Surge in residential & non-residential construction, increase in spending on home remodeling, and climate change propel the growth of the North America roofing market
PORTLAND, Oregon, June 12, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, North America Roofing Market Forecast by Type (Shingle Roofing, Tile Roofing, Engineered Solution Roofing, Paneled Roofing, and Structural Concrete Roofing), Material Type (Metal, Wood, Clay and Slate, Asphalt, Concrete, and Membrane), Roof Type (Flat Roof and Slope Roof), and Application (Residential, Commercial, and Industrial): Opportunity Analysis and Industry Forecast, 2018-2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the North America roofing market generated $29.86 billion in 2017, and is expected to reach $47.51 billion by 2025, growing at a CAGR of 5.9% from 2018 to 2025.
Factors such as new construction, renovation, and retrofitting activities for buildings as well as infrastructure, rise in expenditure on home remodeling, and rise in damaging weather conditions in the country boost the growth of the North America roofing market. However, shortage of adequate manpower, ignorance about the long-term benefits of roofing systems, and rise in roofing material costs are major challenges faced by the industry. Conversely, technological advancements and government investments in building infrastructure sector create new opportunities for growth of the market.
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Membrane segment to be through 2025
Based on material types, the membrane segment was the largest in 2017, capturing two-fifths of the market share and would maintain its dominance through 2025. This is because roofing membrane has become one of the most ubiquitous materials for use in residential and commercial constructions due to its ease of installation and favorable performance properties. However, the metal segment would grow at the fastest CAGR of 6.9% through 2025, owing to its characteristics, such as low maintenance, outstanding warranty up to 50 years, durability, and long-lasting performance.
Residential segment to be prolific through 2025
Among applications, the residential segment accounted for three-fifths of the total market share in 2017 and would retain its dominance through 2025. The segment is also likely to witness the fastest CAGR of 6.4% during the forecast period. Rise in demand for residential buildings and increase in consumer expenditure on home improvement and remodeling are expected to drive the segment. In addition, increased investments in the real estate sector in the U.S. and Canada over the last few years, growth in popularity of eco-friendly roofing technologies, and natural calamities such as heavy storms propel the market.
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U.S. to be lucrative through 2025
The U.S. market is expected to achieve the fastest growth of 6% during the study period. The market also generated 90% of the market share in 2017 and is expected to maintain this trend through 2025. This is due to large investments and spending on residential as well as non-residential construction projects in the region.
The report provides an analysis of the leading players operating in the North America roofing market. They include Beacon Roofing Supply, Inc., Berkshire Hathway, Bridgestone Americas, Carlisle Companies Incorporated, CertainTeed (Saint Gobain), FiberTite (Seaman Corporation), GAF Materials Corporation, IKO Industries, Owens Corning, and Sika Group.
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