Metal Roofing Market to Grow at Highest Pace Owing to Rising Residential Construction Activity
The metal roofing market has witnessed significant growth over the past few years owing to the rising demand from the construction industry. Metal roofing provides long-lasting durability and weather resistance as compared to other roofing materials like asphalt shingles or clay/concrete tiles. Metal roofs do not burn, rot or corrode and can withstand high winds making them suitable for areas prone to hurricanes, fires, or storms. They are 100% recyclable at the end of their useful life and boost curb appeal and brand image for commercial buildings.
The Global Metal Roofing Market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the metal roofing market include Faurecia, Magna International Inc., Lear Corporation, Grupo Antolin, Yanfeng Automotive Interiors, Adient, Grammer AG, Toyota Boshoku Corporation, DRÄXLMAIER Group, IAC Group, Calsonic Kansei Corporation, Sumitomo Riko Company Limited, Sage Automotive Interiors, TS Tech Co., Ltd., and Sanko Gosei Ltd.
The rising population and rapid urbanization have fuelled the demand for residential and commercial construction activities. With increasing construction of residential and commercial buildings, the demand for durable and aesthetic roofing materials like Metal Roofing Market Growth has increased substantially. Metal roofs have higher wind resistance, fire resistance, and longevity compared to other materials which has boosted their use in construction.
Metal roofing manufacturers are focusing on developing new product varieties with improved durability, fire resistance, soundproofing, and aesthetics using advanced coating and alloying techniques. New metal alloy formulations that provide self-cleaning and increased solar reflectivity without compromising on durability are expanding application areas.
Market Trends
Increasing Renovation and Re-roofing Activities - The rapidly aging building stock in developed economies is driving robust growth in the renovations and re-roofing market. Metal Roofing Market Size and Trendshave greater reuse potential through re-roofing projects compared to other materials.
Rise of Green Building Projects - Use of sustainable and energy-efficient materials like metal roofing that do not require treatment or replacement for 50 years is witnessing strong demand in green construction projects worldwide. The LEED certification incentives for metal roof usage will further propel the market.
Market Opportunities
Strong Demand in Emerging Economies - Rapid urbanization and growing construction spending in developing regions of Asia Pacific, Latin America, Middle East, and Africa will present massive opportunities for metal roofing manufacturers globally over the coming years.
Growing Popularity of Customized and Aesthetically Appealing Metal Roofs - The scope for creative designs, finishes, and options enhanced durability, functionality and curb appeal will boost usage of metal roofing in residential segment notably.
Impact of COVID-19 on Metal Roofing Market
The outbreak of COVID-19 has significantly impacted the global metal roofing market. During the pandemic, construction activities were stalled across many countries due to lockdowns imposed by governments to control the spread of the virus. This adversely affected the demand for metal roofing in 2020. However, with economies restarting gradually, the market is expected to witness steady growth from 2021 onwards.
The key factor driving the market's recovery post-pandemic is rising investments by governments as well as private entities in infrastructure development projects. Many countries are undertaking major initiatives to boost economic growth through construction of roads, rail networks, power grids etc. This is augmenting the demand for metal roofing. Moreover, increasing emphasis on sustainable building practices is favoring the use of metal roofing over traditional materials due to its durability and recyclability.
Going forward, rapid urbanization and growth of the real estate sector particularly in developing nations will continue fueling market expansion. However, volatile metal prices remain a challenge. To counter this, manufacturers are focusing on cost optimization and developing lightweight metal roofing products. They are also introducing advanced coating technologies to enhance aesthetic appeal and durability of roofs. In addition, increasing popularity of green buildings worldwide presents significant opportunities for market players. Overall, with robust construction activities worldwide, the metal roofing market is poised to regain momentum in the coming years.
The United States accounts for the major share of the global metal roofing market in terms of value. This is attributed to factors such as strong construction industry, frequent extreme weather events necessitating durable roofing solutions, and availability of tax credits for metal roof installation in several states. The Asia Pacific region excluding Japan is projected to witness the fastest growth during the forecast period, driven by rapid urbanization and infrastructure development taking place in China and India. The growing construction of residential properties especially in tier 2 and tier 3 cities will boost regional demand for metal roofing.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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