Metal Roofing Market is Expected to Reach $33.5 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research titled, “Metal Roofing Market by Metal Type, Product Type, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2030,”

The metal roofing market size was valued at $23.8 billion in 2020, and is projected to reach $33.5 billion by 2030, growing at a CAGR of 3.5% from 2021 to 2030.

Metal roofing is a type of roofing that is made out of metal tiles, panels, or sections and is known for its long life, great thermal efficiency, and impermeability. Metal roofing can be made of a variety of materials, although steel, copper, and zinc. Majority of metals may be simply recycled and reused in future products. Metal roofing components include metal sheets, coils, and panels. Rise in use of entirely recycled materials in the construction industry, owing to benefits offered by metal roofing propels growth of the metal roofing market. Metal has an around 100-year lifespan and most manufacturers offer an approximately 50-year warranty, which is expected to boost the sales for the metal roofing market throughout the forecast period. Metal roofing has many advantages, including fire resistance, wind resistance, and others.

Rapid urbanization around the globe is one of the major drivers in the metal roofing market. As a result, the construction industry is growing rapidly and the development of new technology is anticipated to drive demand for metal roofing in the construction industry during the forecast period.  Another driver in the metal roofing market is the advantages of metal roofing, such as easy installation, high durability, and long lifespan. Rise in number of commercial projects is expected to drive the market. Adoption of solar panels in big and small sectors as well in homes will have a big impact on the metal roofing market. Furthermore, increasing demand for metal roofing over traditional roofs is anticipated to be a big opportunity for the metal roofing market during the forecast period.

High price of metal roofing is one of the primary restrictions on the market expansion. Metal roofs are more expensive than other roofing materials, which limits its industry expansion. People in developing countries cannot afford high installation and investment costs. As a result, it has become a significant market restraint. Metal roofing is not preferred in snowy places, which limits growth of the metal roofing market.

The metal roofing market is segmented on the basis of metal type, product type, end-user, and region. By metal type, the market is classified into copper, aluminum, zinc, steel, and others. By product type, it is segmented into panel, corrugated, tile, shingle, and others. By end-user, the metal roofing market is divided into residential, commercial, agricultural, and industrial. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The metal roofing market share is analyzed across all significant regions and countries.

The metal roofing market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the metal roofing market include Metal Sales Manufacturing Corporation, Jinhu Color Aluminum Group, Ideal Roofing Co. Ltd, Boral Roofing, Central States Mfg, Lifetite Metal Products LLC, MBCI, McElroy Metal, ATAS International, Inc. and Aditya profiles.

Other players in the value chain of the metal roofing market include Hindalco Ind Ltd., DECRA Roofing Systems, Inc., Firestone Building Products, Carlisle SynTec Systems, BlueScope Steel Limited, The OmniMax International, Inc., ABC Supply Co., Inc., and Reed’s Metals, Inc

Key findings of the study

• The report outlines the current metal roofing market trends and future scenario of the metal roofing market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The metal roofing market size is provided in terms of revenue.
• On the basis of metal type, the copper segment is expected to grow at a CAGR of 3.1% during the forecast period.
• On the basis of product type, the tile segment gained 12.7% share in 2020 in terms of revenue.
• On the basis of end user, the agricultural segment garnered a share 14.4% in 2020 in terms of revenue.
• On the basis of region, North America garnered a share of 27.0% in 2020 in terms of revenue.

Impact of COVID-19 on the Metal Roofing Market

• The outbreak of COVID-19 in China and it’s spread across numerous countries around the world halted manufacturing activities of industrial sectors, which correspondingly hamper metal roof manufacturing as well.
• The manufacturing as well as supply regions or countries witnessed economic slowdown, owing to the lockdown implemented across several countries. The downstream section of the value chain that is the end user has witnessed less demand, which has impacted the growth of the metal roofing market.