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.
Get Free Sample Copy @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=35813
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
Table of Contents: https://www.custommarketinsights.com/report/residential-roofing-market/#table-of-contents
Read More@
About Us:
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
Contact Us:
USA Corporate Office
CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061
Email : support@custommarketinsights.com
Website : https://www.custommarketinsights.com/