Roofing Tiles Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Roofing Tiles Industry Hit Worst due to Russia-Ukraine War Impact?
The global roofing tiles market size is expected to showcase considerable growth in the foreseeable future due to the expanding construction and building industry. This information is published by Fortune Business Insights in its report, titled “Roofing Tiles Market, 2021-2028“. These tiles are utilized to protect houses or buildings from various elements such as snow, rain, hail, or fire. They are also recommended by builders for reducing energy consumption in comparison to other materials such as pure concrete. For instance, American Builders & Contract Supply Co. is one such roofing giant in the USA with annual revenue of USD 3 billion and employs almost 6000 workers. The company is a major in producing such tiles and constantly focuses on strengthening its position in the country.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Roofing Tiles Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Roofing Tiles Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
By product type, the market is segmented into clay, ceramic, concrete, and others. On the basis of application, the market is classified into non-residential, residential, and industrial. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale of the market for roofing tiles. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Increasing Demand for Eco-Friendly Cooling to Aid Growth
The rising awareness of builders regarding the cooling and insulating properties of roofing is garnering substantial roofing tiles market growth. The builders are using these styles for aesthetic designs in residential and commercial buildings to enhance their comfort level. The cooling and insulating properties of roofing also reduce energy consumption which further acts as a major driver for eco-friendly consumers.
The rising number of development and renovation projects in developed countries such as the USA is anticipated to drive the market. Moreover, the restoration of various old buildings and housing structures in Europe also augments substantial demand for the product.
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Re-roofing Activities to Surge Product Demand in North America
North America is anticipated to hold considerable roofing tiles market share during the forecast period. This is due to the high consumption and production of the product in the region. Various renovation activities in the region and increasing adoption of aesthetic looks are fueling the region’s market.
Europe is expected to hold a substantial market share in the foreseeable future. This is due to the restoration of old housing structures as well as re-roofing. The climate of the region requires constant maintenance for optimal usage of the product.
Strategic Product Launches by Market Players to Gain Competitive Edge
The market for roofing tiles is consolidated with few global and regional players. This includes prominent players such as Tesla Inc., with their advanced products dominating a targeted consumer base. Such a presence of eminent companies intensifies the market competition and augments technological advancement. This has resulted in research and development to upgrade products. Moreover, strategic product launches and collaborations by the new entrants of the market showcase the market development.
May 2021: Hitit Terra, a Turkish pottery house, recently launched stylish roofing tiles for birdhouses. The tiles were designed and made available at USD 4-7 to encourage bird conservation in the locality. It has received recognition and praise from various organizations, municipalities, and social media.
List of Key Players Profiled in the Market:
- Tesla Inc.
- Standard Industries Inc
- Brickworks Limited
- Trevis Perkins
- Boral Roofing
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