NEW YORK, April 5, 2023 (GLOBE NEWSWIRE) — Overview of the steel roof market
According to a comprehensive report by Market Research Future (MRFR), “Steel Roofing Market Information by Type, Application, and Region – Forecast till 2030”, the steel roofing market could be worth USD 4.7 billion by 2030 and is growing rapidly will develop by 6% between 2022 and 2030. In 2021, the market had reached USD 2.8 billion.
market synopsis
A roof system that consists of steel parts or roof tiles is called a steel roof. Steel roofs are specifically designed to outlast all other roofing materials. Steel roof installation provides durability, energy efficiency and aesthetics while preventing leaks. Recyclable steel can be used for roofs.
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Market Competitive Landscape:
The prosperous companies in the steel roofing industry are
- Fabral (US)
- Definitely (US)
- Kingspan Group (Ireland)
- Nucor Building Systems (US)
- Cornerstone Building Brands (USA)
- Fletcher Steel Limited (New Zealand)
- Blachy Pruszyński (Poland)
- Tata Steel Europe Limited (UK)
- Ideal Roofing (Canada)
- EDCO Products (USA)
- Safal Group (South Africa)
- ATAS International Inc. (USA)
- CHIEF INDUSTRIES INC. (UNITED STATES)
- Bilka (Romagna)
- McElroy Metal (US)
- Among other.
| report attribute | details |
| Market size in 2030 | $4.7 billion |
| CAGR | 6% (2022-2030) |
| base year | 2021 |
| forecast period | 2022-2030 |
| Historical data | 2020 |
| Forecast Units | Value (Billion USD) |
| report coverage | Sales Forecast, Competitive Landscape, Growth Factors and Trends |
| Covered Segments | By application and by type |
| Regions Covered | North America, Europe, Asia Pacific and Rest of the World (RoW) |
| Important market drivers | The increase in the number of construction activities Growing awareness among homeowners |
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There are many regional and local participants on the world stage. In terms of price and customization, these competitors pose a serious threat to large, established companies such as the Safal Group, the Kingspan Group and Tata Steel Europe. Local roofers and these companies often have longstanding professional contacts. However, leading organizations have established a network of approved builders, including EDCO Products and Nucor Building Systems. These contractors assist customers in choosing the roofing materials that best suit their needs.
Covered Market USP:
Market leader:
In the future, increasing investment in residential construction is expected to boost the steel roofing market. A dwelling is a building constructed for dwelling and used for typical residential activities, whether or not it has cooking or dining areas. This building consists of one or more detached houses, hotels or residential buildings. The roofs of residential buildings are covered with steel roofing material, which minimizes construction costs. For example, according to Invest India, an investment consultancy headquartered in India, foreign direct investment (FDI) in the building development sector and construction activities reached US$26.16 billion in 2021.
Of the total US$81.12 billion in foreign direct investment (FDI) inflows, 13% or infrastructure activities account for it. The expansion of the steel roofing market is therefore being driven by increasing investment in residential construction.
The main trend gaining traction in the steel roofing industry is product development. New product developments are introduced by major market players.
Market Restrictions:
The raw material costs for steel roofing are constantly changing. High-quality metals such as copper and steel are used for steel roofs. The high price volatility of commodities could limit market demand. Many discrepancies arise from the high and low price fluctuations of the market.
Steel roofing is a premium roofing material that is economical. In addition, prices for different types of steel roofing are standardized in the steel roofing market. In this market, the installation price, the cost of goods, and the cost of labor are all affected by changes in commodity prices. The variable costs affect the dependency on the market. All of these elements together affect the market return rate.
occasions
In the years that follow, steel roofs are installed by both residential and commercial property owners. The remarkable qualities of the steel canopy offer plenty of room for expansion. Consumer spending on home remodeling and retrofitting is set to increase in the coming years. Many homeowners want upgrades that are affordable. Steel roofs are the ideal replacement for traditional roofs. Future market expansion opportunities come from the rising cost of home improvement. The easiest roofs to install are those made of steel. This is another element that will provide growth opportunities for the steel roofing market during the projection period.
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COVID-19 Analysis
Global supply and manufacturing systems have been severely impacted by the COVID-19 pandemic epidemic. North America, Europe, Asia-Pacific, South America and other parts of the world participate in the worldwide market. The spread of COVID-19 has led to an increase in deaths as well as long-term health effects. As a result, the government is now enforcing strict lockdown laws affecting every part of the economy. Governments have consistently created regulations and policies to address the many impacts of COVID-19 to prevent things like supply chain disruptions, increased commodity prices and other things like the severe economic impact on workers.
market segmentation
By type
The global steel roofing market has been segmented into standing seam, stone clad steel tile, steel shingles and sheets, and corrugated metal sheet based on type. With a 38.16% market share of the global steel roofing industry in 2020, the standing seam sector became the largest segment. A sizeable CAGR is expected to be registered during the anticipated timeframe.
through application
The steel roofing market has been segmented into residential and non-residential categories based on application. With a market share of 62.37% of the global steel roofing market in 2020, the non-residential segment became the larger segment. During the forecast period, the segment is expected to register a sizeable CAGR.
Regional Insights
During the forecast period, the strong growth of the Asia Pacific market is expected to continue. The steel roofing market in the region will experience extraordinary demand due to the growing needs of industrialization, construction and industrial sectors. Another factor that will drive the expansion of the steel roofing market is urbanization.
The market size will also see huge growth in North America. As a result of the refurbishment work, more steel roofing is needed in this area. Due to urbanization, Europe is also seeing significant demand. South America is a developing region with many growth prospects. There will be long-term agreements and market expansion plans in the market.
Due to increasing spending in the construction sector, Europe now accounts for a significant part of Germany, Great Britain, Italy, France and Russia. The Middle East and Africa is expected to play a significant role in the global steel roofing market during the forecast period due to the expansion of the construction industry and higher government spending on the region’s manufacturing and commercial sectors.
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