OREANDA-NEWS. Roofing Systems Market by Material (Asphalt, Metal, Plastic, Clay, Concrete), Product (Shingles & Plates, Tiles), Construction Type (New Construction & Reform Construction), End-Use Sector (Residential & Non-Residential) - Global Forecast to 2021..., Market Research Report: MarketsandMarkets.

MarketsandMarkets projects that the market for roofing systems will grow from USD 109.72 Billion in 2016 to USD 157.56 Billion by 2021, at a CAGR of 3.06%. The market for roofing systems is growing due to the increasing infrastructure and construction activities. Rising per capita income of the middle class has increased its purchasing power, which has resulted in an increase in the number of new constructions.

The roofing systems market is segmented on the basis of material, product, construction type, end use sector and region. On the basis of material, asphalt, which is the most widely used material for making roofing systems, held the largest market share.  It is a low-cost material and is readily available, which makes it one of the widely used materials for roofing systems, globally.

Based on product, the shingles & tiles segment held the largest share because of their low cost and easy installation techniques. Shingles & plates are the most preferred roofing products for residential buildings as they are durable and can last for up to 30 to 40 years. The market has been segmented into residential and non-residential sectors, based on end use sectors. The residential sector dominated the market, mainly due to lenient lending policies of governments across all regions and rapid urbanization.

On the basis of key regions, the market for roofing systems has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific has been projected to grow at the highest rate from 2016 to 2021, because the countries in this region are expected to achieve a high growth in the construction sector, thus triggering a huge demand for roofing systems.

Certain factors such as high raw material and repairing costs of roofing systems prevail in the market that hinder the growth of the roofing systems industry.

Mergers & acquisitions were the major strategies adopted by most players in the market. Companies such as Compagnie de Saint Gobain SA (France), Braas Monier Building Group SA (Luxembourg), and Owens Corning (U.S.) were some of the key players that adopted these strategies to stay ahead of their competitors and increase their geographic reach, product offerings, and customer base.. Companies aimed to serve the market efficiently by investing in R&D activities and introducing new products to keep up with the changing consumer needs.