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2024 Global Roofing Industry Report

Posted on May 16, 2024 By

The global roofing market is growing at a compound annual growth rate (CAGR) of 3.7% from $267.64 billion in 2023 to $277.42 billion in 2024. This growth can be attributed to growth within construction and real estate, urbanization trends, climate and weather, architectural styles and trends, and the need for maintenance and replacement.

The roofing market is on pace to see sustained growth over the next few years, growing at a CAGR of 4.3% to reach $327.83 billion in 2028. This growth will be due to an enhanced focus on sustainable and eco-friendly practices, resilience to extreme weather events, innovative materials, energy efficiency requirements, government regulations, and building codes. 


Market Segmentation

The roofing market is segmented by:

• Type: Flat Roof, Slope Roof 

• Roofing Material: Bituminous Roofing, Asphalt Shingle, Metal Roofing, Concrete Roofing, Tile Roofing, Single-Ply Roofing, and Other

• Application: Residential, Commercial, Non-Residential

Market Trends

Among the significant trends in the roofing industry are:

• Customized roof design 

• Aesthetic trends in roof design

• Integration of green roofing practices

• More lightweight and modular roofing solutions

• Emphasis on weather-resistant coatings and sealants

• Technology integration in roofing installation and maintenance

Regarding materials, demand is growing for eco-friendly, energy-efficient, and durable options such as metal roofing, solar tiles, and more remarkable roofs. However, the demand for asphalt shingles, concrete and clay tiles, and roofing membranes remains strong. The sector is expected to continue to evolve and be centered on sustainability, innovation, and improved performance.

The right resources. The right process. The right buyer. The right time is now.

Infrastructure Development Drives Market Growth

As infrastructure development increases, it is driving the growth of the roofing market. Roofing is necessary for nearly every construction project, as it protects from rain, snow, sunlight, wind, and extreme temperatures. 


The Increasing Role of Climate Change

According to a 2023 report published by the World Health Organization (WHO), about 3.6 billion people reside in regions highly vulnerable to the impacts of climate change. As climate change persists, it continues to impact the roofing sector. This includes alterations in the long-term patterns and averages of atmospheric conditions, such as temperature, precipitation, humidity, wind, hurricanes, and tornadoes. Roofing materials can be crucial in adapting to climate change through durable and resilient roofing materials. More homeowners and builders prioritize weather-resistant and energy-efficient solutions to withstand severe events. 

Technological Innovations

New technological advancements have become prominent in the roofing sector. Major roofing companies are relying on innovations to sustain growth. This includes innovations in roofing materials, such as solar shingles, cool roofing, innovative roofs, modular roofs, and advanced insulation. New methods are also resulting in more durable, efficient, and aesthetically attractive roofing options. Roofing contractors also use the latest tools and software for improved project management, 3D modeling, and digital estimation.

Innovative Tiled Roof Solutions

Tiled roofing systems comprise individual overlapping tiles, and major roofing companies are developing innovative products to serve more extensive customer bases, increase sales, and boost revenue.

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Roofing contracting is a highly fragmented industry. For example, the top five players represent less than 5% of the market share in the U.S. The global roofing industry is also highly competitive and diverse, with numerous players competing for market share. Key factors that impact the competitive landscape include product innovation, pricing strategies, distribution networks, and brand recognition. Major companies in the sector offer a wide range of roofing materials, and regional players and local manufacturers also contribute to the industry's competitive dynamics.


M&A activity in the roofing sector has increased recently as small and mid-sized independent companies look for succession strategies and financial partners to create growth opportunities. Even with ongoing recent consolidation trends, the number of roofing companies in the U.S. is forecast to grow through 2027. Small, localized companies that continue to enter the market are driving this growth.

The key vendors in the global roofing sector are focused on several growth strategies to maintain and expand their market share. These strategies include product innovation, technological advancements, strategic partnerships, and mergers and acquisitions. By continuously evolving product offerings and adopting new technology solutions, vendors can meet customers' changing needs and stay ahead of the competition. Strategic partnerships and acquisitions, in particular, enable them to grow their physical presence and diversify their product portfolios, which allows them to cater to a more extensive customer base and improve their overall position in the industry. Their key growth strategies are focused on driving expansion, increasing market penetration, and sustaining long-term competitiveness.

Schedule A Call

Americas: Sam Smoot at +1 (813) 898 2350 /

Europe: Michael Lawrie at +44 (0) 161 359 4400 /

Africa: Anthony McCardle at +27 21 300 2055 / 


Benchmark International is a global M&A firm that provides business owners with creative, value-maximizing solutions for growing and exiting their businesses. Benchmark International has handled over $11 billion in transaction value across various industries from offices across the world. With decades of M&A experience, Benchmark International’s transaction teams have assisted business owners with achieving their objectives and ensuring the continued growth of their businesses. The firm has also been named the Investment Banking Firm of the Year by The M&A Advisor and the Global M&A Network as well as the #1 Sell-side Exclusive M&A Advisor in the World by Pitchbook’s Global League Tables.





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