Roofing Tiles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The roofing tiles market is projected to register a CAGR of more than 6.5% during the forecast period (2021-2026).

The market growth is hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions have triggered massive disruptions to global supply chain networks. Due to lockdowns in various countries, most of the industries or factories were temporarily shut down, and this impacted the building and construction sector. Over 65% of companies in the construction ecosystem have been severely affected by the prolonged construction inactivity, thus, having a negative impact on the roofing tiles market.

• Over the medium term, the growth of the roofing tiles market is likely to be driven by the increasing demand from the construction sector in the Asia-Pacific region and growing favorable government policies for green buildings.
• Fluctuations in prices of raw material and high prices of roofing tiles and their expensive installation charges are likely to hinder the market growth of roofing tiles.
• The development of solar roof tiles is likely to provide opportunities for the studied market during the forecast period.
• The Asia-Pacific region dominated the roofing tiles market across the world, with robust growth in construction activities in countries such as India, China, the Philippines, and Indonesia.

Scope of the Report

Roofing tiles are designed mainly to keep out rain and are traditionally made from locally available materials such as terracotta or slate. The primary reasons behind this growing interest in roofing tiles are their durability, elegance, and hardy disposition. The roofing tiles market is segmented by type, end-use sector, and geography. By type, the market is segmented into clay, concrete, and other types. By end-use sector, the market is segmented into residential and non-residential. The report also covers the market size and forecasts for the roofing tiles market in 17 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

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Key Market Trends

Residential Construction to Witness Noticeable Growth

• The increasing middle-class population, coupled with their increasing disposable income, facilitated the expansion in the middle-class housing segment, thereby increasing the use of roofing tiles during the forecast period.
• The usage of roofing tiles for residential applications can reduce the overall heat transfer into the attic space by almost 70%, as compared to an asphalt shingle roof. Roofing tiles are available for various types of residences, including single-family homes, townhomes, condominiums, and apartment buildings. The installation of roofing tiles in residential applications is one of the most cost-effective choices due to its long lifespan.
• Despite the higher demand, there is still a significant undersupply to meet the demand for housing globally, presenting a major opportunity for investors and developers to embrace alternative methods of construction and new partnerships, to bring forward development. Working in full compliance with all relevant building standards and regulations, the companies servicing roofing tiles are providing robust housing models to the consumers.
• The highest growth is expected to be registered in the Asia-Pacific and North American regions due to the expanding housing construction market in China, India, the United States, etc.
• The United States dominated the North American region with a rapidly growing rate of residential construction. According to the US Censor Bureau, purchases of new single-family homes increased by 4.3% to a 923,000 annualized pace in January 2021 from an upwardly revised 885,000 rate in the prior month.
• Asia-Pacific has the largest low-cost housing construction segment, which is led by China, India, and various Southeast Asian countries. In India, the government initiated the project ‘Housing for All by 2022’, which is expected to drive the residential construction segment in the country immensely.
• All the aforementioned factors are expected to increase the market for roofing tiles during the forecast period.

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