Roofing Tiles Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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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 have 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 Asia-Pacific region and growing favorable government policies for green buildings.

- Fluctuations in prices of raw material and high prices of roofing tiles & 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.

Key Market Trends

Residential Construction to Witness Noticeable Growth

- The increasing middle-class population, coupled with their increasing disposable income, has 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 their 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.

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- The highest growth is expected to be registered in the Asia-Pacific, North America region, due to the expanding housing construction market in China, India, United States, etc.
- The United States dominated the North America region with a rapidly growing rate of residential construction. According to US Censor Bureau, Purchases of new single-family homes increased 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 immensely drive the residential construction segment in the country.
- All the aforementioned factors are expected to increase the market for roofing tiles, during the forecast period.

Asia-Pacific Region to Dominate the Market

- The Asia-Pacific region dominated the roofing tiles market. With growing investments in residential and commercial construction in countries, such as India, China, the Philippines, Vietnam, and Indonesia, the market for roofing tiles is expected to increase in the coming years.

- Currently, China has numerous airport construction projects, which are either in the development or planning stage. The Civil Aviation Administration of China (CAAC) aims to construct 216 new airports by 2035 to meet the growing demands for air travel. China had a total of 234 civil airports at the end of October, and this number is likely to hit 450 by 2035. Additionally, the government rolled out massive construction plans for the movement of 250 million people to its new megacities, over the next 10 years.

- 13 major cities and provinces, including Beijing, Shanghai, and Fujian province, released investment plans and major infrastructure projects for 2020. Eight cities and provinces announced their investment budgets, which in total amount to 33.83 trillion yuan (USD 4.8 trillion). Another eight provinces said they would invest up to 2.79 trillion yuan in total, although they have yet to announce their plans.
- In India, the construction industry in value terms is expected to record a CAGR of 15.7% to reach USD 738.5 billion by 2022.

- The Indonesian government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to drive residential construction in the country.
- Hence, such investments and planned projects in various countries are driving the construction activities in the region.

Competitive Landscape

The global roofing tiles market is fragmented in nature. Some of the major players in the market include BMI Group, IKO Industries Ltd, Wienerberger AG, Crown Roof Tiles, and Terreal among others.

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