Roofing materials are becoming more energy efficient and have benefited from technological advancements. The development of energy efficient cool roofs, increasing use of eco-friendly materials in roofing, and an increasing demand for new generation single-ply technology are just some examples of these advancements in the commercial roofing market.
The roofing materials market is forecast to grow at a CAGR (compound annual growth rate) of 3.8 percent from 2016 to 2021. The major driver for this market is the growth in new construction and renovation activities.
It is predicted the demand for roofing tiles is likely to experience the highest growth in the forecast period. The Asia Pacific region is expected to remain the largest market for roofing due to growth in the construction industry and re-roofing activities. North America is also expected to witness good growth throughout the forecast period because of growing renovation activities.
The roofing materials market will continue to expand as new advances gain traction in the construction industry.