Global Roofing Sales to Reach $120 Billion in 2022
March 12, 2019 (Investorideas.com Newswire) Bituminous products (including asphalt shingles and corrugated panels, as well as low-slope products) were the most popular roofing material in 2017, accounting for 34% of global roofing sales in area terms. These and other trends are presented in Global Roofing, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Bituminous roofing product demand is forecast to rise 2.0% per year through 2022 to 4.8 billion square meters, valued at $38.5 billion. Bituminous product sales in North America, the largest market for these products, will benefit from healthy housing markets in the US, as well as rising reroofing activity, particularly in the US where weather-related damage is an ongoing concern. Additionally, demand will be supported by above average growth in the Asia/Pacific region, where low-slope products are expected to enjoy strong growth due to the rapidly expanding nonresidential markets in China, India, and Indonesia. However, a faster growth rate will be restrained by a slowdown in residential construction activity.
Concrete and clay tile were the second most commonly used, representing 30% of global roofing demand in area terms, followed by metal (11%), fiber cement (6%), rubber (4%), and plastic (5%), with other types accounting for the remainder (less than 10% in the aggregate). In dollar terms, tile roofing represented a larger share of world roofing sales than bituminous materials due to the higher average price for these products. Through 2022, global demand for all types of roofing products is forecast to rise 2.4% per annum to 14.4 billion square meters valued at $120 billion.
Global Roofing (published 02/2019, 394 pages) is available for $6700 from The Freedonia Group. Please link citations to https://www.freedoniagroup.com/World-Roofing.html
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