Steel Roofing Market Research, 2032
The Global Steel Roofing Market size was valued at $10.7 billion in 2020, and is projected to reach $17.5 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032. Steel roofing is a roofing system primarily made of steel. Steel roofs are available in a wide range of coatings and paints to meet the diverse needs of individual housing. Other than serving the functional purpose that is to prevent the building from weathering elements, the steel roof is also a major part of building architecture.
Historical Overview
The market was analyzed qualitatively and quantitatively from 2020-2021. The Steel Roofing Market grew at a CAGR of around 2.8% during 2020-2021. Most of the growth during this period was derived from Asia-Pacific due to the rise in building construction activity in countries such as China, India, South Korea, and Japan.
Market Dynamics
The construction sector across the world, especially in the Asia-Pacific is growing at a fastest pace. This is largely due to various government-backed construction projects in China, and India. For instance, in October 2021, the Dubai and Indian governments agreed to develop infrastructures such as commercial parks, multipurpose towers, logistics facilities, a clinical college, and a specialized hospital within the state of Jammu. The Jammu and Kashmir state experiences a significant snowfall each year driving the demand for steel roofing with which slopped roof can be constructed easily. In addition, China is set to construct 10 new airports by 2035; thereby, boosting the demand for steel roofing. In addition, through 2040, the worldwide population is estimated to increase to by 9.7 billion by 2050, with the urban populace growing by way over 40%. Population boom and rapid urbanization are anticipated to definitely influence the development of residential and industrial buildings. This provides opportunities for the implementation of steel roofing; thereby, positively influencing the steel roofing market growth.
Moreover, steel roofing has various advantages over other roofing types. Steel roofing is easy to install as compared to timber structure, which is a labor-intensive roofing method. Furthermore, steel roofs have higher strength and have longer life of nearly 20-30 years, making it a more desirable alternative. When compared to other metal roofings, steel roofing is cheaper, ranging from 30-50% percent cheaper than copper and zinc, and around 20% cheaper than aluminum roofing. Other benefits of steel include high resistance to adverse weather conditions, resistance to insects, pests, or parasites and moisture. Moreover, key players are taking initiatives to promote their steel roofing offerings in the world. For example, in May 2022, Tata BlueScope, a major manufacturer of steel roofing launched a new campaign for its flagship retail brand DURASHINE under the tagline of “VIP Waali Feeling”. It is a Pan India campaign targeted towards a majority of the India population.
However, fluctuations in the prices of steel negatively impact the profitability of the manufacturers. Thus, price fluctuation of raw materials is anticipated to restrain the market growth. Moreover, due to global warming, countries across the world are shifting towards sustainability across industries including the construction sector. Steel roofing is known for enhancing energy performance by providing thermal insulation, which eventually helps in reducing the electricity bill of the building. Thus, an increase in the construction of green buildings is a steel roofing market opportunity for growth.
The Steel Roofing Market has witnessed various obstructions in its regular operations due to the COVID-19 pandemic and inflation. Earlier, the global lockdowns resulted in reduced construction and industrial activities, eventually leading to reduced demand for steel roofing from the construction and industrial sectors. However, COVID-19 has subsided, and the major manufacturers in 2023 have been performing well. Contrarily, the rise in global inflation is a new major obstructing factor for the entire industry. The inflation, which is an instantaneous result of the Ukraine-Russia war and few long-term effects of the Corona virus pandemic, has introduced volatility in the prices of raw materials used for construction that's a major end user of steel roofing. In addition, inflation is expected to get worse within the coming years, as the possibility of the finishing of the conflict between Ukraine and Russia is less.
Segmental Overview
The Steel Roofing Market is segmented on the basis of fastening type, distribution channel, end user, and region. By fastening type, the market is divided into exposed fastened, and concealed fastened. By distribution channel, it is categorized into online and offline. By end user, it is categorized into residential and non-residential. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Fastening Type:
The Steel Roofing Market analysis is divided into exposed fastened and concealed fastened. In 2020, the exposed fastened segment dominated the market. The fasteners of an exposed fastened type are visible on the surface of the roof. Exposed fastened metallic roofs are also widely known due to their rugged durability and straightforward installation system. Exposed fastened steel roofs are affordable and light-weight. On the other hand, the concealed fastened segment is predicted to grow with a higher CAGR during the forecast duration. Concealed fastened steel roofs have minimally visible fasteners, making it more attractive than exposed fastened roofs. Moreover, the probability of roof leakage is less than exposed fastened roof.
By Distribution Channel:
The market is classified into online and offline. The offline segment held a larger steel roofing market share in 2020 in terms of revenue. Offline purchase has many advantages; for example, the lead time is essentially zero for small scale projects as the roofs can be procured instantly. Moreover, the quality of the roof can be assessed before buying. Furthermore, the cost component can be negotiated to suit the budget of the builder. On the other hand, the online segment is expected to grow at a higher CAGR during the forecast period, owing to ease of purchase. Moreover, there is a wide variety of options available to choose from.
