ROOFING TILES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Roofing Tiles Market Size and Trends

The roofing tiles market is estimated to be valued at USD 13.06 Bn in 2024 and is expected to reach USD 19.77 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

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The demand for roofing tiles is expected to grow due to rising infrastructure development activities across the globe. Rapid urbanization and growing construction of both residential and commercial buildings will drive the market growth during the forecast period. Furthermore, repair and renovation of old buildings also contributes significantly to the growth of the roofing tiles market. Various government initiatives towards the development of sustainable infrastructure and buildings are further expected to provide potential opportunities for market players. However, availability of alternative materials for roofing and fluctuations in raw material prices may hamper the market growth. Overall, rapid economic development and improvement in lifestyle standard across developed and emerging countries will drive the global roofing tiles market.

Green Building Trends

With growing emphasis on eco-friendly and sustainable construction practices, there has been a marked rise in demand for green roofing materials across both the residential and commercial sectors globally. Several property owners and builders have started preferring roofing tiles that are produced from recyclable materials or those that provide better insulation. This reduces heating and cooling costs of the building and lowers carbon footprint over the lifespan of the building. Some major benefits of roofing tiles produced from clay and concrete include better reflectivity, heat resistance, noise protection, and ability to withstand wind loads. They are also highly durable and require lesser maintenance compared to other conventional materials. With consumers and builders prioritizing energy efficiency, aesthetics and eco-friendly attributes in construction, natural clay and concrete tiles have gained widespread acceptance. Their green and sustainable qualities are expected to continue driving augmented sales of roofing tiles worldwide.

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Rise of Remodeling and Renovation Market

The worldwide remodeling and renovation market has seen tremendous growth over the last decade due to aging building stock, rising disposable incomes, changing design preferences, and real estate investments. Homeowners are now continuously upgrading and improving their spaces with modern amenities, fixtures, and styling. Similarly, developers are repositioning and rejuvenating outdated commercial properties to boost occupancy rates and rental yields. Both the residential and non-residential segments have contributed to the vibrant remodeling industry across developed as well as developing economies. Since roof is one of the most prominent architectural elements, the replacement and refurbishment of existing roofing systems has emerged as a noteworthy segment within remodeling activities. This bodes very well for roofing tile manufacturers as old or damaged tile roofings are increasingly replaced with new designs, profiles, and material types available in the market. Advancements in tile-laying techniques have also enabled smoother transitions during remodeling tasks. All of these underpin strong growth opportunities for roofing tiles stemming from the thriving remodeling and renovation sector.