Allied Market Research (AMR) predicts that the North American roofing market will reach $47.51 billion by 2025. Meanwhile, the compound annual growth rate (CAGR) is seen to increase by 5.9% in the same period.
Here are the factors pushing the roofing market growth, possible challenges and limiting factors.
Consumer Demand
In 2017, roofing membrane had the largest contribution in the market. This roofing material is expected continue to dominate the industry through 2025. It’s one of the most popular commercial roofing materials due to its efficiency and ease of installation and maintenance. However, metal roofs are predicted to experience the fastest CAGR through 2025 because of their strength, warranty, ease of maintenance and longer lifespan.
Growth Factors
Factors that influence the roofing market growth include new construction, renovation, retrofitting activities for buildings and infrastructure, and increased costs on home remodeling. Further, extreme weather events increase the demand for roof repair from hail damage.
Market Challenges
There is not enough workforce to satisfy the increasing roofing market demands. Other major challenges the industry faces are the lack of knowledge about the long-term benefits of roofing systems and higher material costs.
Opportunities
Innovations and technological advancements as well as government investments in building infrastructure open new doors for market growth. Technology assisted in enhancing safety, increasing roof life, reducing noise and improving air quality. New advancements also helped in aesthetic improvements and energy efficiency.
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