Request for Customization of this Report These advancements encompass various aspects, from the development of new materials and manufacturing processes to the integration of smart technologies for improved functionality and sustainability. Technological advancements play a crucial role in driving innovation and growth in the roofing market. Technological Advancement, is poised to slash the demand for Roofing This is leading more homeowners to choose these materials when they need to replace their roofs. New roofing materials, such as metal and asphalt shingles, are more durable and energy-efficient than older materials. As property values continue to rise, homeowners are more likely to invest in improvements to their homes, including new roofs. Property owners may choose to renovate their roofs to improve energy efficiency and reduce utility costs. Roofing materials with energy-saving properties, such as reflective coatings, cool roofs, or green roofs, are gaining popularity. There's a growing awareness of the importance of energy efficiency in buildings. In response, property owners are prompted to invest in repairs or upgrades to ensure their roofs can withstand these challenges. Harsh weather conditions such as storms, hurricanes, and heavy rainfall can cause significant damage to roofs. Germany France Italy Spain Benelux Nordic Countries Russia China India Japan South Korea Australia Indonesia Thailand Mexico Brazil Argentina Saudi Arabia UAE Egypt South Africa NigeriaĬlimate change and extreme weather events are becoming more prevalent. The MBA also reports that roofing is one of the most popular home renovation projects. This represents a 6.5% increase from 2022. In Australia, the Master Builders Association (MBA) reports that the value of home renovation projects is expected to reach $37 billion in 2023. The NFRC also reports that the number of roof replacements is increasing, driven by factors such as aging infrastructure and rising property values. In the United Kingdom, the National Federation of Roofing Contractors (NFRC) reports that the roofing industry is worth £4.5 billion per year. This represents a 4.5% increase from 2022. In the United States, the National Roofing Contractors Association (NRCA) estimates that the residential re-roofing market will reach $28.2 billion in 2023. Request for a sample of this research report As buildings get older, property owners are more likely to invest in renovations, including roof repairs or replacements. Roofs, being an integral part of any structure, are prone to wear and tear over time. As buildings and infrastructure age, there is a natural need for renovation and repair. The roofing market is expected to see significant growth in the coming years, driven in part by an increase in renovation and repair activities. Increase in Renovation and Repair Activities Have Played a Pivotal Role in Shaping Roofing Industry This remarkable growth trajectory is underpinned by a strong compound annual growth rate (CAGR) of 5.0% expected between 20. Looking ahead, the market's prospects appear even more impressive, with projections suggesting a significant increase to $197.6 Billion in 2023. 13, 2023 /PRNewswire/ - As per the most recent analysis conducted by We Market Research, the Roofing Market is on track to reach a value of $342.8 Billion by the end of 2033. Roofing Market to hit USD 342.8 Billion by 2033, Says We Market ResearchĬHICAGO, Dec.
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