Roof Cladding Market Expected to Reach $130.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Roof Cladding Market," The roof cladding market size was valued at $83.6 billion in 2021, and is estimated to reach $130.5 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

Roof cladding is used to cover the roof and create a waterproof layer that keeps the outer and inner elements warm and dry. It comes in all shapes and sizes and is available in a wide range of materials. It offers various features such as durability, fire resistant, insulating against temperature and noise.

Rise in demand for roof cladding from residential, commercial, and industrial is expected to boost the market growth. In addition, roofing material is available in wide a variety which is suitable for both new construction and re-roofing existing homes. In addition, rise in focus on construction of green, energy-efficient buildings leads to increased demand for roofing materials such as asphalt and slate, tiles, metal, and others. This is expected to boost the roof cladding market growth. Furthermore, the durability associated with the variety of roofing materials such as asphalt shingles, metal roofs and concrete clay tiles is expected to have a positive impact on the market growth during the forecast period.

Major players have adopted product launches, partnerships, and acquisitions as key strategies to sustain the competition and improve the product portfolio. For instance, in June 2021, Sika AG acquired American Hydrotech Inc. which is a leading provider of full system roofing and waterproofing solutions. This acquisition strengthens Sika’s roofing portfolio and complements Sika’s sustainable focus. 

Furthermore, Asia-Pacific registered the highest share of the global roof cladding market share in 2021, owing to rise in expenditure for infrastructure development in the industrial, commercial, and healthcare sectors has boosted the growth of the roof cladding market in Asia-Pacific. Furthermore, the majority of countries in the region are spending on construction sector for the growth of their economies.

However, during the COVID-19 pandemic, various manufacturers in the roof cladding market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of roof cladding companies. In addition, lack of manpower and raw materials constrained the supply of raw materials of roof cladding, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of roofing market.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging global roof cladding market trends and dynamics. 
• Depending on type, the asphalt and slate segment has dominated the roof cladding market, in terms of revenue in 2021 and projected to grow at a significant CAGR during the forecast period.
• By end-user, the residential segment has registered highest revenue in 2021.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the global roof cladding market overview are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the roof cladding industry.
• The roof cladding market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global roof cladding market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.