April 12, 2024
Metal Roofing Market

Metal Roofing Market is Estimated to Witness High Growth Owing to Growing Construction Activities

Metal roofs offer several advantages over conventional roofing materials like clay tiles and asphalt shingles. They are very durable and can last over 50 years without need for replacement. Metal roofs are fireproof, light-weight, energy efficient and highly reflective which helps reduce interior heat. They also add aesthetic appeal to commercial as well residential buildings. The global metal roofing market is expected to gain significant traction over the forecast period owing to rapid urbanization and rising need for new residential and commercial construction activities across both developing and developed nations.

The Global metal roofing market is estimated to be valued at US$ 10.95 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.

Key Takeaways
Key players: Key players operating in the metal roofing market include Tata Steel (Tata Group), BlueScope Steel Limited, Carlisle Syntec Systems, Ideal Roofing, ATAS International, Kingspan Group, Metal Sales Manufacturing Corporation, Linyi Jinhu Color Coating Aluminum Industry Co. Ltd., Drexel Metals Inc. (Carlisle SynTec Inc), and Reed’s Metals.

Key opportunities: Growing investments in commercial infrastructure like hotels, malls and office spaces in emerging nations offer significant growth prospects for metal roofing market players. Furthermore, rising spending on renovation and remodeling of old buildings in developed regions of North America and Europe presents another major opportunity area.

Global expansion: Leading metal roofing manufacturers are expanding their geographical footprint through strategic partnerships and acquisition of regional players. They are also focusing on providing innovative product solutions and lighting product categories to cater to varying customer needs across global construction industry.

Market drivers
Rise in construction spending: Significant investments in residential, commercial and industrial construction projects across both developed and developing countries is driving the demand for metal roofing systems. This is expected to remain a key growth driver for the market over the forecast period.

Favorable government policies: Supportive policies and building codes mandating use of durable and energy efficient roofing materials are encouraging widespread adoption of metal roofing in place of conventional materials like clay tiles and asphalt shingles. This is fostering market growth.

PEST Analysis

Political: The Metal Roofing Market Size is regulated by various policies and regulations regarding product standards and installation processes. Changes in policies can impact demand trends.

Economic: Factors such as rise in construction activities, growth in disposable incomes, and home improvement projects drive the demand for metal roofing systems. Economic downturns negatively impact market growth.

Social: Rising popularity of metal roofing due to advantages such as longevity, low maintenance, durability, and curb appeal positively influence the market. Customers prefer aesthetically attractive roofing options.

Technological: Advancements in coating and manufacturing technologies help provide metal roofing systems with superior properties such as corrosion resistance and minimal thermal expansion. Use of cool roof technologies further aid the market.

The metal roofing market in terms of value is concentrated highly in North America and Asia Pacific regions due to large construction sectors and infrastructure development activities. Europe is another major regional market.

South America region is witnessing the fastest growth for the metal roofing market supported by increasing construction of residential and commercial buildings along with rising expenditure on infrastructure modernization projects across countries like Brazil and Argentina. Ongoing urbanization is further expected to propel future demand.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it