North America Roofing Market Size Was Valued At $25,684.5 Million In 2021

According to a new report published by Allied Market Research, titled, "North America roofing Market by Product Type, Material Type, Roof Type and Application: Opportunity Analysis and Industry Forecast, 2022-2031," the North America roofing market size was valued at $25,684.5 million in 2021, and is projected to reach $41,242.6 million by 2031, registering a CAGR of 4.9% from 2022 to 2031.

U.S. generated the highest revenue in 2021, and is expected to maintain its growth during the forecast period. Roofing products witnessed a higher demand owing to longer life span, easy installation, and availability of eco-friendly roofing materials.

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Moreover, technological advancements such as introduction of green roofing, which protects the buildings from direct solar heat in summers and minimizes heat loss in winters through added insulation on the roof, further strengthens the market growth. In addition, surge in construction industry in the U.S. and Canada are expected to increase the demand for roofing products. However, high initial installation costs of such roofing systems hamper the market growth. The impact of this factor is anticipated to reduce in future due to intense completion and technological advancements.

One of the primary factors driving the North America roofing market growth of the is the expansion of the residential and non-residential construction. In addition, governments are investing in residential sector due to rise in population and for better living standards. In 2020, the residential fixed investment in U.S. was $885 billion, accounting for 4.2% of the GDP. The increasing demand for single family houses has fueled the North America roofing market. Furthermore, low mortgage rates have significantly increased real estate investments from investors as well as home buyers. These factors are expected to boost the demand for roofing solutions in the U.S. Hence, due to rise in population, these investments in construction sector will increase the utilization of North America roofing and hence will drive the market growth.

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However, during the COVID-19 pandemic, various manufacturers in the North America roofing market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of North America roofing companies.

In addition, lack of manpower and raw materials also constricted supply of equipment of North America roofing system, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of North America roofing companies.

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Key Market Players

Beacon Roofing Supply, Inc.
Berkshire Hathway
Bridgestone Americas
Carlisle Companies Incorporated
CertainTeed (Saint Gobain)
FiberTite (Seaman Corporation)
GAF Materials Corporation
IKO Industries
Owens Corning
Sika Group

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.