AstuteAnalytica India Pvt. GmbH.
The US umbrella market is a highly competitive industry, with the top 10 players holding less than 55% of the market share. The market is expected to grow due to the increasing demand for eco-friendly roofing materials, technological advances and the need for roofing repairs and replacements. However, challenges such as price sensitivity, regulatory changes and economic uncertainty may impact growth opportunities in the industry.
NEW DELHI, April 14, 2023 (GLOBE NEWSWIRE) — The United States umbrella market was valued at US$26.20 billion in 2022 and is projected to generate US$39.64 billion in revenue by 2031.
The US is experiencing significant growth driven by factors such as an increase in new construction activity, an increase in renovation and remodeling projects and a rising demand for energy efficient roofing materials. A comprehensive research analysis by Astute Analytica reveals the various aspects of the US rooftop market with a focus on key sectors such as industrial construction, aerospace, hospitality, retail and the green roof movement.
Get a free sample copy of this report at https://www.astuteanalytica.com/request-sample/united-states-roofing-market
In 2022, the US construction industry spent $565.4 billion on private construction, including residential and commercial projects, indicating strong demand for roofing products and services for various building types. The non-residential sector alone accounted for $444.6 billion of that spending, including industrial buildings, public infrastructure, and commercial buildings such as hotels and retail stores.
The aviation sector also offers potential for the roof market with around 19,622 airports in the USA, of which 5,000 are used by the public. These airports require ongoing maintenance and refurbishment of the canopy to ensure safe and reliable operations, creating further opportunities for roofing companies to meet the demands of the aviation industry.
The story goes on
In the hospitality industry, the average cost of a new rooftop installation ranges from $15,000 to $200,000 depending on the size and complexity of the building. This underscores the need for quality roofing systems in the hospitality industry, which is a crucial market for roofers.
Retail industry renovation and remodeling projects in 2021 were worth approximately $5.5 billion at an average cost of $61 per square foot. This underscores the need for roofers to offer cost effective and efficient roofing solutions to commercial customers in this sector. The US green roof market is expected to grow at a CAGR of 10.3% from 2023 to 2031, driven by increasing demand for sustainable building practices and energy efficient solutions. This trend is likely to impact the US market as more customers seek eco-friendly roofing options.
Residential activity accounts for more than 38% of US rooftop sales
More than 38% of U.S. revenue is expected to come from residential construction activity, with a significant portion attributable to building new independent homes, renovating roofs, and building separate garages and blinds. A total of approximately 1.07 million new single-family homes were completed in the United States in 2021. Assuming the average cost of installing a new roof on a single-family home is $5,000, the revenue from new construction of independent homes in the roofing market in 2021 would be approximately $514 million. On the other hand, the housing sector also invests heavily in renovation and conversion projects, including roof replacement and repairs. In 2021, homeowners spent an estimated $330 billion on home improvements and repairs. Of that, over $300 million was spent on roofing.
In addition, the construction of separate garages and blinds contributes to the demand for roofing services. In the United States, an estimated 63% of homes have a garage or carport. Since the average cost of building a detached garage ranges from $35,000 to $60,000, a portion of that expense goes toward the roofing. Around 10% of garage construction costs are for the roofing, 5% of households with a garage will build or renovate a garage in 2021.
With residential real estate accounting for more than 38% of sales in the U.S. market, it is critical for roofing companies to focus on the unique needs and preferences of homeowners and provide cost-effective and efficient solutions for new construction, renovations and additional Structures such as garages and shade.
Exploring the Future of the US Roofing Market: Opportunities and Challenges Ahead
Opportunity:
-
Green Roofing segment: The demand for environmentally friendly roofing materials is increasing due to the growing awareness of sustainability. Companies can take advantage of this opportunity by offering innovative, eco-friendly roofing solutions.
Challenges:
-
Highly Competitive Market: The roofing market in the United States is highly competitive, with many players competing for market share. This makes it difficult for companies to stand out and gain a foothold in the market.
-
Price Sensitivity: Many customers in the market are cost sensitive, making it difficult for companies to compete on price alone while maintaining profitability.
-
Regulatory Changes: Regulations on roofing materials and installation practices can change, resulting in additional costs for companies who need to adjust their product lines and practices.
