As cited by the business intelligence report titled ‘Global Roofing Materials Market Size study, by Product (Asphalt Shingles, Concrete & Clay Tiles, Plastic Roof, Metal Roof and Others), Application (Residential and Non-Residential) and Regional Forecasts 2020-2027’, available with Market Study Report, global roofing materials market was valued at USD 115 billion in 2019 and is estimated to register 4% CAGR over 2020-2027, subsequently reaching a valuation of USD 270.40 billion by the end of the forecast period.
 

Rapid urbanization and industrialization across emerging nations, coupled with favorable institutional as well as government initiatives aimed at reinstating housing infrastructure are bolstering global roofing materials market growth.
 

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Inclination towards plastic roofs, due to low maintenance as well as easy installation, increasing disposable incomes, and easy credit availability are adding significant traction to business development.
 

For those unaware, roofing materials are utilized to provide protection to housing and residential establishments by strengthening the structure with materials such as metal or silicate. Advantageous characteristics of these materials, mainly superior lifespan and high resistance to fire are positively swaying global roofing materials market dynamics.
 

On the contrary, dearth of skilled labor, and high manufacturing costs of metal roofs will continue to hamper industry expansion throughout the stipulated timeframe.
 

Based on product terrain, the industry is divided into metal roofs, plastic roofs, concrete & clay tiles, asphalt shingles, and others. With regards to application scope, the market is categorized into non-residential, and residential.
 

Speaking of geographic outlook, North America currently captures a large portion of global roofing materials market share and is anticipated to amass significant returns through 2027. Escalating demand for office spaces and increasing residential construction activities in the U.S. are fostering the regional market growth.
 

Meanwhile, Asia-Pacific market size is projected to record tremendous growth over the forecast period, owing to ongoing industrialization and rapid development in housing infrastructure.
 

Elaborating on competitive hierarchy, CertainTeed, TAMKO Building Products LLC, GAF Materials Corporation, Owens Corning, Carlisle Companies Inc., Atlas Roofing Corporation, Boral Ltd., Johns Manville, Braas Monier Building Group, and Etex are the leading companies operating in global roofing materials market sphere.