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Roofing Materials Market to grow at a CAGR of 4.3% from 2023 to 2032, 32% of industry growth to originate from Asia Pacific – Market.us

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New York, May 16, 2023 (GLOBE NEWSWIRE) — The Roofing Materials market size is projected to surpass around USD 177.6 Billion by 2032, and it is poised to reach a registered CAGR of 4.3% from 2023 to 2032. The global roofing materials market size was USD 117.8 Billion in 2022.

The roofing materials provide various options for residential, commercial, and industrial constructions. Roofing materials contain shingles, tiles, metal panels, membranes, etc. The demand for roofing materials is driven by several factors such as construction activity, climate, and government regulations. In past years, the aim of sustainable and eco-friendly roofing solutions increases due to their energy efficiency, durability, and low maintenance costs. The global roofing materials market is estimated to observe substantial growth in the coming years owing to the rising demand for residential and commercial construction projects.

roofing materials market

To get additional highlights on major revenue-generating segments, Request a Roofing Materials Market sample report at https://market.us/report/roofing-materials-market/request-sample/

Key Takeaway:

  • By material, in 2022, the roofing materials market was dominated by the concrete & clay tile roofs segment due to increased demand from the construction industry.
  • By application, the residential segment dominated the largest market share in application analysis and accounted for the largest revenue share in the roofing materials market in 2022.
  • In 2022, Asia Pacific dominated the market with the highest revenue share of 32%.
  • APAC is anticipated to have the highest CAGR among all the regions.
  • North America & Europe is expected to grow at a greater pace owing to the prevalence of commercial and residential buildings.

Factors affecting the growth of the Roofing Materials industry?

There are several factors that are affecting the growth of the roofing materials industry. These include:

  • Economic conditions: Demand for roofing materials is closely related to the health of the overall economy. In a strong economic climate, construction activity increases and roofing materials are in greater demand.
  • Population growth: As the population increases, the demand for new homes and buildings commercially also increases. This increases the demand for roofing materials.
  • Climate and weather patterns: Excessive weather events such as hurricanes and tornadoes can damage roofs. This may lead to the need for repairs or replacements. Climate change also affects the industry as new materials and technologies are being developed to increase roofs’ resistance to changing weather patterns.
  • Technological advances: New roofing materials are constantly being developed, including materials that are more durable, energy-efficient, and sustainable. This can create opportunities for growth within the industry.
  • Government regulations: Government regulations can also have an impact on the roofing materials industry. For example, incentives to encourage green building practices may drive demand for eco-friendly roofing materials. Changes to building codes could also require the use of specific roofing materials.
  • Consumer preferences: Consumers’ preferences for roofing materials may also influence the industry. For example, a growing interest in energy-efficient and environmentally-friendly products can create demand for new types of roofing materials.

To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/roofing-materials-market/#inquiry

Top Trends in Global Roofing Materials Market

Manufacturers and suppliers are persistently adapting to the changing requirements of their customers. The market contains the growing use of recycled materials in roofing products to promote sustainability and waste reduction.  The demand for lightweight roofing products is also increasing, as they are easy to install and transport. They also offer customizable roofing options that allow customers to design roofs according to their preferences and needs. Drones and artificial intelligence (AI) are becoming more popular for roof inspections and maintenance. These technological advancements enable vendors to more efficient and cost-effective management of roofs.

Market Growth

The roofing materials market is likely to see significant growth in the future. Market growth of roofing materials is driven by several factors such as population growth, economic conditions, and technological advancements. Also, there is an impact of changes in consumer preferences & government regulations expected to cater to the market expansion. The demand for sustainable and energy-efficient roofing materials is likely to produce the latest opportunities for growth in the industry. With the help of technology, the market drive innovation with new materials and techniques being developed to make roofs more durable and weather-resistant.

