lifestyle and increase in new construction and remodeling activities across the globe are expected to create lucrative opportunities for the market players in the future.
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The concrete tiles segment dominated the market
By material type, the concrete tiles segment held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the segment is expected to manifest the highest CAGR of 5.9% during the forecast period, owing to rise in adoption of concrete roof tiles in the countries such as Columbia, Panama, Malaysia, India, Bangladesh, and Indonesia as concrete roof tile suits to the construction of fabricated roofs and sloping roofs. The report also analyzes clay tiles and others.
The residential segment to manifest the highest CAGR through 2027
By end user, the residential segment to portray the highest CAGR of 5.8% during the forecast period. In addition, the segment held the largest share in 2019, contributing to more than two-thirds of the market, owing to government programs such as Housing for All by 2022 and Smart Cities 2.0 and the popularity of residential construction in the Indian construction sector. The research also analyzes the non-residential segment.
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Asia-Pacific, followed by Europe and North America, held the lion’s share
By region, the market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market and is expected to manifest the highest CAGR of 6.3% during the forecast period. This is owing to rise in awareness regarding green buildings and favorable policies of the government of Asian countries. The market across North America is expected to register a CAGR of 3.6% from 2020 to 2027.
The key players operating in the global roofing tiles market have adopted product launch as their key developmental strategy to strengthen their foothold in the global market. For instance, in June 2019, Boral Limited based in Australia has announced that it has signed a property development management deed with Mirvac, which is a property investment firm in Australia.
Major market players
• Boral Limited
• Dachziegelwerke
• Crown Roof Tiles
• Ecostar LLC
• Eagle Roofing
• Marley Ltd
• Ludowici Roof Tile
• Shital Potteries
• MCA Clay Roof Tile
• Terreal Malaysia Sdn bhd.
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David Correa
Allied Analytics LLP
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