Feb 26, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Roofing Tiles Market.
It was estimated prior to this unanticipated outbreak Roofing Tiles Market will reach CAGR of 6.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Roofing Tiles Market Insights
Roofing Tiles Market is likely to witness an impressive CAGR of 6.1% during the forecast period. Growing population coupled with increasing disposable income and economic growth around the globe is likely to facilitate the growth in demand for middle class housings and subsequently, the demand for roofing tiles during the forecast period.
Market Share Analysis
Roofing Tiles Market Share: By Type
Based on the type, the roofing tiles market is segmented as clay, concrete, and others. Concrete roofing tyles are expected to remain the largest segment during the forecast period owing to increased construction activities around the globe.
Roofing Tiles Market Share: By Application Type
Based on the application type, the market is segmented as residential and non-residential. Residential is the dominant segment of the market. Roofing tiles are widely used in construction of residential homes. Increasing global population and economic activities have resulted into an increase in demand for residential construction activities and hence roofing tiles.
Roofing Tiles Market Share: By Region
In terms of regions, Asia Pacific is expected to be the largest market for roofing tiles during the forecast period. The region consists of 50% of the world population and hence, major share of the construction activities around the globe. These constructions generate huge demand for roofing tiles in the region. China and India are the key growth engines of the region offering substantial growth opportunities during the forecast period.