North America Roofing Market Expected to Reach $41,242.6 million by 2031 Allied Market Research
According to a new report published by Allied Market Research, titled, “North America roofing Market by Product Type, Material Type, Roof Type and Application: Opportunity Analysis and Industry Forecast, 2022–2031,” the 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.
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.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging North America roofing market trends and dynamics.
- Depending on product type, the shingle roofing segment has dominated the North America roofing market share, in terms of revenue in 2021 and tile roofing is projected to grow at a significant CAGR during the forecast period.
- By application, the residential segment has registered highest revenue in 2021.
- By material type, membrane segment has registered highest revenue in 2021.
- The U.S. is projected to register highest growth rate in the coming years.
- The key players within the North America roofing market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the North America roofing industry.
- The report provides an extensive North America roofing market analysis of the current trends and emerging North America roofing market opportunities.
- In-depth analysis is conducted by constructing estimations for the key segments and North America roofing market Forecast from 2022 and 2031.