North American Roofing Material Market size is projected to reach USD 40 billion by 2027, according to a latest forecast report by Graphical Research.
The growing residential and commercial construction sector along with the development of new roofing products will drive the market growth over the forecast timeframe. The rising investments in housing society, warehouse, logistics, public institutes, and public safety sectors are fueling the roofing material market share. Manufacturers offering customizable product offerings as per end-user specifications will propel the industry expansion.
The easy availability of loans, rising disposable income, and increased affordability have triggered home resonation activities in the region. The rising interest of consumers toward home remodeling will enhance the aesthetics of living structures and provide opportunities for industry expansion. Additionally, stringent energy-efficient regulations for building & construction along with the growing interest of customers in green building solutions will support product consumption over the forecast timeframe.
The growing awareness about energy-efficient roofing products along with rising R&D activities by several manufacturers to enhance energy-efficient ratings of their products will further drive the North America roofing material market demand. For instance, in January 2018, TAMKO Building Products, Inc. announced that its Heritage series laminated asphalt shingles received ENERGY STAR qualification from the Cool Roof Rating Council (CRRC). The laminated asphalt shingles can reflect an accountable portion of the sun’s rays, lowering the amount of energy required to cool the room.
The COVID-19 pandemic has adversely affected the construction industry across the globe. The first half of FY2020 was a major setback to the construction industry, and countrywide lockdown and halt of major commercial & residential construction projects showcased an exponential decline in the sales of roofing materials. According to Asphalt Roofing Manufacturers Association (ARMA) FY2020 Q2 report, the shipment of shingles in the U.S. was 9.3% lower compared to the FY2019 Q2 report.
Innovations in bio-based plastics are expected to rise substantially through 2027 owing to rising awareness about the adverse impact of plastic waste on the environment. The bioplastics are made from plant-derived materials and their adoption will curb the use of petroleum resources and reduce carbon dioxide. The materials can be dyed and emissions of Volatile Organic Compounds (VOCs) associated with the painting process can be reduced. Several automobile manufacturers, such as Toyota, Mazda, etc., are engaged in the development of new bioplastic grades.
Browse detailed statistical insights from the report, “North America Roofing Materials Market Forecast 2027 By Type Of Construction (New Construction, Reroofing), By Material (Bituminous, Concrete & Clay Tiles, Metal, Elastomer, Plastics), By Application (Residential, Non-residential), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The metal segment is poised to observe a significant growth during the forecast period due to high resistance, impermeability, and long-lasting nature. Moreover, the metal roofing materials are incredibly flexible and easy to fabricate. These materials can be recycled, quickly installed, and repaired. Furthermore, roofing materials are gaining popularity among retail stores, shops, and homes since they offer protection against natural factors and also help to lower the temperature. The segment set to showcase growth rate of over 7.5% CAGR between 2021 and 2027.
The reroofing segment dominated over 80% market share in 2020. The key factor for dominance is the presence of a large number of old houses in the region with the need for renovation & refurbishment, enhancing energy efficiency and aesthetics of the houses. Further, the increasing usage of roofing materials to replace old clay tile roofing or old coating material in commercial & residential spaces will drive the industry growth.
The residential segment will exhibit a CAGR of 4.5% from 2021 to 2027. The growing population, rising urbanization, and a positive outlook of the residential construction sector across the region are expected to drive the market over the forecast timeframe. Furthermore, the development of customized aesthetically appealing roofing solutions and a wide range of product portfolios are expected to support the industry outlook.
The Canada roofing material market will gain remarkable momentum during the forecast timeline. The proliferating commercial construction sectors in the country are expected to drive the market expansion. The growing presence of several distributors in the region along with the expansion of domestic roofing manufacturers in the country is driving the market size. Further, the positive outlook of the residential construction sector is supporting the market value.
The North American roofing material market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
North America Market, By Material
- Concrete & clay tile
North America Market, By Type Of Construction
- New construction
North America Market, By Type Application
- Non residential
The above information has been provided for the following countries: