The global roofing market is projected to reach USD 270.40 billion by 2026, at a CAGR of 4.9% from 2016 to 2026.
Rapid growth of the global roofing market is driven by increasing demand for roofing materials from residential, commercial, and non-residential sectors in the emerging economies and repairing and remodeling works being carried out in developed countries. High installation and manufacturing costs of roofing materials is the major restraining factor for the growth of the global roofing market.
The demand for chemicals used for roofing is increasing in the emerging economies, such as India and China, owing to continuous growth of the industrial infrastructure sector in these economies. Increased use of roofing chemicals in residential and commercial applications, such as retail spaces, shopping malls, and housing units, among others is fueling the growth of the global roofing market.
The Asia-Pacific roofing market is one of the fastest-growing markets, mainly due to population growth in the region and gradual increase in industrial, commercial, and residential infrastructures. Factors, such as modernization of power infrastructure, increased demand for transportation, enhancement of agricultural facilities, and growth of energy efficient and eco-friendly roofing systems in the region have led to the growth of the Asia-Pacific roofing market.
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