Steel Roofing Market — Global Industry Analysis, Size, Share, Growth, Trends and Forecast
Steel Roofing Market
The global steel roofing market was valued at USD 7,644.5 Million in 2019 and has been projected to reach USD 11,079.0 Million by 2027, expanding at a CAGR of 4.8% during the forecast period. Roofing is made from different materials such as concrete, brass, stainless steel, copper, and zinc alloys. Each of these has varying longevity, size, and appearance. Steel and aluminum are widely used metals for roofing materials. Steel roofing solutions are becoming increasingly popular as architects, designers, and homeowners want sleek and innovative alternatives for conventional work. Steel Roofing are lightweight, cost-effective, easy to install, requires low maintenance, and is reliable.
Market Dynamics
Drivers
Factor driving the global steel roofing market include the growth of the construction industry in emerging economies due to urbanization and growing demand for energy-efficient and eco-friendly roofing systems. In roofing systems, the adoption of the solar power and energy code affect the metal roofing market as it requires steel roofing. Steel roof panels are more energy efficient than other common roofing materials, including asphalt panels. Furthermore, several other benefits of steel roofing include the clean, architectural look, and vivid colors. Therefore, the popularity of steel roofing among homeowners has been increasing.
Steel roofing are considered to be fire-resistant which make them safe and majorly popular in industrial buildings. Steel roofing recommended in hail-prone areas owing to its impact resistance attribute, in hurricane areas due to its wind-resistance, and in areas prone to forest fires attributed to its fire resistance. Moreover, steel roofs are resistant to mildew, insects, heat, snow, and rot which make its maintenance less costly. This is expected to drive the global steel roofing market.
It is relatively easy to build steel roofs or install over existing the roof. Additionally, steel roofs are useful in times of raw weather and in areas that frequently experience hurricanes and cyclones. Light weight of steel saves engineering and construction time required for the supporting framework, which in turn drives market growth.
Opportunity
Recent technological developments and rise in R&D spending in the construction industry are creating lucrative opportunities for key players in the market.
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Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region accounted for 39.5% share of the market in 2019. The market in the region is projected to expand at a CAGR of 4.4% during the forecast period. Increasing population and urbanization in the region and high demand for low-maintenance roofs are driving the steel roofing market in Asia Pacific. The market in North America is projected to expand at a CAGR of 3.9% owing to implementation of environment friendly regulations by the government in the construction sector. The market in Middle East & Africa is expected to grow at a sluggish pace due to the lack of awareness and acceptance of steel roofing.
Competitive Landscape
- Key players in the market include CertainTeed, Cornerstone Building Brands, DECRA Roofing Systems, Inc., Fletcher Steel Limited (Dimond Roofing), Lindab, Metal Sales Manufacturing Corporation, Rautaruukki Corporation, Tata Bluescope Steel, The OmniMax International, and Tata Steel. These companies are considered manufacturers of Steel Roofing based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the Steel Roofing extraction is added in the company’s capacity.
- For instance, In March 2020, Cornerstone Building Brands, announced the acquisition of Kleary Masonry, Inc., a leading Northern California manufacturer of stone veneer installer; thereby expanding the Cornerstone Building Brands company's turnkey stone veneer offering.
- In April 2019, CertainTeed confirmed the acquisition of the wood ceilings business of Norton Industries. The latter company has a wide collection of fine wood ceilings and wall designs that are used in various major projects in North America.
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