It highlights growth opportunities and competitive strategies and helps stakeholders make informed decisions. With detailed market assessments & forecasts for 2030
WILMINGTON, DE, UNITED STATES, January 9, 2025 /EINPresswire.com/ – According to a recent report from Allied Market Research titled “North American Roofing Market by Product Type, Material Type, Roof Type and Application: Opportunity Analysis and Industry”. According to forecast 2022-2031, the roofing market in North America was valued at $25.68 billion in 2021 and is expected to grow to $41.24 billion by 2031, representing a compound annual growth rate ( CAGR) of 4.9% between 2022 and 2031.
Download PDF sample: https://www.alliedmarketresearch.com/request-sample/5279
The US led the market in terms of revenue generation in 2021 and is expected to maintain its dominant position during the forecast period. The increased demand for roofing products is attributed to factors such as availability of environmentally friendly materials, ease of installation and longer product lifespan.
Market Drivers
One of the key factors driving the growth of the North American roofing market is the rapid expansion of residential and non-residential construction activity. Governments across North America are making significant investments in the housing sector to accommodate growing populations and improve living standards. For example, in 2020, residential investment in the United States reached $885 billion, accounting for 4.2% of the country's GDP.
Additionally, demand for single-family homes has surged, driven by low mortgage rates and increased interest in real estate from investors and homebuyers. As a result, demand for roofs has grown alongside the booming housing sector.
Technological advances in roofing solutions, such as the introduction of green roofs, have further fueled market expansion. Green roofs help improve energy efficiency by insulating buildings, reducing solar heat gain in summer and minimizing heat loss in winter. This not only reduces energy costs, but also increases the sustainability of buildings.
Challenges and opportunities
Despite the favorable growth prospects, the high initial costs associated with installing modern roofing systems pose a challenge to market expansion. However, this impact is expected to lessen over time, reflecting increasing competition and continued technological advances which aim to reduce production and installation costs.
Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/5279
The COVID-19 pandemic also presented major challenges for the roofing market in North America. Many manufacturers were forced to halt production due to government-imposed lockdowns in key countries including the US, China and India. This disruption directly impacted sales and delayed several construction projects. Additionally, supply chain issues, including shortages of raw materials and labor, further hampered market growth during the pandemic.
However, with the gradual reopening of the economy and the widespread rollout of COVID-19 vaccines, manufacturing facilities resumed operations, resulting in a steady recovery in the roofing market. Post-pandemic pent-up demand for construction and renovation projects is expected to create lucrative growth opportunities in the near term.
Market segmentation
The roofing market in North America is segmented based on product type, material type, application and region.
By product type:
The market is segmented into shingle roofs, tile roofs and others. Among these, shingle roofs dominated the market in terms of sales in 2021. However, tile roofs are expected to grow at a remarkable CAGR during the forecast period owing to their durability, aesthetics, and energy efficiency advantages.
By material type:
The material type segment includes asphalt, metal, membrane and others. The membrane segment accounted for the highest revenue share in 2021 as it is widely used in residential and commercial buildings due to its weather resistance and energy-saving properties.
By application:
Applications are divided into residential and non-residential applications. The residential real estate segment recorded the highest sales in 2021, driven by the increase in real estate demand across North America. Increasing investments in residential construction and renovation projects continue to support the segment's growth.
By region:
At the regional level, the US is expected to maintain its dominance throughout the forecast period and is expected to experience the fastest growth rate. Canada and Mexico also contribute significantly to the market due to increasing construction activities and infrastructure development.
Update on demand https://www.alliedmarketresearch.com/request-for-customization/5279
Competitive landscape
The key players in the roofing market in North America include:
ABB Ltd
Accrent Inc
Mcloud Technologies Inc
General Electric Company
Honeywell International Inc
Hitachi Ltd
Siemens AG
Schneider Electric
Emerson Electric Co
Rockwell Automation Inc
These companies actively pursue strategies such as product launches, acquisitions and partnerships to strengthen their market position. For example, collaborations and innovations in green roofs and sustainable solutions are becoming increasingly common among market leaders.
Key insights and predictions
Shingle roofs led the market in terms of sales in 2021, while tile roofs are expected to grow significantly.
Membrane materials accounted for the highest share of sales due to their efficiency and reliability.
The residential sector remains the largest application segment, driven by increasing investment in residential infrastructure.
The US is expected to record the highest growth rate during the study period, supported by ongoing residential and commercial construction projects.
David Correa
Allied Market Research
+1 800-792-5285
Send us an email here
Visit us on social media:
Facebook
X
Legal notice:
EIN Presswire provides this news content “as is” without warranty of any kind. We assume no responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, please contact the author above.
