Market Overview:
Metal roofing refers to roofing materials made from different types of metals including steel, aluminum, copper, zinc, and tin. Metal roofing offers advantages such as durability, resistance to wind and fire damage, rust resistance and low maintenance. It has high solar reflectance which helps in energy efficiency by reducing cooling costs. Metal roofing is a sustainable option as metals can be recycled infinitely without loss of quality.
The Metal Roofing Market is estimated to be valued at US$ 9.5 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rust resistance is the major trend driving the growth of the metal roofing market. Metal roofing such as steel, aluminum, zinc and tin offer very high resistance to rusting when compared to conventional roofing materials like wood shingles, asphalt or clay tiles. This is because galvanizing and advanced coatings are applied on the metal surface that protects it from corrosion. The rust resistant property allows metal roof to withstand all weather conditions and last more than 50 years with very less or even no maintenance cost. Furthermore, metal roof does not sag or warp like other materials making it a durable option ideal for all climates. The ever increasing construction of residential and commercial buildings globally is expected to boost the demand for robust and low maintenance metal roofing over the forecast period.
Porter’s Analysis
Threat of new entrants: The metal roofing market requires significant capital investment and established brand credibility. There are a few large players in the market making it difficult for new players to establish themselves.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of options from various manufacturers. However, switching costs associated with installation limits their bargaining power.
Bargaining power of suppliers: Major raw materials include aluminum, galvanized steel and copper sheets which are widely available. This limits the bargaining power of suppliers.
Threat of new substitutes: Alternatives like shingles and clay tiles pose minimal threat as metal roofing offers better durability and energy efficiency.
Competitive rivalry: Intense competition exists among the key established players focusing on new product development and expansion to diverse markets.
SWOT Analysis
Strengths: Metal roofing provides longevity, durability and energy efficiency. It is resistant to wind damage, fire and moisture.
Weaknesses: High initial costs compared to alternatives. Requires skilled labor for installation and repair works.
Opportunities: Growing remodeling and re-roofing activities along with rising consumption in commercial construction provides new opportunities.
Threats: Volatility in metal prices can impact profit margins. Natural calamities can damage roofs posing business continuity threats.
Key Takeaways
The Global Metal Roofing Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing investments in commercial construction and rising renovations. The U.S accounted for largest share in 2023 due to growth in residential sector and was followed by China.
Regionally, the Asia Pacific metal roofing market is expected to grow the fastest owing to rapid urbanization and increasing construction activities in China and India. The market in North America is also expected to grow substantially with the U.S dominating the regional demand.
Key players operating in the metal roofing market are Tata Steel (Tata Group), BlueScope Steel Limited, Carlisle Syntec Systems, Ideal Roofing, ATAS International, Kingspan Group, Metal Sales Manufacturing Corporation, Linyi Jinhu Color Coating Aluminum Industry Co. Ltd., Drexel Metals Inc. (Carlisle SynTec Inc), and Reed's Metals. Major players are focusing on capacity expansion, new product launches and mergers to strengthen their market presence.
For More Insights, Read: https://www.newswirestats.com/metal-roofing-market-demand-growth-and-regional-outlook-by-2030/
Global Market for Metal Roofing Market – Segmental Analysis:MRFR’s report offers a detailed segmental analysis of the market based on product type, metal type, and application.
By metal type, the market is segmented into steel roofing; copper roofing; aluminum roofing; zinc roofing; tin roofing; and others.
By application, the market has been segmented into residential; commercial; and industrial.Access Report @ https://www.marketresearchfuture.com/reports/metal-roofing-market-6554Regional Outlook:The global metal roofing market, by region, has been segmented into North America, Asia Pacific, Europe, and the Rest of the World.
Asia Pacific is expected to witness significant growth over the next couple of years.
The growth is attributable to the rapid urbanization and exponential population in the region which has catapulted the construction sector on an upward trajectory.
The prominent country-level markets of the region include India, China, and Malaysia among others.North America is a vital growth pocket and is likely to remain a lucrative market in the upcoming years.
