NEW YORK, July 1, 2015 /PRNewswire/ -- US demand for roofing is projected to rise 3.9 percent annually to 252 million squares in 2019, valued at $21.4 billion. This will be a rebound from the 2009-2014 period, spurred by strong advances in building construction activity. Roofing demand fell between 2009 and 2014 as nonresidential building construction spending and residential reroofing acti-vity declined.
Roofing tiles to be fastest growing product
Asphalt shingles accounted for the largest share of roofing demand in 2014, holding a leading stake in steep-slope roofing ap-plications. Demand for asphalt shingles is forecast to rise at an above-average pace through 2019, spurred by rebounding housing starts. Advances will also be supported by strong consumer interest in laminated asphalt shingles, which many homeowners feel improve the exterior appearance and value of a residence.
Roofing tiles are expected to register the most rapid growth of all roofing products through 2019, driven by strong gains in housing starts in the South and West, where tiles are most often installed. Demand for roofing tiles will also be pro-moted by their favorable aesthetics and ability to be used as cool roofs. Among other products, plastic and metal roofing will also see above-average demand gains through 2019. Plastic roofing will see increasing use in low-slope applications because of its ease of installation and favorable performance properties, while metal roofing demand will be supported by its durability and ability to support solar panels used to generate electricity. Demand for both plastic and metal roofing will also be boosted by their ability to be used as cool roofing products that reflect sunlight and keep buildings cooler in the summer.
Dominant reroofing segment set to rebound
Reroofing accounts for the larger share of US roofing demand, totaling 81 percent in 2014. This is actually a decline from 2009, when new construction activity was at a depressed level and the scope of damage caused by Hurricane Ike and other storms in 2008 boosted demand for replacement roofing in the following year. Reroofing demand in 2014 was at
a low level due to weak residential im-provement and repair activity in the face of tighter lending requirements and a general consumer reluctance to engage
in capital-intensive home improvement projects, such as the replacement of a roof. Through 2019, reroofing activity
is expected to rebound, as home and building owners engage in previously delayed renovations and improvements.
New building construction to lead demand gains
New building construction activity is anticipated to lead demand gains for roofing through 2019. In the residential market, double-digit annual advances in housing starts will fuel demand for such products as asphalt shingles, roofing tiles, and metal tiles and shingles. New non-residential demand for roofing is also forecast to experience solid growth going forward, with the office and commercial segment generating opportunities as more retail sites and commercial complexes are built. The institutional and industrial construction segments will also boost demand as more schools, hospitals, and manufacturing sites are erected, boosting demand for such low slope products as plastic, elastomeric, and metal roofing.
This upcoming industry study, Roofing, presents historical demand data (2004, 2009 and 2014) and forecasts (2019 and 2024) by product, market and US region. The study also details market environment factors, assesses the industry structure, evaluates company market share and profiles 40 US industry players.
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