By End-User:
The Steel Roofing Market is bifurcated into residential and non-residential. The non-residential segment consists of the set up of steel roofing on industrial, agricultural, and commercial buildings. The non-residential section ruled the market because of more installation of steel roofing in business establishments than in residential buildings. Steel roofs are robust, have excessive structural electricity, and may sustain weathering actions for an extended duration. However, the residential segment is expected to grow at a higher CAGR during the forecast period. In recent times, the popularity of steel roofing has increased drastically in residential buildings because of its suitable appearance and higher insulation competencies.
By Region:
The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2020, Asia-Pacific had the highest market share and is anticipated to secure the leading position during the forecast period. The Asia-Pacific region presents many growth opportunities to the major players in the steel roofing market, owing to rapid urbanization, and population growth in the countries such as India, South Korea, Japan, and China. For instance, China’s urban populace is expected to rise to 72% in 2030 from just 64% in 2021. In India, the economic quarter is anticipated to witness a speedy surge due to growing urbanization, rising economy, digitalization, boom within the IT zone, and easy overseas direct funding norms.
Moreover, countries in the Middle East such as. UAE, Saudi Arabia, and Qatar are the major construction market. This provides growth opportunities for the steel roofing market in the region. Furthermore, in developed nations inclusive of the U.S., Canada, Australia, and various countries in Europe, the rising tourism drives demand for extraordinarily attractive lodges and hotels; thereby increasing the opportunities for implementing steel roofing. According to a report by the World Travel and Tourism Council (WTTC), in 2019, the contribution of the tourism industry to GDP was 10.6%; however, after a steep decline in 2020, its contribution to GDP climbed a superb 58.5% in 2021. In addition, public infrastructure inclusive of airports, bus stops, railway stations, and others that make enormous use of roofing is also anticipated to influence the market boom.
Competition Analysis
Competitive analysis and profiles of the major players in the steel roofing such as Cornerstone Building Brands Inc. (MBCI), Ideal Roofing, Lifetite Metal Product LLC, Metal Sales Manufacturing Corporation, Linyi Jinhu Color Coating Aluminum Industry Co., Ltd, Central States Mfg, ATAS International, Inc., Tata BlueScope Steel, Bansal Roofing Products, and Stellar Buildtech.
Major players have followed product launches as key developmental strategies to improve the product portfolio of the steel roofing services. For example, in January 2021, ProVia launched a brand new steel roofing line mixed with appealing looks of slate or cedar shakes with the durability and sturdiness of a galvanized, distinctly engineered steel roofs.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging steel roofing market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2032.
- Extensive analysis of the steel roofing market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The global steel roofing market forecast analysis from 2023 to 2032 is included in the report.
- The key market players within the steel roofing market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the steel roofing industry.
Steel Roofing Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 17.5 billion |
 Growth Rate | CAGR of 4.2% |
 Forecast period | 2020 - 2032 |
 Report Pages | 209 |
 By Fastening Type |
|
 By Distribution Channel |
|
 By End User |
|
 By Region |
|
 Key Market Players | Cornerstone Building Brands Inc. (MBCI), LIFETITE METAL PRODUCT LLC, Bansal Roofing Products, LINYI JINHU COLOR COATING ALUMINUM INDUSTRY CO., LTD, CENTRAL STATES MFG, IDEAL ROOFING, Bansal Roofing Products Ltd, Stellar Buildtech, Tata BlueScope Steel Limited, ATAS International, Inc., Metal Sales Manufacturing Corporation |
Analyst Review
Steel roofing is undeniably a standout choice, offering a trifecta of durability, longevity, and sustainability. In the face of harsh weather conditions, steel roofs provide unparalleled protection, boasting a lifespan of 50 years or more, making them a judicious long-term investment for homeowners and businesses alike. The allure of steel roofing extends beyond its robustness; its low maintenance demands and energy-efficient options contribute to reduced ownership costs. This becomes particularly relevant when compared to traditional roofing materials like asphalt shingles, which may require more frequent replacements. The non-combustible nature of steel adds an extra layer of safety, especially crucial in areas prone to wildfires. Its lightweight properties not only simplify construction but also open avenues for innovative designs, often reducing the need for extensive structural support. Furthermore, the recyclability of steel aligns seamlessly with eco-conscious building practices, making it not only a resilient roofing option but also a sustainable one, echoing the increasing environmental awareness of modern times.
Key factors driving the growth of the steel roofing packaging market include growth in the commercial and residential real estate markets, and an increase in spending on home remodeling and building maintenance activities.
The latest version of the global steel roofing market report can be obtained on demand from the website.
The global steel roofing market size was valued at $10.7 billion in 2020.
The global steel roofing market size is estimated to reach $17.5 billion by 2032, exhibiting a CAGR of 4.2% from 2023 to 2032.
The forecast period considered for the global steel roofing market is 2023 to 2032, wherein, 2022 is the base year, 2023 to 2032 is the forecast duration. Historic data is also provided from 2020 to 2021.
Asia-Pacific is the largest regional market for steel roofing market.
Key companies profiled in the steel roofing market report include Cornerstone Building Brands Inc. (MBCI), Ideal Roofing, Lifetite Metal Product LLC, Metal Sales Manufacturing Corporation, Linyi Jinhu Color Coating Aluminum Industry Co., Ltd, Central States Mfg, ATAS International, Inc., Tata BlueScope Steel, Bansal Roofing Products, and Stellar Buildtech.
The report contains an exclusive company profile section, where leading companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies, and recent developments.
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