The roofing market is projected to be worth $136.9 billion by 2027, according to Market Research Future's “Roofing Market Research Report, by Roofing, Application and Region - Forecast till [sic] 2027.”
The market is forecast to register a compound annual growth rate of 4.85% between 2021-27, according to the report. It was valued at $97.2 billion in 2020, the report said.
Rising infrastructure development is a key driver for the roofing industry, according to MRF.
The construction of a modern building has a favorable effect on the roofing industry, MRF said in the report.
The report goes on to say that a modern, elegant, and efficient roof can improve the overall appearance of the building and rising infrastructure development will continue to boost the need for modern roofing systems.
Another important market driver, per MRF, is the rising usage of synthetic roofing.
Synthetic roofing is a type of artificial roofing that can be used to complete the look of a building's interior, MRF noted.