Market Outlook:
The global steel roofing market was valued at USD 7,644.5 Million in 2019 and has been projected to reach USD 11,079.0 Million by 2027, expanding at a CAGR of 4.8% during the forecast period. Roofing is made from different materials such as concrete, brass, stainless steel, copper, and zinc alloys. Each of these has varying longevity, size, and appearance. Steel and aluminum are widely used metals for roofing materials. Steel roofing solutions are becoming increasingly popular as architects, designers, and homeowners want sleek and innovative alternatives for conventional work. Steel Roofing are lightweight, cost-effective, easy to install, requires low maintenance, and is reliable.
Market Dynamics Drivers Factor driving the global steel roofing market include the growth of the construction industry in emerging economies due to urbanization and growing demand for energy-efficient and eco-friendly roofing systems. In roofing systems, the adoption of the solar power and energy code affect the metal roofing market as it requires steel roofing. Steel roof panels are more energy efficient than other common roofing materials, including asphalt panels. Furthermore, several other benefits of steel roofing include the clean, architectural look, and vivid colors. Therefore, the popularity of steel roofing among homeowners has been increasing.
Steel roofing are considered to be fire-resistant which make them safe and majorly popular in industrial buildings. Steel roofing recommended in hail-prone areas owing to its impact resistance attribute, in hurricane areas due to its wind-resistance, and in areas prone to forest fires attributed to its fire resistance. Moreover, steel roofs are resistant to mildew, insects, heat, snow, and rot which make its maintenance less costly. This is expected to drive the global steel roofing market.
It is relatively easy to build steel roofs or install over existing the roof. Additionally, steel roofs are useful in times of raw weather and in areas that frequently experience hurricanes and cyclones. Light weight of steel saves engineering and construction time required for the supporting framework, which in turn drives market growth.
Opportunity Recent technological developments and rise in R&D spending in the construction industry are creating lucrative opportunities for key players in the market.
Segmental Outlook
In terms of types, the steel roofing market has been segregated into corrugated steel panels, steel shingles and shakes, stone-coated steel tiles, and standing seam. Corrugated steel panels segment has been anticipated to expand at a CAGR of 4.7% during the forecast period due to rising preference towards lightweight sheets and ease of installation. The steel shingles and shakes segment has been estimated to hold 19.0% share of the market in 2020 owing to its ability to be durable as well as less corrosive from harsh weather conditions.
Based on applications, the market is segmented into industrial, residential, and commercial. The industrial segment is projected to hold a major share of the market being valued at USD 3,842.4 Million in 2019 and growing at a significant CAGR during the forecast period. The growth of the segment is attributed to effective insulation attributes provided by steel roofing. The commercial segment is expected to expand at a CAGR of 4.9% due to developments and improvements in infrastructure technology for commercial applications.
Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region accounted for 39.5% share of the market in 2019. The market in the region is projected to expand at a CAGR of 4.4% during the forecast period. Increasing population and urbanization in the region and high demand for low-maintenance roofs are driving the steel roofing market in Asia Pacific. The market in North America is projected to expand at a CAGR of 3.9% owing to implementation of environment friendly regulations by the government in the construction sector. The market in Middle East & Africa is expected to grow at a sluggish pace due to the lack of awareness and acceptance of steel roofing.
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