The global roofing industry is expected to reach $342.8 billion by the end of 2033.
The Times reported that the market’s future prospects are even more promising, with projections indicating a notable rise to $197.6 billion in 2023.
Analysis by We Market Research that supported this. The paper stated that a robust compound annual growth rate of 5.0% is anticipated between 2024 and 2033, supporting the outstanding growth trajectory.
Concerning increased renovation and repair activity in the upcoming years, the roofing market is predicted to rise significantly, partly due to an increase in renovation and repair activity.
According to the National Roofing Contractors Association, the home re-roofing industry in the United States is expected to reach $28.2 billion by 2023. Compared to 2022, this is an increase of 4.5%.
The National Federation of Roofing Contractors in the United Kingdom claims that the roofing industry is valued at £4.5 billion annually.
According to the NFRC, issues including ageing infrastructure and rising property values are contributing to an increase in roof replacements.
The value of home remodeling projects in Australia is projected to reach $37 billion in 2023, according to the Master Builders Association.
Compared to 2022, this is an increase of 6.5%. Roofing is one of the most popular home improvement projects, according to the MBA.
As long as property prices stay high, homeowners are more willing to spend money on home upgrades, such as new roofs, according to the survey.
It also mentioned how contemporary roofing materials—like metal and asphalt shingles—are stronger and use less energy than their predecessors. As a result, more homeowners are selecting these materials for roof replacements.
It mentioned that drones are increasingly frequently utilized to survey roofs, offering a more effective and safe substitute for more antiquated techniques.
It was also mentioned that they have the ability to swiftly cover wide areas and take sharp pictures, which enables the early identification of possible issues.
More environmentally friendly roofing materials are being developed as a result of technological developments. These include green roofs, which enhance air quality and offer insulation, and solar tiles, which produce clean energy.
