The residential slate roofing market 2020 is prognosticated to attain a healthy valuation in terms of revenue. In a composite slate roofing, at least two surface made from different materials is combined. Durability of the product is likely to drive the growth of the market in the near future. In an observation offered by Market Research Future (MRFR), the global composite slate roofing market is projected to register 2.90% CAGR over the prognosis period 2017 to 2023. The valuation of the market is projected to reach USD 3438.1 Mn by the close of the assessment period.
Key players are innovating their product portfolio to sustain the curve. Composite slate roofing is being manufactured that contains fire retardant and UV inhibitors. These products offer extra protection which is anticipated to drive the growth rate of the composite slate roofing market in the foreseeable future. Urbanization has further pushed the demand for the product in recent years. This trend is assumed to continue in the upcoming years. Furthermore, industrialization in developing regions is also anticipated to generate demand for the product and augment the composite slate roofing market. Increasing population suggests a steady growth trajectory for the market. However, the availability of high-performance and low maintenance alternatives is projected to restrict expansion of the composite slate roofing market in the nearing years.
On the basis of type, the composite slate roofing market has been segmented into tiles, shingles, and shakes. Among these, the shingles segment accounted for 67.42% share of the market in 2016. Also, it is expected to strike the highest growth rate of 4.23% over the forecast period.
On the basis of application, the composite slate roofing market has been segmented into residential and non-residential. Among these, residential segment is projected to dominate the growth of the market. It is anticipated to lead the expansion due to rising population coupled with rapid urbanization. Developing nations are anticipated to exhibit more growth potential n the foreseeable future.
The geographical evaluation of the global composite slate roofing market is covered to present a detailed analysis. The regional segments covered in this report are as follows – North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW). All these segments are then analyzed on the basis of countries. Asia Pacific is the largest segment based on region. Rising population of the region has been observed to lead a demand growth in the construction industry. It is expected to drive the growth of the composite slate roofing market in the upcoming years. Industrialization is also poised to uncover new growth potential over the next few years. This regional segment was valued at USD 1136.6 Mn in 2016 and is projected to register 4.82% CAGR. Europe is also projected to attain a decent value reflecting a CAGR of 4.02% over the prognosis period.
DaVinci Roofscapes, LLC (U.S.), CertainTeed Corporation (U.S.), Ply Gem Roofing (U.S.), Enviroshake Quality Engineered Roofing (Canada), Moderne Slate Roofing Systems (U.S.), EcoStar LLC. (U.S.), Baker Roofing Company (U.S.), Inspire Roofing Products (U.S.), Colorado Roofing Contractors, LLC (U.S.), and Brava Roof Tile (U.S.) are the key participants of the composite slate roofing market. These players are innovating product lines to align themselves with ongoing industry trends. It is assumed to intensify competition among the participants of the market. Some of the growth strategies that can be witnessed in the market place are collaborations, agreements, mergers & acquisitions, partnerships, and alliances, among others. The composite slate roofing market is characterized by the presence of international and regional players. These players are trying to expand their footholds and the market is also anticipated to observe the entry of new participants.