Regional Analysis

Asia Pacific is the leading region in terms of value in the global roofing materials market holding a market share of 32% and projecting a CAGR of 4.7% during the forecast period. Residential, commercial, and industrial sectors are growing due to rapid urbanization and increasing construction activities in countries such as China and India. However, North America and Europe witness significant growth due to the prevalence of commercial and residential buildings and strict regulations endorsing sustainable construction practices. Growing tourism, retail trade, and business turnover in the states of the European Union are likely to boost construction activities in the same.

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Scope of Report

Report Attribute Details
Market Value (2022) USD 117.8 Billion
Market Size (2032) USD 177.6 Billion
CAGR (from 2023 to 2032) 4.3% 
Asia Pacific Revenue Share 32%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The demand for roofing materials increases as the construction industry expands. The increasing emphasis on energy efficiency is also driving demand for roof materials that can reduce the energy consumed by buildings. The development of roofing materials with superior reflective & insulation properties has been a result. Metal roofing is a long-lasting material that stays for a longer duration than other materials and it is likely to expand at a greater pace due to rising instances of wildfires. Metal roofing is a prominent fire-resistant roofing option that enables modern fire codes & protects their building from fire. The market for roofing materials is likely to grow in the coming years due to these factors.

Market Restraints

Consumers have low disposable income to spend on home repairs or renovations at the time of economic downturns. The market has seen huge competition with new potential entrants which disrupts existing players. The resurfacing of worn-out roofs elaborates a huge investment of time, electricity, and money. Environmental regulations can also rise manufacturing costs and limit demand for roofing materials. Adverse climatic conditions may alter product quality such as some of the materials cannot survive excessive heat and ultraviolet emission from sunlight but easily invalidate extended freeze-thaw cycles.

Market Opportunities

The market is endorsing a huge demand for energy-efficient and sustainable roofing materials such as solar shingles, cool roofs, and green roofs. Also, the development of smart roofing materials which have self-regulate temperature and moisture is likely to further drive demand. Government regulations across the world promote sustainable construction practices which are likely to propel market growth.

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Report Segmentation of the Roofing Materials Market

Material Insight

The material further divides the market into asphalt shingles, concrete & clay tile roofs, metal roofs, plastic roofs, and other materials. Concrete & Clay Tile Roofs are expected to be the most lucrative segment in 2022, with a market share of 30% and a projected CAGR of 4.8% through 2022. Concrete and clay tile roofs include a variety of styles & colors which makes them a prevalent option for both residential and commercial buildings. However, the Asphalt shingles segment is likely to register the highest CAGR of 5.2% in terms of value during the forecast period.

Application Insight

Based on application, the market for roofing materials is separated into residential, commercial, and industrial. The residential segment is projected to be the most lucrative in the global roofing materials market boasting a projected CAGR of 4.4% through 2022. In 2022, its total revenue share will reach 55%. Residential roofing consists of the installation of roofs on individual homes or apartments. The need for safe & comfortable housing increases the demand for residential roofing at this pace. The factors such as durability, strength, aesthetics, and energy efficiency play an important role when choosing roofing materials for homeowners and builders. The residential segment is expected to enlarge as the construction industry continues to grow at a greater pace in the future.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/roofing-materials-market/request-sample/

Market Segmentation

Based on Material

  • Asphalt Shingles
  • Concrete & Clay Tile Roofs
  • Metal Roofs
  • Plastic Roofs
  • Other Materials

Based on the Application

  • Residential
  • Commercial
  • Industrial

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

Companies are investing heavily in integrated raw material production and sales activities to excel in product quality and market demand. To boost global revenues for roofing materials companies are employing merger and acquisition tactics. Also, the companies make a strong network of qualified contractors to ensure the quality of the roof installation for a better customer experience.

