According to a new report published by Allied Market Research, titled, “Steel Roofing Market Share,” The steel roofing market size was valued at $10.7 billion in 2020, and is estimated to reach $17.5 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.
Increasing population and urbanization are the main elements driving demand for residential and non-residential buildings. This positively influences the steel roofing market.
Commonly, the fastening types of metallic roofing including steel roofing are exposed and concealed fastened steel roofing. Exposed fastened roofing has its fasteners visible on the surface of the roof. This form of roof is low cost and easy to put in; however, the possibility of water seepage from the roof is higher. Contrarily, the possibility of leakage is much less with the concealed fastened roof; but, this roofing is more steeply-priced than the other alternative. Thus, attributable to the affordability of exposed fastened steel roofs, its proportion in total revenue generated in 2020 was more. On the other hand, because of the better aesthetics of concealed fastened roof, it’s growth is predicted at a better CAGR during the forecast duration.
Furthermore, the market is also analyzed based on the distribution channels of steel roofs, which incorporate online and offline channels. In 2020, the offline segment contributed to the majority of the revenue generated via the steel roofing market. Its excessive proportion is attributed to the fact that the builders can determine the quality such as robustness, resistance to weathering actions, and other such qualities of the roof before buying, and the lead time between order placement and receiving of the products is essentially zero. On the other hand, the provision of a wide variety of steel roof through online methods is expected to have a positive effect on the online section.
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Based on end user, the market is segmented into residential and non-residential. Between these two segments, the non-residential section accounted for a higher steel roofing market share. The non-residential section includes facilities along with agricultural buildings, warehouses, airports, railway stations, and others. Moreover, the residential segment is predicted to dominate the steel roofing market forecast by developing with a higher CAGR all through the forecast period, because of growing attention regarding the benefits of metal roofs together with steel roofing.
The market is particularly driven by the increase in the industrial and residential construction sector, recovery in the construction industry, and growth in spending on domestic building reworking and building preservation activities. However, fluctuations in raw materials costs constrain the boom of the marketplace. On the other hand, the growing demand for environmentally sustainable homes is predicted to offer profitable opportunities for the steel roofing market growth.
In 2020, Asia-Pacific dominated the steel roofing market, in terms of sales. Moreover, the market in Asia-Pacific is expected to grow with the highest CAGR, as a result of a boom in the construction of commercial establishments in the region.
Furthermore, key players in the steel roofing market provide a huge variety of roofing to suit all kinds of desires. For instance, in January 2021, ProVia launched a new steel roofing line combined with appealing slate or cedar shakes with the durability and durability of a galvanized, robust engineered steel roof solutions.
However, various companies in the metallic roofing market are anticipated to witness a gradual growth in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia conflict. The inflation has already led to higher cost of raw materials used within the region.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging steel roofing market trends and dynamics.
- Depending on the fastening type, the exposed fastened segment dominated the steel roofing market, in terms of revenue in 2020.
- By distribution channel, the offline segment accounted for the highest market share in 2020.
- By end user, the residential segment is anticipated to grow with a higher CAGR during the forecast period.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- The key players within the steel roofing market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the steel roofing industry.
- The report provides an extensive analysis of the current trends and emerging opportunities in the market.
- In-depth steel roofing market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.
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