CLEVELAND, Aug. 9, 2016 /PRNewswire/ -- US demand for residential roofing products is forecast to advance 4.0 percent per year to 147 million squares in 2020, valued at $10.4 billion. Growth will be boosted by an increase in housing starts, which will fuel demand for roofing as well as other building products. Value gains for roofing will benefit from homeowner interest in choosing products -- such as laminated asphalt shingles, roofing tiles, and metal products -- that offer enhanced aesthetics and long-term protection against leaks and impact damage. These and other trends are presented in Residential Roofing, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Industry study Residential Roofing is available at http://www.freedoniagroup.com/DocumentDetails.aspx?ReferrerId=RF-PRNEWS&StudyID=3436
The reroofing segment accounts for the vast majority of residential roofing demand. While weather-related activity plays a key role in generating replacement demand, the US' large stock of older homes is the main source of reroofing demand. A significant number of residences have roofs that are past their expected product lifespan; thus, every year, a large number of homes undergo roof repair or outright replacement. Furthermore, many homeowners put off reroofing projects during the 2007-2009 recession and its aftermath due to an unfavorable lending environment.
Asphalt shingles are the dominant roofing material used in the residential market, totaling 84 percent of demand in area terms in 2015. Homeowners prefer these products because of their favorable appearance and modest cost. Laminated asphalt shingles, which have supplanted conventional three-tab shingles as the leading product type in the US, will continue to see gains through 2020.
Metal roofing products and roofing tiles are expected to see the most rapid demand gains through 2020. Strong growth in housing starts and population in the South and West will boost advances, as these materials have higher market shares in those regions. Consumers select metal products and roofing tiles based on their more durable nature and attractive appearance compared to asphalt shingles, while the heavy weight -- and thus greater resistance to wind uplift -- boosts their use in coastal areas. Their ability to reflect sunlight will also spur demand among consumers seeking cool, energy-saving roofing materials.
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, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group