May 22, 2024

Metal Roofing Market is Estimated to Witness High Growth Owing to Increased Durability and Aesthetic Appeal

 Metal roofs come with various advantages such as durability, sustainability, fire resistance, energy efficiency, and aesthetic appeal. Increased focus on eco-friendly roofing solutions has propelled the demand for metal roofing over conventional roofing materials. Metal roofs are durable and last over 50 years with less maintenance requirements compared to shingle roofs which need replacement every 15-20 years. They also provide insulation against heat and UV rays helping reduce energy costs associated with heating and cooling.

The Global Metal Roofing Market is estimated to be valued at US$ 10.95 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Metal Roofing 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. The metal roofing market offers significant opportunities owing to growing demand for aesthetically appealing and eco-friendly roofing solutions from the residential and non-residential sectors. Development of innovative and multifunctional metal roofing systems integrated with advanced insulation and solar technologies will further drive the market during the forecast period.

Market Drivers

Increasing government initiatives towards green construction is a major driver for metal roofing market. Stringent regulatory standards regarding energy-efficiency in residential and commercial buildings have increased the uptake of metal roofing solutions among builders and developers. Growing popularity of metal roofing owing to durability and low maintenance requirements compared to other roofing materials is another key factor fueling the market growth.

Current challenges in metal roofing market:

The Metal Roofing Market Size is facing challenges like rising prices of raw materials including steel and aluminum. Galvanized and colored metal sheetsrequire extensive use of zinc and other coating materials during their manufacturing which has seen inflation in prices. This increases the overall costs for metal roofing manufacturers. Another challenge is availability of skilled labor for roof installation works. The work requires expertise in areas like safety measures, installation techniques as per roof structure and design. Finding and retaining trained workers have become difficult for metal roofing contractors.

SWOT Analysis

Strength: Metal roof offers long lasting durability of 50 years or more. It does not rust, rot or degrade from impacts of weather.

Weakness: High upfront costs of metal roof compared to other materials. Special tools needed for cutting and installation adds to expenses.

Opportunity: Increasing demand for sustainability and energy efficiency is driving the use of metal roofing. Government policies and consumer awareness on green buildings favors metal roof adoption.

Threats: Fluctuations in prices of raw materials like steel and aluminum poses risks. Intense competition from alternative roofing materials can squeeze profit margins.

Geographical regions

In terms of value, the metal roofing market is highly concentrated in North America and Europe currently. This is attributed to well established construction industries and growing preference for durable and sustainable roofing solutions. The United States alone accounts for over 35% of global market revenue. Another fast growing region is Asia Pacific with China and India driving demand. Urbanization rates, infrastructure growth and expanding middle class population means the APAC metal roofing sales will likely witness strong gains through 2030.

The fastest growing region for the metal roofing market during the forecast period from 2024 to 2030 will be Asia Pacific. This is due to robust construction activities underway in developing economies like China and India where government investments in public infrastructure and private real estate development are surging demand for roofing materials. Population numbers, GDP growth momentum and rising disposable incomes portend sustained requirement for residential and non-residential buildings in Asia Pacific, propelling the metal roof sales uptick in the region.

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