Analysis of Potential Impact of COVID-19 on Global Roofing

Roofing market

Roofing market

Prior to the outbreak of COVI-19, exponential growth in the construction industry with economic growth in emerging economies led to growth in the roofing market. Roof is an essential part of all types of building structures for commercial, residential and industrial use for protection against natural elements and climatic conditions.

The strength of roofs is increased through the use of roofing material and also acts as a barrier to protect the roof. This makes roofing material an essential component of buildings for the roofing market, valued at US$96,135.03 Mn in 2018. In the coming years, with continued profit prospects, the roofing market is expected to grow at a CAGR of 4.9. % from 2019 – 2027

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Roofing materials are external coatings that are applied to the roof of building structures. The type of roofing used, which depends on the availability of material and the nature of the supporting structure, differentiates the outer layer of a roof. Natural products such as slates and reeds and man-made materials such as plastic sheeting, tiles and bituminous materials are some roofing materials used for buildings. Roofing materials are generally supported by underlying structures, but are sometimes self-supporting.

In addition to protecting the roof, the benefits of the interior are beneficial for growth

Roofing materials such as tiles also work for indoor temperatures. For hot and humid conditions, tiled roofs reduce the need for air conditioning, which in turn reduces electricity consumption. This is fueling the demand for roof tiles in the roofing market.

In addition, rising demand for textured-surface laminated asphalt shingles is expected to boost the roofing market in the coming years.

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Meanwhile, the demand for metal roofing is gaining in the roofing market due to the increasing demand for durable and durable roofing material. Metal roofing is exceptionally long-lasting and thus ensures low life cycle costs. In addition, 30-60% of material used for metal roofing is recycled and is fully recyclable at the end of its life.

The availability of such durable and long-lasting roofing materials promotes the rising demand and thus translates into growth for the roofing market.

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Increasing urbanization in developing economies creates new opportunities; US and Europe remain important regions

Rapid urbanization in different parts of the world leading to the development of residential and commercial buildings is creating opportunities in the roofing market. Government support to promote urbanization and the resulting construction sector in the form of tax breaks and subsidies in emerging economies indirectly benefits the roofing market. For example, in 2016 the Indian government proposed an additional cut in the interest rate loan of USD 717.28 for first-time buyers in the housing market and tax incentives for builders for affordable housing up to 60 square meters.

Asia Pacific currently has a significant share of the global roofing market. Rising disposable income in countries such as China, India and Vietnam leading to the demand for modern housing units, commercial complexes has boosted growth in the construction sector. This, in turn, has led to growth in several support industries, including the roofing industry.

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