CLEVELAND, Dec. 2, 2019 /PRNewswire/ -- US demand for metal roofing is expected to rise 2.7% per year to 32.63 million squares in 2023. This above average rate of growth will be spurred by:
- continuing interest in the use of metal roofing as a weather-resistant alternative to such products as asphalt shingles and roofing membranes
- homeowner interest in installing metal roofing to create a more unique exterior appearance
- increasing interest in installing cool roofing materials to reduce a building's energy consumption and lower utility bills
- rising installations of prefabricated metal buildings in commercial construction applications
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Standing seam roofing will continue to account for the largest share of metal roofing demand through 2023, supported by its favorable performance properties and ability to be used as both low- and steep-slope roofing. However, metal shingles, shakes, and tiles will see the fastest growth going forward, boosted by increasing use of these products in the residential market as homeowners seek more durable alternatives to asphalt shingles.
Value demand for metal roofing is expected to grow 3.9% annually to $4.2 billion in 2023. In addition to increasing unit demand, sales of metal roofing will be boosted by manufacturers' efforts to offer standing seam panels in a wider array of colors and surface patterns, which can make these products more appealing to potential customers and are typically sold at higher price points.
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SOURCE The Freedonia Group