Asia Pacific Roofing Materials Market size exceeded USD 44 billion in 2020 and is estimated to witness 4.9% CAGR from 2021 to 2027. The market growth is due to developments made in private projects in growing economies.

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Rising disposable cashflows, simple accessibility over advances, and income moderateness have led owners to spend more on repair & remodel projects. The increasing trend of modifying buildings and improving the residing structure designs will lead to a rise in roofing material product sales. Increasing awareness of consumers about energy-proficient materials and the rising R&D efforts by a few makers to upgrade the energy-effective ratings of their products will additionally increase product penetration.

Asia Pacific Market, By Material

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The bituminous materials segment dominated over 36% volumetric market shares in 2020. Bituminous materials, such as asphalt shingles, are the most frequent and favored materials. High durability, strong fire & wind protection, and excellent aesthetics are some of the primary advantages of bituminous materials. The need for materials is being strengthened by the introduction of new asphalt shingles that can withstand heavy impacts.

Asia Pacific Market, By Type of Construction

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The new building activities segment will showcase around 5% growth rate during the forecast period, due to rising industrialization & urbanization in developing countries. Several economies including India, China, and other Asia Pacific nations are promoting residential buildings through customer-friendly approaches and the introduction of economic housing plans. Furthermore, easy access to loans and rising disposable incomes of middle-class households around the world are pushing the material demand.

Asia Pacific Market, By Application

The non-residential applications segment will reach USD 25 billion revenue by 2027, driven by rising commercial spaces in emerging economies, increased industrialization among nations, the establishment of new institutes, and policies of emerging markets regarding FDI in numerous sectors. The category will be strengthened by the creation of new automotive manufacturing facilities in Asia Pacific as well as the need for metal roofing products for these plants.

Asia Pacific Market, By Country

China roofing materials market held nearly 48% revenue share in 2020, attributed to the strong economic growth of the region. In addition to the country’s large population, the presence of multiple product manufacturers drives the market growth. The region is home to about 60% of the world's population and is a manufacturing hub of electronics and automotive components. Continued growth in disposable incomes and rapid growth in the housing sector in nations including India, Indonesia, and South Korea are also boosting the industry growth.

Competitive Industry Landscape

Prominent participants operating across the Asia Pacific market include Tata Steel, JSW Group, and Maxroof Corporation Pvt. Ltd. Companies are planning to invest in product launches and build new manufacturing facilities in the Asia Pacific region to increase market shares. In addition, the development of new shingles with an energy-efficiency rating and the launch of new titles will drive the industry expansion.