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Steel Roofing Market Outlook: Analysis & Forecast 2024-2033
Steel Roofing Market Outlook
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According to The Business Research Company's, The steel roofing market size has grown marginally in recent years. It will grow from $4.21 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 1.8%. The growth in the historic period can be attributed to urbanization trends, construction industry growth, preference for sustainable solutions, government regulations, cost-efficiency.
The steel roofing market size is expected to see steady growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%. The growth in the forecast period can be attributed to population growth, climate change concerns, renovation and remodeling trends, increasing disposable income, focus on energy efficiency, global economic growth. Major trends in the forecast period include integration of smart roofing technologies, focus on weather-resilient and extreme climate solutions, introduction of pre-painted and pre-coated steel roofing products, rise in popularity of modular and prefabricated steel roofing systems, collaborations for sustainable roofing solutions.
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Market Drivers and Trends:
An increase in investments in the construction of residential buildings is expected to propel the growth of the steel roofing market going forward. A residential building refers to a building that is constructed for accommodation purposes and is used for normal residential purposes, with or without cooking or dining facilities. This construction includes one or more family dwellings, lodging, or rooming houses. Steel roofing material is used in the construction of residential buildings to cover the rooftops, and it lowers the cost of construction. For instance, according to Invest India, an India-based investment advisory, in the year 2021, foreign direct investment (FDI) in the construction development sector and construction activities stood at $26.16 billion. Infrastructure activities are contributing 13% share of the total Foreign Direct Investment (FDI) inflows, which is $81.12 billion. Therefore, an increase in investments in the construction of residential buildings is driving the growth of the steel roofing market.
Product innovations are the key trend gaining popularity in the steel roofing market. Major companies operating in the market are introducing new product innovations. For instance, in January 2021, ProVia, a US-based manufacturer of doors and roofing, launched a new metal roofing product line. The new metal roofing products from the company combine the elegance and beauty of slate or cedar shakes with the toughness and lifespan of a highly engineered galvanized steel roof system. ProVia's metal panels are 10% thicker than the industry standard (28-30 gauge), using 26-gauge (G90) hot-dipped galvanized steel, and weigh up to three times less than asphalt shingles. With a lifetime warranty on coating integrity and a 40-year warranty on chalking and fading, the unique GalvaTecTM four-part Kynar paint system offers long-lasting performance.
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Major Key Players of the Market:
Saint-Gobain SA, Nucor Corporation, Bridgestone Corporation, BlueScope Steel Limited, Kingspan Group plc, Fletcher Building Limited, Carlisle Companies Inc., Cornerstone Building Brands Inc., Boral Limited, Lindab International AB, Chief Industries Inc., Metal Sales Manufacturing Corporation, McElroy Metal Inc., Drexel Metals Corporation, The OmniMax International Inc., Safal Group, Ideal Roofing Co Ltd., Interlock Roofing Ltd., Isopan S.p.A., Wella Corporation, ATAS International Inc., Tata Steel Europe Limited, Reed's Metals Inc., Future Roof Inc., Jinhu Color Aluminum Group, Pruszynski Ltd., Balex Metal Sp. z o.o., Hangzhou Tianjing Building Materials Company, Singer-Ruser(HZ) Building Materials Tech. Co Ltd., Bjorkstrand Metal Roofing LLC, DECRA Roofing Systems Inc., Gerard Roofing Technologies, Hartman Roofing Inc.
Steel Roofing Market 2024 Key Insights:
• The steel roofing market size is expected to see steady growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%.
• Rising Investments In Residential Construction Fuel Growth In The Steel Roofing Market
• Product Innovations Drive Growth In The Steel Roofing Market
• Western Europe was the largest region in the steel roofing market size in 2023
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