The North America roofing market refers to the industry involved in the production, sale, and installation of roofing materials and systems in North America. The roofing market in North America is driven by factors such as new construction activities, renovation and remodeling projects, changing building codes and regulations, and increasing focus on energy efficiency and sustainability.
Key aspects of the North America roofing market include:
Roofing Materials: The market includes various types of roofing materials, such as asphalt shingles, metal roofing, clay and concrete tiles, wood shakes, slate, synthetic roofing materials, and more. Each material type has its own attributes in terms of durability, aesthetics, cost, and maintenance requirements.
Residential and Commercial Segments: The market serves both residential and commercial sectors. Residential roofing is typically concerned with single-family homes, townhouses, and apartment complexes, while commercial roofing includes office buildings, factories, warehouses, and other non-residential structures.
Roofing Systems and Services: The market includes the sale of roofing materials as well as services related to roof installation, repair, maintenance, and replacement. Roofing contractors and companies play a significant role in providing these services.
Sustainability and Energy Efficiency: With growing environmental concerns, there has been an increasing interest in sustainable and energy-efficient roofing options. This has led to the development of roofing materials that help improve insulation and reduce energy consumption.
Market Trends:
Residential and Commercial Construction: The demand for roofing products is closely tied to the level of construction activity in both the residential and commercial sectors. New construction and renovations drive the market.
Material Diversity: The North American roofing market offers a variety of roofing materials, including asphalt shingles, metal roofing, clay and concrete tiles, wood shakes, and synthetic roofing materials.
Energy Efficiency: Energy-efficient roofing solutions have gained prominence, especially as consumers and businesses seek to reduce energy consumption and lower utility costs. Cool roofing materials, reflective coatings, and insulation are important considerations.
Sustainability: Sustainability and eco-friendliness have become important factors in roofing material selection. Recycled and recyclable materials, as well as those with longer lifespans, are in demand.
North America roofing market size was valued at $25,684.5 million in 2021, and is projected to reach $41,242.6 million by 2031, registering a CAGR of 4.9% from 2022 to 2031.
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U.S. generated the highest revenue in 2021, and is expected to maintain its growth during the forecast period. Roofing products witnessed a higher demand owing to longer life span, easy installation, and availability of eco-friendly roofing materials.
Moreover, technological advancements such as introduction of green roofing, which protects the buildings from direct solar heat in summers and minimizes heat loss in winters through added insulation on the roof, further strengthens the market growth. In addition, surge in construction industry in the U.S. and Canada are expected to increase the demand for roofing products. However, high initial installation costs of such roofing systems hamper the market growth. The impact of this factor is anticipated to reduce in future due to intense completion and technological advancements.
One of the primary factors driving the North America roofing market growth of the is the expansion of the residential and non-residential construction. In addition, governments are investing in residential sector due to rise in population and for better living standards. In 2020, the residential fixed investment in U.S. was $885 billion, accounting for 4.2% of the GDP. The increasing demand for single family houses has fueled the North America roofing market. Furthermore, low mortgage rates have significantly increased real estate investments from investors as well as home buyers. These factors are expected to boost the demand for roofing solutions in the U.S. Hence, due to rise in population, these investments in construction sector will increase the utilization of North America roofing and hence will drive the market growth.
However, during the COVID-19 pandemic, various manufacturers in the North America roofing market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of North America roofing companies.
In addition, lack of manpower and raw materials also constricted supply of equipment of North America roofing system, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of North America roofing companies.
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