Market Overview
Metal roofing provides durability and sustainability benefits over other roofing materials. They come in a variety of materials and styles and are known for their sleek appearance and Class A fire rating. Their non-combustible nature makes them suitable for fire-prone areas.
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
Metal roofing is gaining popularity in residential construction driven by its intrinsic advantages over other roofing materials. It is lightweight yet highly durable and can withstand hail, high winds, fire and other natural calamities better than asphalt or clay roofing. Metal roofing comes with long lifespans of 50 years or more requiring little to no maintenance over its lifetime. Homeowners are attracted to its anti-slip surface, energy efficiency and aesthetic looks replicating wood shake or slate roofs. They offer homeowners peace of mind against unexpected repair costs over the long run making metal roofing a worthwhile investment.
SWOT Analysis
Strength: Metal roofing has high durability and lifespan compared to other roofing materials. It is resistant to extreme weather conditions like hail, strong winds, etc.
Weakness: The initial installation cost of metal roofing is high compared to other materials. Metal roofing is also heavier than other roofing types.
Opportunity: Increasing demand for green buildings is creating opportunities for metal roofing as it is 100% recyclable at the end of its lifespan. Governments in various countries are promoting usage of metal roofing through incentives and subsidies.
Threats: Fluctuations in raw material prices can increase the costs. Advent of new roofing materials like tile roof shingles pose threat to metal roofing market share.
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 construction activities across residential and non-residential sectors.
Regional analysis:
North America dominates the global metal roofing market owing to early adoption of advanced roofing materials and increasing repair and renovation projects in the USA and Canada. Asia Pacific is expected to be the fastest growing market for metal roofing due to rising construction spending in China and India.
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), and Reed’s Metals. Major players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
