CLEVELAND, Sept. 14, 2020 /PRNewswire/ -- US roofing demand is expected to edge up to 253.0 million squares in 2024, according to a new Freedonia Group analysis. Advances will be supported by:
- the replacement of older and less durable roofs with products that better resist damage caused by severe weather
- increasing housing starts (especially of single-family units), particularly after the recession caused by the COVID-19 pandemic
- growing interest among commercial specifiers in installing cool roofing materials to reduce energy consumption and lower utility bills
Growth in the Leading Residential Market to Account for Increases
Residential roofing demand will hold up well in 2020 as a strong recovery over the summer will limit losses for the year. An improving economy and a rise in new housing starts will support demand growth in 2021. Through 2024, growth in residential roofing demand will offset a slight anticipated decline in the commercial segment. The residential market accounts for majority of roofing demand due to:
- the large number of homes built each year and the relatively large size of the residential roofing stock
- the fact that most homes have steep-slope roofs, which are more susceptible to damage
- the greater likelihood to replace roofs for aesthetic reasons among homeowners than among commercial building owners
Commercial Roofing Sales to Contract Slightly Through 2024
US demand for commercial roofing is expected to fall slightly on average through 2024 due to:
- a drop in commercial construction activity due to the COVID-19 pandemic despite its subsequent modest rebound
- an expected glut in commercial properties due to a number of business closures during the pandemic – new structures will not be needed to be erected until existing sites are filled
- modest short-term growth in new construction activity caused in part by the large number of vacant commercial structures on the market
- a high level of reroofing activity in the commercial market between early 2016 and 2018 – most roofs that were repaired or replaced during that time will require little additional work in the near term
Want to Learn More?
Roofing, Residential Roofing and Commercial Roofing are now available from The Freedonia Group.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group