Market Research Future published a research report on “Steel Roofing Market Research Report – Global Forecast till 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.
The global steel roofing market in 2018 was valued at 1,500 million and is predicted to grow at a 6.2% CAGR between 2018- 2025, states the recent Market Research Future (MRFR) analysis. Steel roofing, simply put, is a roofing system that is made of steel. Standing seam, stone-coated steel tiles, steel shingles and shakes, and corrugated steel panels are its different types that have wide non-residential and residential applications.
Various factors are propelling the global Steel Roofing Market share. According to the recent MRFR report, such factors include the booming construction industry, rising consumer awareness about the multiple benefits of installing steel roofing, an increase in remodeling and reconstruction of houses for change in consumers’ preference, rapid urbanization, and development of new technology and products. Additional factors adding market growth include favorable investments by the government, various benefits of steel roofing such as high durability, easy installation, and long lifespan, increase in commercial projects worldwide such as schools, hospitals, and hotels, and alluring features such as the reduction in cost incurred for AC, improved air quality, and noise reduction.
On the contrary, high installation cost, high capital cost, and the on-going COVID-19 pandemic may impede the global steel roofing market growth over the forecast period. Besides, steel roofs are not an ideal choice in snowy areas as the snow slips as well as falls on the pedestrian or property, which also impacts market growth.
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Eminent contenders profiled in the global steel roofing market report include McElroy Metal (US), EDCO Products (US), ATAS International, Inc. (US), Safal Group (South Africa), Ideal Roofing (Canada), Bilka (Romania), CHIEF INDUSTRIES, INC. (US), Certainteed (US), Tata Steel Europe Limited (UK), Kingspan Group (Ireland), Fletcher Steel Limited (New Zealand), Blachy Pruszyński (Poland), Nucor Building Systems (US), Cornerstone Building Brands (US), and Fabral (US).
The MRFR report highlights an inclusive segmental analysis of the global roofing market based on application and type.
By type, the global steel roofing market is segmented into the standing seam, stone-coated steel tiles, steel shingles and shakes, and corrugated steel panels. Of these, the corrugated steel panels will lead the market over the forecast period as it is the best choice to install on slopes to get away with water quickly.
By application, the global steel roofing market is segmented into non-residential and residential. Of these, the non-residential segment will dominate the market over the forecast period for the increasing investments in the construction industry, especially for the construction of schools, hospitals, and other infrastructure.
Detailed Regional Analysis
Based on the region, the global steel roofing market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region is predicted to spearhead the market over the forecast period. The booming construction industry, rising number of construction projects, growing infrastructural development in the industrial and commercial sector in China & India, and migration of population to urban areas from rural areas are adding to the global steel roofing market growth in the region.
The global steel roofing market in North America is predicted to have healthy growth over the forecast period. The developing construction industry, due to increased renovation and improvement projects, is adding to the global steel roofing market growth in the region. The US holds the utmost share in the market.
The global steel roofing market in Europe is predicted to have significant growth over the forecast period. High living standards resulting in more and more renovation of building projects are adding to the global steel roofing market growth in the region.
The global steel roofing market in the MEA is predicted to have steady growth over the forecast period for manufacturers making long term contacts with that of customers.
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