Increase in demand for homes, increase in investments in home renovation and improvements, and advantageous features of steel roofing drive the growth of the global steel roofing market.
PORTLAND, Ore., Feb. 9, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Steel Roofing Market by Fastening Type (Exposed Fastened and Concealed Fastened), Distribution Channel (Online and Offline), and End User (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global steel roofing industry generated $10.7 billion in 2020 and is anticipated to generate $17.5 billion by 2032, witnessing a CAGR of 4.2% from 2023 to 2032.
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Prime determinants of growth
Increase in demand for homes, rise in investments in home renovation and improvements, and advantageous features of steel roofing drive the growth of the global steel roofing market. However, the fluctuating cost of raw materials restricts the market growth. Moreover, a rise in government initiatives to make affordable housing in developing economies is expected to present new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Historical Period |
2020-2021 |
|
Base Year |
2022 |
|
Market Size in 2020 |
$10.7 billion |
|
Market Size in 2032 |
$17.5 billion |
|
CAGR |
4.2 % |
|
No. of Pages in Report |
204 |
|
Segments covered |
Fastening Type, Distribution Channel, End User, and Region. |
|
Drivers |
Increase in demand for homes Increase in investments in home renovation and improvements Advantageous features of steel roofing |
|
Opportunities |
Government-led construction of affordable housing |
|
Restraints |
Fluctuating cost of raw materials |
The exposed fastened segment to maintain its leadership status throughout the forecast period
Based on fastening type, the exposed fastened segment held the highest market share in 2022, accounting for more than half of the global steel roofing market revenue, and is estimated to maintain its leadership status throughout the forecast period. In exposed fastened steel roofs, the fasteners are visible on the surface of the roof. Exposed fastened steel roofs are also well known due to their rugged durability and straightforward installation process. Exposed fastened metal roofs are affordable and lightweight. However, the concealed fastened segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032. Concealed fastened steel roofs have minimally visible fasteners, making them more attractive than exposed fastened roofs. Moreover, the probability of roof leakage is less than exposed fastened roof.
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The offline segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the offline segment held the highest market share in 2022, accounting for nearly three-fifths of the global steel roofing market, and is estimated to maintain its leadership status throughout the forecast period. 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. However, the online segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032, owing to ease of purchase. Moreover, there is a wide variety of options available to choose from.
The non-residential segment to maintain its lead position during the forecast period
Based on end user, the non-residential segment accounted for the largest share in 2022, contributing to more than two-thirds of the global steel roofing market revenue, and is projected to maintain its lead position during the forecast period. The non-residential segment includes the installation of steel roofing on commercial, agricultural, and industrial buildings. The non-residential segment dominated the market owing to more installation of steel roofing in commercial establishments than in residential buildings. Steel roofs are strong, have high structural strength, and can sustain weathering activities for a longer duration. However, the residential segment is expected to witness the largest CAGR of 4.6% from 2023 to 2032. In recent times, the popularity of steel roofing has increased substantially in residential buildings due to its good appearance and better insulation capabilities.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the steel roofing market revenue, and is expected to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 4.5% from 2023 to 2032. 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 population is expected to rise to 72% in 2030 from just 64% in 2021. In India, the industrial sector is anticipated to witness a rapid surge owing to increase in urbanization, rise in economy, digitalization, growth in the IT sector, and easy foreign direct investment norms.
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Leading Market Players: –
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Cornerstone Building Brands Inc. (MBCI)
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Ideal Roofing
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Lifetite Metal Product LLC
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Metal Sales Manufacturing Corporation
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Linyi Jinhu Color Coating Aluminum Industry Co., Ltd.
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Central States Mfg
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ATAS International, Inc.
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Tata BlueScope Steel
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Bansal Roofing Products
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Stellar Buildtech.
The report provides a detailed analysis of these key players in the global steel roofing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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