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Europe Roofing Tiles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The market for Europe Roofing Tiles is expected to grow at a CAGR of greater than 6% during the forecast period (2022-2027). Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, production halts have negatively impacted the market in 2020.
New York, April 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Roofing Tiles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271912/?utm_source=GNW
However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market studied during the forecast period.
Key Highlights
Major factors driving the market studied are increasing demand from construction industry and growing favorable government policies for green buildings.
Development of solar roof tiles is expected to offer various lucrative opportunities for the growth of market.
In terms of the end-user industry, residential sector is expected to account for the largest share.
Based on country, Germany is expected to dominate the regional market due to growth in the construction industry.
Key Market Trends
Consistent Growth of Residential Sector
The increasing usage of roofing tiles for residential applications is because it can reduce the overall heat transfer into the attic space by almost 70%, as compared to an asphalt shingle roof.
Roofing tiles are available for various types of residences, including single family homes, townhomes, condominiums, and apartment buildings. The installation of roofing tiles in residential applications is one of the most cost-effective choices, due to their long lifespan.
The United Kingdom Government, under NPIF, is planning to invest GBP 23 billion in housing, science and innovation, transport, and a 5G network over the next five years, of which around GBP 7.2 billion has been allocated for the construction of new homes and GBP 4 billion for infrastructure.
Furthermore, in United Kingdom, with the investment of USD 333 million, the construction of a 40-story residential tower and a 14-story office building at Albion Street in Central Manchester was commissioned in the third quarter of 2021, with estimated completion by 2024.
According to the European Commission, the French government under its Housing First Plan (Le Logement D’abord) (2018-2022) announced tax waiver. Under the 2020 budget, the housing tax has been entirely removed for 80.0% of French households. With regard to the remaining 20.0%, the country’s wealthiest households, there was a gradual decrease in this tax rate from 2021, followed by a complete cessation of housing tax by 2023.
According to Spain’s National Statistics Institute (INE), the net household construction is anticipated to increase at an average pace of around 135,000 units every year from 2019 to 2025. Thus , the residential construction is expected to grow significantly over the later periods of the forecast period.
Owing to all the above-mentioned factors for roofing tiles in Europe, its market is expected to grow rapidly over the forecast period.
Germany to Dominate the Market
The German economy is the largest in Europe, and the fifth-largest in the world. With the rising construction industry in the country, the demand for roofing tiles is likely to increase in the coming years.
In October 2021, the construction of a total of 29,597 dwellings was permitted in Germany. Building permits from January to October 2021 increased by 4.2% compared to the same period in the previous year.
Additionally, as of December 2021, turnover in building completion work increased by 9.1% in the third quarter of 2021 compared to the third quarter of the previous year, as reported by the Federal Statistical Office (Destatis).
According to the Federal Statistical Office (Destatis), in 2021, the construction of 380,914 dwellings was permitted in Germany, registering an increase of 3.3% or 12,325 building permits compared with 2020. Furthermore, the annual turnover in the main construction industry in 2021 was up 1.0% compared with the previous year.
Furthermore, the new German Social Democrat government is focusing heavily on the housing crisis in the country. The government is creating an entirely new ministry to supervise its housing plans. The government has pledged more than 400,000 new housing units every year from 2022, 100,000 of which will be publicly subsidized. This is expected to fuel the demand for roofing tiles from the residential segment.
Overall, all such factors are expected to drive the construction industry in the country, which, in turn, may drive the roofing tiles market through the forecast period.
Competitive Landscape
The Roofing Tiles market in Europe is consolidated, with the top five players accounting for major share of the market. The key players in the market (not in any particular order) include Wienerberger AG, BMI Group, Etex Group, IKO Industries Ltd., and Crown Roof Tiles.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06271912/?utm_source=GNW
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