Metal roofing has gained substantial popularity in the recent years as an alternative for conventional roofing materials such as tiles, slates, and asphalt shingles. Metal roofing offers durability and longevity compared to other roofing materials. They provide better weather resistance against hail, wind, rain, snow, and UV rays as metal does not deteriorate over time with exposure to weather elements. Moreover, metal roofs offer fireproof properties along with sound insulation. Installation of metal roofs is also faster than clay tiles or slates and requires less maintenance over the lifetime of the roof.
Market Opportunity:
The rising demand for durable and weather resistant roofing materials is a key growth opportunity for the metal roofing market. Homeowners and commercial building owners are increasingly preferring metal roofing over conventional roofing materials due to their durability and longevity. Metal roofs can withstand severe weather events such as hurricanes and are fire retardant as well. They do not deteriorate with exposure to sun, rain, or snow over extended period of time unlike clay tiles or slates. This reduces future repair and replacement costs significantly. Moreover, metal roof installers provide warranties ranging from 30-50 years, offering peace of mind to building owners. The low maintenance and durable nature is driving the preference for metal roofing globally. Manufacturers are expected to leverage this rising demand by developing new attractive designs and colours of metal roofing products.
Porter's Analysis
Threat of new entrants: The metal roofing market has moderate threats of new entrants as it requires high initial investments for setting up manufacturing units and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many players offering a variety of metal roofing options.
Bargaining power of suppliers: Suppliers of raw materials like steel sheets have moderate to high bargaining power given the consolidated nature of suppliers.
Threat of new substitutes: Threat from substitute products like clays tiles, slates, and concrete tiles is low to moderate as metal roofing continues to gain popularity for its durability and longevity.
Competitive rivalry: The global metal roofing market is moderately competitive as the key players focus on expanding their regional presence through new product launches and strategic partnerships.
SWOT Analysis
Strength: Metal roofing offers high durability, superior fire resistance, long lifespan, and low maintenance requirements. It delivers energy savings and requires less repairs over its lifetime.
Weakness: High initial costs associated with metal roofing make it less attractive for low budget construction projects. Installation of metal roofing requires skilled labor.
Opportunity: Increasing renovations and reroofing activities generate strong demand. Growing popularity of sustainable and energy-efficient construction products boosts market prospects.
Threats: Volatility in raw material prices, especially steel, can threaten margins. Natural calamities may damage metal rooftops.
Key Takeaways
The Global Metal Roofing Market Growth is expected to witness high growth over the forecast period supported by rising commercial and residential construction activities across developed and emerging economies. The global metal roofing market is estimated to be valued at US$ 9.5 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis related content: North America dominates the global metal roofing market currently owing to high demand from the United States. The US accounts for over 30% of the global market share led by reconstruction and re-roofing activities in the commercial and industrial sectors. The Asia Pacific region is expected to witness the fastest growth during 2023-2030 with a CAGR of around 8% driven by large-scale investments in infrastructure and real estate development across China, India, and other Southeast Asian countries.
Key players related content: 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
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