July 21, 2024
Metal Roofing Market

Metal Roofing Market Is Projected To Driven By Growth In Construction Industry

Metal roofing provides an aesthetically pleasing roofing solution with longevity and durability. Made from materials such as steel, copper, zinc and aluminum, metal roofing offers rust and corrosion resistance along with weatherproofing properties. The metal roofing panels interlock together forming a strong protective barrier against rain, snow and wind. Their fire retardant nature provides protection from external threats and reduces insurance costs.

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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends driving growth in the metal roofing market is rising demand for eco-friendly and sustainable roofing solutions. Metal roofing offers several environmental benefits such as longevity and recyclability. Metal roofing materials like steel, copper and zinc can be recycled repeatedly without loss of quality, contributing to environmental sustainability goals. Moreover, metal roofing can enhance the energy efficiency of buildings by reflecting sunlight and reducing cooling costs. It provides superior insulation properties compared to traditional roofing materials. Rising consumer awareness about green building materials and reduced carbon footprint is fueling adoption of metal roofing globally. Another major trend spurring market growth is rapid urbanization and infrastructure development worldwide, especially in developing regions. This is translating to increased construction activities and roofing requirement, thus boosting demand for durable and cost-effective metal roofing systems across residential and non-residential applications.

Porter’s Analysis

  • Threat of new entrants: Moderate threat as metal roofing market has presence of large players and high capital requirement for setting up manufacturing plants pose barrier to entry.
  • Bargaining power of buyers: Moderate as buyers have few options to choose from and switching costs are high.
  • Bargaining power of suppliers: Low due to presence of many raw material suppliers and ease of forward integration by manufacturers.
  • Threat of new substitutes: Low as there are no close substitutes to metal roof offering durability and aesthetic appeal.
  • Competitive rivalry: High rivalry exists among existing players to gain market share through product differentiation and branding.

Key Takeaways

The Global Metal Roofing Market Demand is expected to witness high growth. 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 6.5% over the forecast period 2023 to 2030.

North America region currently dominates the market led by USA and demand for metal roof is expected to further increase in the region supported by weather resistance properties and durability of metal roofing solutions. Asia Pacific region is projected to be the fastest growing market for metal roofing during the forecast period. Countries like China and India offer huge growth potential for metal roofing manufacturers driven by rapid infrastructural and construction activities in the region.

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. Manufacturers are focusing on new product launches catering to residential as well as commercial segments to strengthen their position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it