Steel Roofing Market to Reach USD 4.7 Billion by 2030, Expanding at a CAGR of 6% over the Anticipated Period (2022 - 2030) – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Steel Roofing Market Research Report Information by Type (Corrugated Steel Panels, Steel Shingles and Shakes, Stone-Coated Steel Tiles, and Standing Seam), Application (Non-Residential, and Residential), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2030
New York (US), April 05, 2023 (GLOBE NEWSWIRE) -- Steel Roofing Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Steel Roofing Market Information by Type, Application, and Region - Forecast till 2030", By 2030, the market for steel roofing could be worth USD 4.7 billion, developing at a rate of 6% between 2022 and 2030. In 2021, the market had touched USD 2.8 billion.
Market Synopsis
A roofing system comprised of steel pieces or tiles is referred to as a steel roof. Steel roofing has been specifically designed to outlast all other roofing materials. The installation of steel roofing provides longevity, energy efficiency, and aesthetic appeal while also preventing leaks. Recyclable steel can be used for roofs.
There are many regional and local participants on the world stage. In terms of prices and customization options, these competitors pose a serious threat to big, well-established firms like the Safal Group, Kingspan Group, and Tata Steel Europe. The local roofing contractors and these businesses frequently have long-standing professional contacts. Leading organizations have, however, developed a network of approved building contractors, including EDCO Products and Nucor Building Systems. These contractors assist clients in selecting the roofing materials that are best suited to their needs.
Market USP Covered:
Market Drivers:
Going forward, it is anticipated that rising investments in residential building construction will fuel the market for steel roofing to rise. A residential building is one that was built for housing and is utilized for typical residential activities, whether or not it has cooking or dining areas. This building consists of one or more family homes, hotels, or rooming houses. Residential structures' rooftops are covered with steel roofing material, which minimizes the cost of construction. For instance, foreign direct investment (FDI) in the construction development sector and construction activities reached $26.16 billion in 2021, according to Invest India, an investment advice headquartered in India.
Of the $81.12 billion in overall foreign direct investment (FDI) inflows, 13%, or infrastructure activities, are responsible. Hence, the expansion of the steel roofing market is being driven by a rise in investments in the construction of residential buildings.
The primary trend gaining traction in the steel roofing industry is product developments. New product developments are being introduced by major market players.
Market Restraints:
The cost of raw materials for steel roofing is always changing. For steel roofing, premium metals like copper and steel are used. The high price volatility of raw resources might limit market demand. Many discrepancies will result from the market's high and low price swings.
Steel roofing is a premium roofing material that is economical. Moreover, prices for different varieties of steel roofing are standardized in the market for steel roofing. In this market, the price of installation, the cost of goods, and the cost of labor will all be impacted by changes in raw material prices. The variable cost has an impact on the reliance on the market. All of these elements together have an impact on the market revenue rate.
Opportunities
In the following years, steel roofing will be installed by both residential and commercial property owners. The steel roofing's remarkable qualities will offer a lot of room for expansion. Consumer spending on home remodeling and refitting will increase in the coming years. Many homeowners desire upgrades that are affordable. Steel roofing is the ideal replacement for traditional roofing. Future market expansion chances will be brought about by the rising cost of home improvement. The simplest roofs to install are those made of steel. It is another element that will provide growth opportunities for the steel roofing market throughout the projection timeframe.
The 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 proliferation of COVID-19 has resulted in an increase in death cases as well as the emergence of long-term health effects. As a result, the government is now enforcing strict lockdown laws that are affecting every part of the economy. Throughout, governments have created regulations and guidelines to address the many effects of COVID-19 in order to prevent things like supply chain disruptions, increased raw material prices, and other things like the severe economic impact on workers.
Market Segmentation
By Type
The worldwide steel roofing market has been divided into standing seam, stone-coated steel tiles, steel shingles and shakes, and corrugated sheet panels 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. During the anticipated timeframe, a sizable CAGR is expected to be registered.
By Application
The market for steel roofing has been segmented into residential and non-residential categories based on application. With a 62.37% market share of the global steel roofing market in 2020, the non-residential segment became the larger one. During the forecast period, a sizable CAGR is expected to be recorded by the segment.
Regional Insights
During the projection period, the Asia Pacific market’s strong growth will persist. The market for steel roofing in the region will see an extraordinary demand as a result of growing industrialization, construction, and industrial sector needs. Another factor that will fuel the steel roofing market's expansion is urbanization.
The market size will also note tremendous growth in North America. More steel roofing is needed in this area as a result of the renovation work. 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 rising expenditures in the construction sector, Europe now accounts for a significant portion of Germany, the U.K., Italy, France, and Russia. The Middle East and Africa are 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 expenditure on the region's manufacturing and commercial sectors.
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