Roofing Tiles Market to Hit $41.35 Bn, Globally, by 2027 at 5.2% CAGR, Says Allied Market Research

Roofing Tiles Market to Hit $41.35 Bn, Globally, by 2027 at 5.2% CAGR, Says Allied Market Research

PR Newswire

PORTLAND, Ore., Oct. 1, 2020

Rise in demand for roofing tiles due to population growth and rapid urbanization and industrialization coupled with disposable income drive the global roofing tiles market.

PORTLAND, Ore., Oct. 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, Roofing Tiles Market by Material Type (Clay Tiles, Concrete Tiles, and Others), by Construction Type (New Construction, and Renovation & Replacement), and End-User (Residential and Non-residential): Global Opportunity Analysis and Industry Forecast, 2020–2027. As per the report, the global roofing tiles industry was pegged at $30.40 billion in 2019, and is projected to reach $41.35 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.

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Drivers, restraints, and opportunities

Rise in demand for roofing tiles due to population growth and rapid urbanization and industrialization coupled with disposable income drive the global roofing tiles market. However, high installation cost hampers the market growth. On the contrary, improvement in lifestyle and increase in new construction and remodeling activities across the globe are expected to create lucrative opportunities for the market players in the future.

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The concrete tiles segment dominated the market

By material type, the concrete tiles segment held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the segment is expected to manifest the highest CAGR of 5.9% during the forecast period, owing to rise in adoption of concrete roof tiles in the countries such as Columbia, Panama, Malaysia, India, Bangladesh, and Indonesia as concrete roof tile suits to the construction of fabricated roofs and sloping roofs. The report also analyzes clay tiles and others.

The residential segment to manifest the highest CAGR through 2027

By end user, the residential segment to portray the highest CAGR of 5.8% during the forecast period. In addition, the segment held the largest share in 2019, contributing to more than two-thirds of the market, owing to government programs such as Housing for All by 2022 and Smart Cities 2.0 and the popularity of residential construction in the Indian construction sector. The research also analyzes the non-residential segment.

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Asia-Pacific, followed by Europe and North America, held the lion's share

By region, the market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market and is expected to manifest the highest CAGR of 6.3% during the forecast period. This is owing to rise in awareness regarding green buildings and favorable policies of the government of Asian countries. The market across North America is expected to register a CAGR of 3.6% from 2020 to 2027.

Major market players

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