Rise in urbanization & industrialization in developing countries and increase in expenditure on home remodeling, drive the growth of the global roofing market. Asia-Pacific dominated the global market in 2019 and would maintain the position throughout 2027.
Portland, OR, May 25, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global roofing market garnered $92.94 billion in 2019, and is estimated to reach $132.77 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027. The report offers an extensive analysis of the key market dynamics, driving forces & opportunities, key segments, pricing, product portfolio, and competitive scenario.
Rise in urbanization & industrialization in developing countries and increase in expenditure on home remodeling drive the growth of the global roofing market. However, Eurozone economic uncertainty and high initial cost hinder the market growth. On the other hand, technological advancements present new opportunities in the coming years.
The global lockdown enforced the construction industry including companies offering roofing services to shut their services.
Investments in the construction industry have been reduced as well. On the other hand, disruptions in the supply chain have delayed various material deliveries.
However, certain regions have entered the recovery phases, and therefore the government has initiated to ease certain restrictions.
Get detailed COVID-19 impact analysis on the Roofing Market: https://www.alliedmarketresearch.com/request-for-customization/1881?reqfor=covid
Based on type, the flat roof segment accounted for the highest share in 2019, accounting for nearly three-fourths of the total revenue, and is estimated to maintain its lead position throughout the forecast period. Moreover, the segment is expected to portray the highest CAGR of 5.1% from 2020 to 2027.
Based on application, the commercial segment contributed to the largest share in 2019, accounting for more than two-fifths of the total market share, and is estimated to maintain its highest share during the forecast period. However, the residential segment is projected to register the highest CAGR of 5.4% during the forecast period.
Based on region, Asia-Pacific held the largest market share, accounting for more than two-fifths of the total share in 2019, and will maintain its dominance during the forecast period. Furthermore, the region is estimated to grow at the highest CAGR of 5.9% during the forecast period.
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Leading players of the global roofing market analyzed in the study include BASF SE, 3M Company, The Dow Chemical Company, Owens Corning, Standard Industries Inc., E. I. du Pont de Nemours and Company, Berkshire Hathaway Inc., Atlas Roofing Corporation, Duro-Last, Inc., and Sika AG.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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