Some of the major players include:

  • GAF Materials Corporation
  • Atlas Roofing Corporation
  • Owens Corning
  • TAMKO Building Products, Inc.
  • CSR Ltd.
  • Carlisle Companies Inc.
  • Crown Building Products LLC
  • Metal Sales Manufacturing Corporation
  • Wienerberger AG
  • Etex
  • CertainTeed Corporation
  • Johns Manville
  • Fletcher Building Limited
  • Eagle Roofing Products
  • Boral Roofing
  • Other Key Players

Recent Development of the Roofing Materials Market

  • In February 2021, CSR Ltd. Revealed the acquisition of AFS Systems which is a leading producer of pre-fabricated building systems in Australia. This acquisition is likely to expand companies’ product portfolio and strengthen its position in the Australian building materials market.
  • In November 2020, Johns Manville revealed the acquisition of ITW Insulation Systems a leading manufacturer of insulation and waterproofing products for the commercial and industrial markets. This results in the expansion of Johns Manville’s product portfolio and strengthens its position in the commercial roofing market.

Browse More Related Reports:

  • Cool Roof Coating Market was valued at USD 4.8 Bn in 2022 and is projected to reach USD 10.97 Bn by 2032, at a CAGR of 7.8%.
  • Concrete Cooling Market is valued at USD 1.2 billion in 2022 and is anticipated to grow at a 5.6% CAGR between 2023 and 2032.
  • Green Cement Market is expected to index a valuation of USD 61.93 Billion in 2032 from a value of USD 26.16 Billion registered in 2021. Over the course of this forecast timeline, the global green cement market is slated to index a CAGR of 9.0%.
  • Insulated Concrete Form Market size valued at US$ 854.8 million in 2021 growing at a CAGR, of 4.3% between 2023-2032.

About Us:

Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.

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Artificial Intelligence

TRON Forum collaborates with four major microcontroller manufacturers to hold TRON Programming Contest Using World-Standard Real-Time OS with 5 million JP YEN cash prize

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TOKYO, March 29, 2024 /PRNewswire/ — TRON Forum (Chair: Ken Sakamura, Professor Emeritus of the University of Tokyo) is pleased to announce that four microcontroller manufacturers, Infineon Technologies Japan K.K. (President & CEO: Ikuya Kawasaki), STMicroelectronics K.K. (Country Manager for Japan: Koichiro Takakuwa), NXP Japan K.K. (President & CEO: Masayuki Wajima), and Renesas Electronics Corporation (President & CEO: Hidetoshi Shibata) have collaborated with the Forum to hold TRON Programming Contest from Monday, December 11, 2023 jointly. The initial registration is being accepted now.

This contest is for engineers and students in Japan and overseas to compete in various  fields such as microcontroller applications, middleware, development environments, and tools using a member of TRON real-time OS (RTOS) family, “μT-Kernel 3.0” (*), which is a global standard of small-scale embedded computer systems.
(*) μT-Kernel 3.0 is an RTOS that fully complies with the real-time OS standard “IEEE 2050-2018” (IEEE Standard for a Real-Time Operating System (RTOS) for Small-Scale Embedded Systems) and runs on microcontrollers from various manufacturers.
Using the latest microcomputer boards provided by the manufacturers, contestants will compete in technologies that bring out the characteristics of RTOSs such as real-time performance, power saving, and small memory footprint, as well as development environments and tools that utilize new technologies.
The details of the contest with the total amount of cash prize, five million Japanese yen are at the following URL: https://www.tron.org/programming_contest/
About TRON Forum
TRON Forum was established in 2002 to promote TRON Project. We have been actively conducting activities centered on the T-Engine project, which prepares the development environment for embedded systems, and the operation of Ubiquitous ID Centers such as ucode.
In May 2015, Chair Sakamura received the ITU 150th Anniversary Award together with Bill Gates and others for his advocacy of open architecture TRON, which is the origin of ubiquitous networking and the IoT.
One member of the TRON RTOS family has been adopted as an international standard for real-time operating systems (RTOS) for small-scale embedded systems as 2050-2018 by Institute of Electrical and Electronics Engineers (IEEE), the world’s largest association of its kind and an international standardization organization. In 2023, the project leader, Chair Sakamura, received the IEEE Masaru Ibuka Consumer Technology Award from the IEEE in honor of the late Mr. Ibuka. In addition, the TRON RTOS family received the IEEE Milestone recognition in 2023.
URL: https://www.tron.org 
 
 

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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