PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1529537
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1529537
The roofing tiles market is estimated to be valued at USD 13.06 Bn in 2024 and is expected to reach USD 19.77 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 13.06 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 6.10% | 2031 Value Projection: | US$ 19.77 Bn |
The roofing tiles market has been growing steadily over the past few decades. Roofing tiles are roofing products manufactured from varied materials like clay, concrete, metal, plastic, or asphalt for use as exterior covering of rooftops. They provide effective protection and security for buildings from harsh weather elements such as rainwater, snowfall, etc. Population growth and increasing construction activities of residential and commercial infrastructure have augured well for the rising consumption of roofing tiles globally. Moreover, rapid urbanization coupled with improvement in economic conditions especially in developing countries have accelerated the demand for buildings construction, in turn, supporting the roofing tiles market growth. Innovation and technology adoption have further led to the development of advanced roofing tiles with enhanced durability, functionality, and aesthetic appeal.
Market Dynamics:
The roofing tiles market is driven by factors such as rapid infrastructure development activities and real estate boom particularly in emerging economies. Growing demand for visually appealing roofing designs from the residential sector has also propelled the market growth. However, volatility in raw material prices remains a key challenge for manufacturers. For instance, fluctuations in the prices of raw materials like clay, sand, and petroleum among others directly impacts the production cost of roofing tiles. Availability of cost-effective substitutes poses a threat as well. On the positive side, the rising consumer preference for eco-friendly roofing solutions and green buildings provides new opportunities for players dealing in sustainable roofing tiles made from recycled materials. Ongoing R&D focus toward developing roofing tiles with enhanced insulation properties, durability, and energy efficiency would further aid the industry outlook.
Detailed Segmentation-