Steel Roofing Market Overview
The Steel Roofing Market is projected to be worth USD 4.7 Billion by 2030, registering a CAGR of 6% during the forecast period (2022 - 2030), The market was valued at USD 2.8 billion in 2021.The steel roofing is made of metal or tiles. The lifespan of the metal roofs is high. It is a durable and sustainable roof that can remain in good condition for many years. The installation of the metal roofs offer aesthetic, energy efficiency, durability and prevents leaks. Due to these exceptional properties, steel-roofing is gaining high demand. The metal roofs can be recycled. Also, it is an efficient roof that can reflect sunlight and heat.
They are suitable for old building structures as they are light in weight. Metals roofs are used to reduce energy loss and energy costs in any building. The wind resistance feature of metal roofs makes them suitable for industrial and commercial spaces. Due to these factors, the steel roofing market value will tremendously reach 1500 million. Even the developing countries have massive scope for the steel roofing market due to their cost-efficiency. Also, the steel-roofing market expansion rate is accepted to surge during this forecast period.
Covid analysis
The outbreak of covid 19 has affected all most every global market. The pandemic has restricted the steel roofing market operations. The lockdowns and restrictions are causing plenty of challenges to the market. Also, Industrial policies have been altered in many regions. There is a decline in the production of the steel roofing market.
The less availability of raw materials is slowing down the market operations. Further, the steel roofing installation is facing several disruptions. There is a massive disturbance in the supply chain of the market. However, these problems are changing the steel roofing market outlook. The market operations are expected to resume gradually.
Market dynamics
The growth of urbanisation is tremendous in many regions. It is raising the construction activities across the globe. The rise of construction activity is a crucial driver for the steel roofing industry. In the construction industry, there are plenty of innovations and advancements. It ultimately increases the use of steel roofing in buildings. Sustainable and efficient technologies are part of building and industry construction. The use of steel roofing is expected to grow more during the forecast period. The construction of hospitals, hotels and schools raise the requirement for steel roofing.
The ease of installation and cost-efficiency of the steel roof will increase the adoption rate. It is a crucial driver that offers exceptional demand for the market. The investments from the government are constantly increasing for construction activities. It creates exposure for construction materials in several regions. The awareness about metal roofing is high in recent years. Governmental investments in the construction industry are promoting energy-efficient construction materials. Many constructors and homeowners are aware of the benefits and uses of steel rood. The increasing popularity and awareness is providing steel roofing market growth opportunities.
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Market growth opportunities
There are plenty of advantages by installing steel roofing. The installation rate of the steel roofing is expected to rise in the forecast period. The exceptional properties of the steel roofing are the major cause of this development. Also, the energy efficiency, interior, build and lightweight features increase the adoption rate. The exceptional air conditioning, energy efficiency and cost-effectiveness of these roofs increase the adoption of steel roofing.
From residential owners to commercial spaces will install steel roofing in upcoming years. The exceptional features of the steel roofing will provide plenty of growth opportunities. In the upcoming years, there is going to be higher consumer spending on home renovation and refitting. Many house owners expect cost-effective house renovations. The best alternative for conventional roofing is steel roofing. The increasing expenditure on house renovation will provide future growth opportunities for the market. Steel roofs are the easiest to install roofs. It is another factor that will offer steel roofing market growth prospects in forecast period.
The raw material price for steel roofing keeps on fluctuating. High-end steel, metals and copper are utilized for steel roofing. However, the high volatility in raw materials price may restraint the market demand. The low and high price fluctuation in the market will lead to plenty of inconsistencies.
Steel roofing is a high-end roofing technology with cost-efficiency. Also, the steel roofing market has a standardized price for various types of steel roofing. The fluctuation in raw material will affect the installation price, product cost and labour cost in this market. The reliance on the market is affected due to the fluctuating cost. Overall the market revenue rate is affected due to all these factors.
The steel roofing market has low demand in snowy areas. The steel roofing is not suitable for snowy climatic conditions. However, the high investments rate in these markets will affect the overall profitability of the market. The capital investments are higher in many of the snowy regions.
However, the high investments are hampering the growth of the steel roofing industry. The installation cost of steel roofing is different in many regions. This variation in the installation price is a challenge to this market. These market challenges can have a drastic effect on the overall market. The demand and market growth rate may be affected due to these factors.
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Cumulative growth analysis
There is plenty of growth propelling factors in the steel roofing market. The steel roofing market trends are constantly increasing in the forecast period. Also, there are different types of steel roofing such as shine coated tiles, steel shingles and standing seams.
The congregated steel panels roofing market is witnessing massive demand in the forecast period. Also, the non-residential segment of the market is witnessing high demand rates. The urbanisation and exceptional features are raising the demand for the steel roofing market. The ease of installation and growth of home renovations is causing growth opportunities for the market. However, the overall steel roofing market looks promising.
Asia Pacific market will hold the largest steel roofing market share. The improvement in the construction industry is responsible for high demand in this region. Also, improvements in the economy are positively affecting the steel roofing market. The Asia Pacific market has strong key players in India and China.
The migration rate from rural areas to urban is reaching the highest rate. Also, the construction of residences, offices and commercial spaces will raise the need for a steel roofing market. In the forecast period, the Asia Pacific region will record the highest growth rate.
Segment overview
By type
- Steel shingles and shakes
- Standing seam
- Stone-coated tiles
By application
- Residential
- Non-residential
- Remodeling and renovation
- New constructions
By region
- Asia pacific
- Europe
- North America
- South America
Regional analysis
The steel roofing market is segmented into South America, North America, Europe and Asia pacific. The robust growth in the Asia Pacific region will continue in the forecast period. The steel roofing market will see exceptional demand due to rising industrialization, construction and demand from the industrial sector. Urbanization is another factor that will propel the growth of the steel roofing market.
North America is the next largest market with tremendous developments. The renovation projects are providing more demand for steel roofing in this region. Also, Europe is witnessing high demand due to urbanization. South America is an emerging market with plenty of development opportunities. There is going to be long term contracts and market expansion strategies in the market.
Competitive landscape
The competition in the steel roofing market is rising in the forecast period. The launch of new steel roofing products will increase in the upcoming years. Also, the key players of the market are taking measures to make the installation of steel roofing efficient. The competitive landscape has plenty of growth, market expansion and acquisitions.
The key players of the steel roofing market are
- Fletcher steel limited
- Fabral
- Corner stone building brands
- Bilka
- Tata steel euroep ltd
- Certaineed
- Atas international
- EDCO products
- Chief industries
- Mcelroy metals
- Nucor building systems
- Ideal roofing
- Safal group
- Kingspan group
Recent developments
December 2023: SSAB, a Swedish steel producer, announced that it had developed a new type of steel roofing that is made from 90% recycled content. This new product is expected to be more sustainable and environmentally friendly than traditional steel roofing products.
October 2023: Nucor Corporation, a leading US steel producer, announced that it would be investing $1.2 billion to expand its steel production capacity. This expansion is expected to benefit the steel roofing market by increasing the availability of steel.
Report Overview
- Market overview highlights
- Analysis based upon COVID 19
- Explanation upon the Market Dynamics
- Value chain analysis
- Market segmentation overview
- The regional analysis
- Competitive landscape analysis
- Recent Developments