Browse Report Executive Summary and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/united-states-roofing-market
PVC and SPF Dominate US Rooftop Market to Generate More Than 45% Sales
Polyvinyl chloride (PVC) and spray polyurethane foam (SPF) have become the most popular materials used for roofing in the United States. According to Astute Analytica, these two materials accounted for more than 45% of the market share, with SPF dominating the market with over 24% revenue share, followed by PVC with over 21% market share.
SPF has become the preferred choice for many residential, commercial and industrial roofing projects due to its unique properties and benefits. The dominance of SPF in the roofing market can be attributed to factors such as energy efficiency, seamless and waterproof nature, and durability and longevity. SPF offers exceptional insulation and energy saving properties that can help reduce heating and cooling costs in buildings. This energy efficiency appeals to both homeowners and businesses looking to minimize their energy use and associated costs. Additionally, when applied, SPF forms a seamless, waterproof barrier, reducing the risk of leaks and water damage. This property makes it an ideal choice for canopies in areas subject to heavy rainfall or extreme weather conditions. In addition, SPF roofing systems offer a long service life, often exceeding 30 years with proper maintenance, making them a durable and cost-effective roofing solution.
PVC roofing has also gained significant market share in the United States due to its various advantages. PVC offers excellent resistance to harsh weather conditions, chemicals and fire, making it a suitable option for commercial and industrial applications. Additionally, PVC roofs are known for their durability and low maintenance requirements, which add to their overall appeal. Its reflective properties help reduce heat absorbed by the building, reducing energy costs associated with cooling. As a result, PVC has become a strong competitor in the roofing market, capturing over 21% of the market share.
Competitive Landscape: Top 11 players hold less than 55% revenue share, 3M company dominates the market
The US roofing market is highly competitive, with the top 11 players holding less than 55% of the market share. This indicates a fragmented market with many players competing for business. 3M has established itself as the market leader, but still holds less than 10% of the market share, leaving significant room for growth. Other market players include Atlas Roofing Corporation, BASF SE, Berkshire Hathaway Inc., Carlisle Companies Inc., Certain Teed Corporation, DoW Chemical Company, Dupont de Nemours Company, Duro-Last Inc., GAF and IKO Industries Ltd.
In such a competitive market, companies need to differentiate themselves through product innovation, quality, pricing and distribution channels. Companies also need to be aware of regulatory changes that could impact their business and be prepared to adapt their product offerings accordingly. In addition, economic uncertainty may impact demand for roofing products and affect company sales and profitability.
To remain competitive in the US rooftop market, companies must focus on staying ahead of industry trends, investing in research and development, and expanding their product portfolios to meet the needs of different customer segments. Building a strong distribution network and brand reputation is also critical to attracting and retaining customers in this market.
Some of the top market players are:
Directly Purchase a Copy of the Report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/united-states-roofing-market
About Astute Analytica
Astute Analytica is a global analytics and consulting firm that has quickly built a solid reputation for the tangible results we have delivered to our clients. We pride ourselves on creating unparalleled, detailed and incredibly accurate estimates and forecasts for our very demanding clients across multiple industries. We have a long list of satisfied and returning customers from a wide spectrum including Technology, Healthcare, Chemical, Semiconductor, FMCG and many more. These satisfied customers come to us from all over the world. They are able to make well-calibrated decisions and seize extremely lucrative opportunities while tackling the tough challenges because we analyze for them the complex business environment, segment-by-segment existing and emerging opportunities, technology formations, growth estimates, and even the available strategic decisions. In short, a complete package. All of this is possible because we have a highly qualified, competent and experienced team of professionals made up of business analysts, economists, consultants and technology experts. You – our patron – are at the top of our list of priorities. When you choose to work with us, you can rest assured that we’re getting the best value-added, cost-effective package.
Contact us:
Aamir Beg
BSI Business Park, H-15, Sector-63, Noida-201301-India
Phone: +1-888.429.6757 (US toll-free); +91-0120-4483891 (rest of the world)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com
finance.yahoo.com
https://finance.yahoo.com/news/united-states-roofing-market-set-173000288.html
