DUBLIN, Jan. 12, 2024 /PRNewswire/ — The “US Roofing Market Report” report has been added to ResearchAndMarkets.com’s offering.
The report forecasts a moderate expansion of the US roofing market, reaching 277.5 million squares by 2027. A nuanced portrayal of market dynamics reveals a shift, with demand increasingly influenced by the rising popularity of high-performance and aesthetically advanced roofing products.
In a significant shift within the sector, the report identifies rapid growth in solar roofing, propelled by evolving building codes and government incentives, particularly in states like California. Enhanced by economic incentives and a dropping price trajectory, the adoption of solar roofing is expected to accelerate.
The appetite for metal roofing continues to gain momentum, thanks to its durability, aesthetic appeal, and compatibility with solar installations. Insurance incentives and a growing recognition of its sustainable attributes are contributing factors to its burgeoning market share.
Key Market Drivers and Constraints
- Stagnation in housing starts leading to restrained growth rates
- Market value expected to outpace volume growth, with a shift towards premium roofing products
- Increased utilization of energy-efficient and higher-value offerings
Historical data patterns illustrate the variable nature of roofing demand, influenced by a plethora of factors including housing starts, interest rates, and severe weather events. These forces have fostered a dynamic that has seen a notable increase in reroofing activities, particularly in the wake of natural disasters and the recent pandemic.
In the spotlight, the report’s value demand analysis by product projects that the overall market value will continue to grow, albeit at a tempered pace, with a prediction of reaching $24.2 billion by 2027. This anticipated trend owes much to the consumer’s pivot towards roofing solutions that marry performance with visual appeal. Emerging products such as laminated asphalt shingles, polymer-modified bituminous membranes, and metal roofing options are gaining traction due to their long-term cost efficacy and enhancement of property aesthetics.
While reroofing activities are slated to see some limitation due to a recent surge in projects, the forecast acknowledges the ongoing transition to more resilient materials, which are likely to necessitate less frequent replacements. New constructions will contend with the effect of a deceleration in the erection of roofing-intensive structures following a pandemic-induced boom.
The analysis further delves into the construction industry’s performance, a critical determinant of roofing demand, and forecasts potential growth across residential and commercial sectors, despite prevalent challenges such as escalating interest rates and higher construction costs.
For more information about this report visit
https://www.researchandmarkets.com/r/40bvro
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