February 24, 2024
Metal Roofing Market

Rising Demand For Products Offering Energy Efficiency And Sustainability is Projected Revenue Growth to Boost the Metal Roofing Market

Market Overview:

Metal roofing involves the use of different types of metals like steel, aluminum, copper, zinc, and titanium for constructing roofs of houses, industrial and commercial buildings. Metal roofing offers various advantages like durability, sustainability, fire safety, impermeability, and longevity. Metal roofs can last over 50 years without any major repairs and offer protection against storms, high winds, and severe weather. They do not rot, crack, warp, split or allow mold growth like traditional asphalt shingle roofs. Metal roofing can be recycled at the end of its useful life to reuse materials. Their reflective surface also helps reduce energy costs by lowering attic temperature.

The global Metal Roofing Market is estimated to be valued at US $ 9.5 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the metal roofing market is the rising demand for products offering energy efficiency and sustainability. Metal roofing reflects heat and sunlight which helps lower air conditioning costs in summers. Their recyclability and ability to reduce carbon footprint is fueling their adoption over conventional roofing materials. Rapid urbanization and growth of the construction industry is also augmenting the market growth as metal roofing is widely used in industrial, commercial and residential buildings. Stringent government regulations on fire safety and green building codes are further increasing the replacement rates of existing roofs with metal variants. Technological advancements are enabling manufacturers to develop stronger, lighter, and aesthetically pleasing metal roofing systems expanding their applications.

Porter’s Analysis

Threat of new entrants: High capital requirements for establishing a new roofing plant pose barriers for new companies entering the metal roofing market.

Bargaining power of buyers: The large number of established manufacturers in the metal roofing market limits bargaining power of buyers.

Bargaining power of suppliers: The metal roofing market has many raw material suppliers thus individual suppliers have low bargaining power.

Threat of new substitutes: Alternatives like clay, concrete and slate stone roofing offer limited threat as metal roofing has better durability, lifespan and is lightweight.

Competitive rivalry: The metal roofing market has many global and regional players competing on product quality, prices and technologies.

Key Takeaways

The Global Metal Roofing Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing spending on new construction activities and infrastructure development projects across regions. The metal roofing market size for 2023 is estimated to be US $9.5 Mn.

Regional analysis

Asia Pacific region dominates the metal roofing market currently due to presence of emerging economies like China and India with high construction spending. Rapid urbanization and increasing spending on residential and commercial infrastructure in China, India and other Southeast Asian countries are fueling market growth. North America also presents lucrative opportunities for metal roofing manufacturers owing to recovery in construction sector in the US.

Key players

Key players operating in the metal roofing market are 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). These companies dominate global production and supply of metal roofing through extensive distribution networks.

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