Metal Roofing Market is Estimated to Witness High Growth
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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Tata Steel (Tata Group), BlueScope Steel Limited, and Metal Sales Manufacturing Corporation have strong market presence. They have wide distribution network and strong brand recognition. Metal roofing provides durability and saves maintenance costs as it has long lifespan of 30 to 50 years. Metal roofing options are aesthetically appealing and come in wide variety of colors, styles, and designs.
Weakness: High initial installation cost of metal roofing compared to other roofing materials like asphalt shingles. Regular maintenance is required to keep the metal surface clean and prevent rusting and corrosion in harsh weather conditions. Metal roofs are relatively heavy and require strong roof structures for installation.
Opportunity: Growing construction industry globally due to rapid urbanization and industrialization is driving the demand for metal roofing. Increasing remodeling and renovation activities of old houses and buildings also provide growth opportunities. Governments of various countries offer subsidies and tax benefits for installation of metal roofing which reduces payback period.
Threats: Fluctuating prices of raw materials like steel and aluminum increase the cost of manufacturing of metal roofing. Growing popularity of other sustainable roofing materials like clay tiles and concrete tiles can hamper the market growth. Strict environment regulations regarding recyclability of metal roofing pose challenges.
Key Takeaways
The Global Metal Roofing Market Demand is expected to witness high growth. 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 6.5% over the forecast period 2023 to 2030.
Regional analysis related content comprises Asia Pacific region dominates the global metal roofing market and is expected to maintain its leading position during the forecast period. This is attributed to growing construction activities in China and India. Moreover, increasing population, rapid urbanization, and rising disposable income are driving the demand for metal roofing in this region.
Key players related content comprises 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). Tata Steel and BlueScope Steel are the leading manufacturers of Galvanized steel and Color coated steel roofing sheets which are the major raw materials used in metal roofing. Carlisle Syntec Systems offers a wide range of metal roofing systems, underlayments, and accessories.
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