Roofing Market in North America 2018-2025: Business Development and Growth Opportunities by Industry Expert
PORTLAND, OREGON, UNITED STATES, December 2, 2020 /EINPresswire.com/ — North America Roofing market size is projected to reach $47,517.8 million in 2025, growing at a CAGR of 5.9%. In value terms, the flat roof segment accounted for over two-thirds of the North America roofing market share in 2017 and is expected to witness significant growth during the forecast period.
Factors such as new construction, renovation, and retrofitting activities for buildings as well as infrastructure, rise in expenditure on home remodeling, and rise in damaging weather conditions in the country boost the growth of the North America roofing market. However, shortage of adequate manpower, ignorance about the long-term benefits of roofing systems, and rise in roofing material costs are major challenges faced by the industry. Conversely, technological advancements and government investments in building infrastructure sector create new opportunities for growth of the market.
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Development in technology, such as the development of RS-8020 PVC roofing systems by Johns Manville, is one of the major factors that drives the North America roofing market. The system is equipped with UV resistance property that works effectively in the long run, despite harsh weather conditions. In addition, increase in standard of living particularly in the developing countries makes way for different building renovation projects, which fuel the demand for the roofing market. Further, recent flat roof or low-slope roofs usually have a continuous membrane covering. These membranes are installed as incessant sheets, bonded together by adhesives. However, rise in roofing material costs are expected to hinder the North America roofing market growth to a certain extent from 2018 to 2025.
Amplified acceptance of green roof technologies in the U.S. propel the development of the North America roofing industry. Properties such as noise reduction, increased durability, and aesthetic improvement along with improvement in the air quality, have propelled the usage of green roofs in the region. Currently, prominent players in the roofing market, lead the market with their extensive distribution network and advanced product portfolio, which is a major compelling factor for the North America roofing market growth. Prominent industrialists are focused on introducing innovative, energy-efficient, reliable, and advanced roofing in the market. For example, Johns Manville offers a series of roofing products for industrial applications such as single ply membranes, modified bitumen systems, and built-up roofing systems. Similarly, Owens Corning deals in a variety of roofing shingles fortified with the advanced features such as SureNail Technology, StreakGuard Algae Resistance Protection, and/or COOL Roof Energy Performance.
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Based on type, the shingle roofing segment is expected to account for the largest share in the North America roofing market during the forecast period in terms of value. Based on the material type, the asphalt segment is expected to account for the maximum share during the forecast period in value terms. On the basis of roof type, the market is divided into flat roof and slope roof. By application, the market is divided into residential, commercial, and industrial. The residential segment is expected to dominate the market throughout the study period. Based on country, market is bifurcated into the U.S. and Canada. The U.S. is anticipated to hold the major share during the forecast period.
The U.S. market is expected to achieve the fastest growth of 6% during the study period. The market also generated 90% of the market share in 2017 and is expected to maintain this trend through 2025. This is due to large investments and spending on residential as well as non-residential construction projects in the region.
Key Findings of the North America Roofing Market :
• Based on material type, membrane was the largest revenue-generating segment in 2017.
• Based on roof type, flat Roofing generated the highest revenue in 2017, and is projected to grow at a significant CAGR from 2018 to 2025.
• By application, the residential segment is projected to grow at a significant CAGR during the North America roofing market forecast period.
• Based on country, the U.S. accounted for over four-fifths share of the market in 2017 in terms of revenue.
The key players in the North America roofing market adopted product launch, partnership, and expansion as their key strategies to meet the change in consumer demands. Furthermore, they launched energy-effective roofing of different sizes, color options, and variety to strengthen their position in the market. The key players profiled in this report include Beacon Roofing Supply, Inc., Berkshire Hathway, Bridgestone Americas, Carlisle Companies Incorporated, CertainTeed (Saint Gobain), FiberTite (Seaman Corporation), GAF Materials Corporation, IKO Industries, Owens Corning, and Sika Group.
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Source: EIN Presswire