Groups of professional roofing contractors and home builders come together to host events like International Roofing Exposition (IRE) in North America and in other places. There, manufactures and makers of roofing products come to discuss interest, markets, and trends in the roofing industry. Such meetings provide updates, networking opportunities, and most importantly, you are properly informed so that you can make informed decisions. MyRoofingPal provides current trends that you should understand about the market trends roofing industry.
1. Innovative features are pushing growth in the industry
Many sales are driven by roof requests for commercial and residential purposes. This especially goes for people with capital investment in real estate. Bulk orders for innovative and unique looks for new buildings are driving the industry forward. Even more, growth comes through roofing repairs, improved features such as eco-friendly roofing materials, green roofing, and the use of drones for roof inspections. Innovation and enhanced features are a major market trend causing growth, at this moment.
2. Market segmentation is a valid sales strategy
With the current segmentation in the market based on roofing type, tile roofing is moving at a slightly higher pace than others and the niche is expected to witness it shares rise to 3.89%. Of the three categories of roofing applications −the industrial, commercial, and residential roofing, the residential segment is leading the market because more than ever before, more people are seeking to own houses for themselves and some are building houses to accommodate immigrants.
3. The Asia Pacific maintains a driving force of market growth
The dominating parts of the world in the market include Asia Pacific, Europe, and North America. Asia has a large population advantage and as such, has been a major force in the market. With sales booming from Japan, India, and China, Asia Pacific holds the wheel and is expected to do so for a long time. Major propellers of market growth in the Asia Pacific is urbanization, growing industrialization, increment in the construction industry, and growing economy that makes roofing products and materials to be available at cheap prices. America is driving because it has high consumer spending, majorly. These facts can help you make the right decisions.
4. Weather plays a role
Extreme weather hits, e.g. storm, hurricane, hailstones, etc. are becoming a major factor that raises the cost of roofing materials. More people are investing in products that they think can withstand harsh weather conditions while some are getting new materials to fix their faulty roofs. Hence, manufacturing companies of roofing materials are witnessing increment in sales, considering recent weather log.
5. Bonds and productions are getting strengthened with the improved market
Major game influencers such as Etex SA (Belgium), GAF Materials Corporation (US), Wienerberger AG (Australia), Duro-Last Inc. (US), and so on are stepping up their games to hold the fore of the market. These game influences are innovating new products according to trends and customer’s request, e.g. eco-friendly roofs. In fact, stronger brands are acquiring, merging and collaborating with other brands to increase competitive chance.