As per the current market research conducted by the CMI Team, the global Residential Roofing Market size is expected to record a CAGR of 5.8% from 2023 to 2032. In 2023, the market Application is projected to reach a valuation of USD 10.3 Billion. By 2032, the valuation is anticipated to reach USD 16.2 Billion.
Residential Roofing Market: Growth Factors and Dynamics
- Population Growth: Increasing populations drive the demand for new residential constructions, fueling growth in the residential roofing market.
- Renovation and Remodeling: Homeowners’ inclination towards home improvement projects and renovations contributes to market growth.
- Technological Advancements: Integration of smart technologies in roofing systems enhances functionality and appeals to tech-savvy consumers.
- Sustainability Focus: Growing environmental awareness leads to the adoption of sustainable and eco-friendly roofing materials.
- Energy Efficiency Requirements: Rising energy efficiency standards drive the demand for roofing solutions that contribute to better insulation and reduced energy consumption.
- Government Incentives: Supportive government policies and incentives for sustainable roofing solutions stimulate market growth.
- Extreme Weather Events: Increasing occurrences of extreme weather conditions boost the need for resilient and weather-resistant roofing materials.
- Architectural Trends: Evolving architectural preferences and designs influence the demand for specific roofing styles and materials.
- Consumer Awareness: Growing awareness among consumers regarding the importance of quality roofing for home protection and energy efficiency.
- Low-Interest Rates: Favorable financing conditions encourage homeowners to invest in roofing projects.
- Insurance Replacements: Insurance claims and replacements due to weather-related damages contribute to market dynamics.
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Residential Roofing Market: Partnership and Acquisitions
- In January 2022, Owens Corning completed the acquisition of Natural Polymers LLC, a firm specializing in the production of spray polyurethane foam insulation tailored for building and construction applications.
- In February 2022, Johns Manville, a Berkshire Hathaway subsidiary, introduced two novel products designed for bituminous roofing systems, aimed at enhancing productivity in roofing applications.
- In February 2022, Carlisle Companies Incorporated successfully acquired MBTechnology, Inc. (MBT), a move expected to broaden Carlisle’s range of modified bitumen roofing solutions and increase capacity for roofing underlayment.
Residential Roofing Market: COVID-19 Analysis
The COVID-19 pandemic significantly impacted the Residential Roofing Market, causing both challenges and opportunities.
- Supply Chain Disruptions: COVID-19 led to disruptions in the supply chain, affecting the availability of roofing materials.
- Construction Delays: Lockdowns and restrictions resulted in construction project delays, impacting the residential roofing market.
- Labor Shortages: Social distancing measures and lockdowns caused shortages in skilled labor, affecting roofing installations.
- Decreased Consumer Spending: Economic uncertainties during the pandemic led to reduced consumer spending on home improvements, impacting the residential roofing sector.
- Remote Work Impact: The shift to remote work affected housing preferences, influencing roofing demands in suburban and rural areas.
- Financial Strain: Economic challenges for homeowners led to a decline in large-scale roofing projects.
- Material Price Fluctuations: The pandemic induced fluctuations in raw material prices, affecting overall project costs.
- Shift in Roofing Priorities: Homeowners focused on essential repairs, maintenance, and energy-efficient roofing during the pandemic.
- Increased Emphasis on Health and Safety: Safety concerns led to increased demand for touchless and remote roofing services.
- Digital Transformation: The pandemic accelerated the adoption of digital tools for remote consultations, estimates, and project management.
- Government Support: Stimulus packages and government support programs influenced residential roofing market dynamics.
List of the prominent players in the Residential Roofing Market:
- Owens Corning
- GAF Materials Corporation
- CertainTeed Corporation (Saint-Gobain)
- TAMKO Building Products Inc.
- IKO Industries Ltd.
- Malarkey Roofing Products
- Carlisle Companies Incorporated
- Atlas Roofing Corporation
- PABCO Roofing Products
- Eagle Roofing Products
- Duro-Last Inc.
- Beacon Building Products
- Johns Manville
- Sika AG
- Boral Limited
- BMI Group
- Monier Roofing
- Firestone Building Products
- IKO Industries Ltd.
- Mule-Hide Products Co. Inc.
- Others
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