The global roofing market is expected to register a 3.55% CAGR during the forecast period of 2018 to 2023. In 2017, the market was led by Asia-Pacific with a 30.13% share, followed by North America with a share of 26.04%. The factors responsible for the growth of the market are increasing investments in the construction industry and rapid urbanization.
The global roofing market has been segmented based on roofing, application, and region. On the basis of roofing, the tiles segment accounted for the largest share of 23.42% in 2017. Based on application, the residential segment accounted for the largest share of 39.63%. The growth of the roofing market is driven by the rise in construction activities and increased use of synthetic roofing products. However, the growth of the market can be hindered by fluctuating raw material prices and lack of skilled labor. The need for energy-efficient roofs is an opportunity in the market.