Report: North American Roofing Market to Hit $47.5 Billion by 2025
The North American roofing market is expected to hit $47.5 billion by 2025 — an increase from about $29.9 billion in 2017, according to a new report.
“North American Roofing Market: Opportunities and Forecasts, 2018-2025” was published by Allied Market Research.
The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition.
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.
Based on material types, the membrane segment was the largest in 2017, capturing two-fifths of the market share and is expected to 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 (compound annual growth rate) of 6.9 percent through 2025, owing to its characteristics, such as low maintenance, outstanding warranty up to 50 years, durability, and long-lasting performance.
Among applications, the residential segment is expected to account for three-fifths of the total market share in 2017 and retain its dominance through 2025. The segment is also likely to witness the fastest CAGR of 6.4 percent 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.
The U.S. market is expected to achieve the fastest growth of 6 percent during the study period. The market also generated 90 percent 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.