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As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
The US Roofing Market is Worth US$ 12 Bn, with Metal Roofing Going Strong
The product development in the roofing market has been slow, especially considering the price competition in the mature markets like the USA. For over a year, the emphasis of the industry players has been limited to the same things like improved impact and wind resistance, better heat insulation with increasing energy-efficiency requirements, and new colours and surface textures to give a more natural look. Only a few big players in the industry are witnessing an incremental product innovation.
About 75% of all residential roofing is still dominated by asphalt. However, there has been a steady increase in the market share for metal in the US roofing market. The other new products worth mentioning include photocatalytic shingles that can covert the pollutants in the air to harmless salt, which can be washed off the roof, and of course, the latest solar tiles that can also produce electricity.
As these innovations enter the roofing mainstream, it is essential to focus on the basics like:
- Products that can enhance energy efficiency by lowering cooling as well as heating loads.
- An ability to take a beating from the weather.
- And, the most important of all, an ability to improve the aesthetics.
The Rise of Metal Roofing:
The share of metal roofing is on a gradual rise. Despite being twice as expensive as compared to asphalt, it has now reached a share close to 10% of the total roofing materials market.
Metal roofing is getting a strong hold on the residential roofing market, with a more robust growth than any of the other materials. Some of the key factors driving the growth are:
- Environmental Concerns – Metal is easy to recycle, while materials like asphalt are every recyclers’ nightmare.
- Aesthetics – Metal can be carved out easily into a design of choice. While screw-down, standing-seam, and corrugated agricultural roofing are the common metal roofing types available in the market, metal roofing also comes in stone-coated shingles offerings, which give the look and feel of clay tiles or shakes.
Considering its growth and its preference over asphalt we at EMR feel that a CAGR of about 7% for metal roofing in North America through 2020 should be a fair estimate.
Related Links:
https://www.expertmarketresearch.com/reports/roofing-market
https://www.expertmarketresearch.com/reports/ceiling-tiles-market
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