As per the report by Graphical Research, the North America roofing materials market was valued USD 29 billion in 2020 and will surpass a revenue collection of USD 40 billion by 2027 with an annual growth rate of 4.5% over 2021 to 2027.
The market growth is attributed to the increasing number of reroofing activities across several residential projects in the U.S. Various types of roofing materials, such as bituminous, clay & concrete tiles, elastomers, metals, and plastics are widely used to cover the outer surface of roofs of commercial, industrial, and residential establishments.
Industry players are expected to cash in on many benefits of using roofing materials, such as effective temperature control, waterproofing, and elevated appearance, among others, across North America. Additionally, increasing disposable incomes, prompt availability of loans, and easy access to affordable products have encouraged end-users to go for renovations and refurbishments, thereby augmenting the sale of roofing materials.
Use of roofing materials to increase in non-residential spaces
Non-residential applications may hold a share worth $16 billion in North America roofing materials market by 2027. There is a notable increase in the construction of non-residential buildings, such as colleges, hospitals, offices, and hotels. Moreover, tech giants, including Google, Apple, and Amazon are planning to expand their offices. Several buildings are undergoing refurbishments and remodeling operations, thereby increasing the use of roofing materials.
Demand for bituminous materials to increases
Bituminous materials captured around 75% share of North America roofing materials industry in 2020. Asphalt shingles are the most commonly used bituminous materials across the region. The main benefits of using the product include high durability, variety in a range of items, pleasing aesthetics, and high resistance to fire and wind. Also, asphalt shingles are capable of enduring high impact, which makes them a preferred product choice among end-users.
Roofing materials to be used increasingly in new construction projects
Based on type of construction, North America roofing materials market size from new constructions will witness 4.5% CAGR over 2021-2027. The number of new residential and commercial projects is increasing at a strong pace across Canada and the U.S. Roofing materials are readily available across the region at a wide range of prices.
Furthermore, the ability to endure the heavy compressive force and great durability are some of the major factors contributing to the adoption of roofing materials. Many builders are increasingly opting for technologically advanced materials that have high thermal insulation, incur low maintenance costs, help conserve energy, and have a longer lifespan, thereby increasing the production of roofing products.
U.S. roofing materials market share to gains traction
U.S. roofing materials industry size will register over 4.5% CAGR through 2027. A major reason behind this is the growing number of large-scale construction and reroofing projects in the country. Public and private-sector organizations are increasing their investments in the development of large warehouses and distribution logistics centers. The aim behind building this infrastructure is to improve the overall supply chain management of products and services, which will automatically create demand for high-quality roofing materials.
North America roofing materials market outlook may continue to remain positive as reputed organizations, including CertainTeed Corporation, Owens Corning, Johns Manville, TAMKO Building Products LLC, and Atlas Roofing Materials Corporation, among a few others are manufacturing roofing materials, such as concrete & clay tiles, bituminous, metals, elastomers, and plastics. These products will be extensively used in residential and non-residential projects. The demand for these materials will be high across both new and reroofing construction projects.