Steel Roofing Market

Market Overview

The global steel roofing market size was valued at USD 18,713.25 million in 2022. It is expected to reach USD 29,531.8 million by 2031, growing at a CAGR of 5.20% during the forecast period (2023–2031).

Steel roofing offers many benefits when installed on any building, including sturdy, beautiful, environmentally friendly, and energy-efficient. With the effects of humidity, sunlight, or other weather conditions, steel roofing sheet does not crack, shrink, or warp. It is also very fire-resistant. It offers insulation against sparks and aids in preventing a fire from advancing into the building. A metal roof called "steel roofing" is constructed from metal sheets or tiles and is distinguished by its high resistance, impermeability, and durability. It is a component of the building's exterior envelope, and steel, copper, and zinc alloys are typically used for construction.

Highlights

• Standing seam dominates the type segment
• Non-residential dominates the application segment
• Asia-Pacific is the highest contributor to the market

Market Dynamics

Global Steel Roofing Market Drivers:

Increase in the Numberof Housing Projects in the World

According to a new United Nations report released in 2019, the world's population will rise by 2 billion in the following 30 years, from 7.7 billion people to 9.7 billion in 2050. The residential construction sector is expanding quickly due to the rising population, high disposable income, and the quick adoption of the nuclear family or conjugal family system. In addition, the World Bank states that nearly 1.2 billion people live in substandard housing. By 2030, almost three billion people will require new housing and essential infrastructure.

Furthermore, between now and 2050, the construction industry must erect 13,000 buildings daily to accommodate the 7 billion people predicted to live in cities. The Pradhan Mantri Awas Yojana (PMAY) program was implemented in India to provide affordable housing to all poor urban people by 2022. This goal was achieved through programs like financial assistance. Additionally, the Ministry of Housing and Urban Affairs invested USD 3.5 billion to support the completion of housing projects that were stalled and USD 3,854.8 million for housing development. Such development is expected to drive market growth over the forecast period.

Rising Global Building Renovation Spending

The global demand for steel roofing in building remodeling and retrofitting will drive the market in the coming years. Retrofitting adds a feature or component to something already made. It may refer to retrofitting insulation, double glazing, or roofing an existing structure. When it comes time to replace a business roof, building owners can either remove and replace it or retrofit it. The cost of a new roof must be considered in conjunction with its upkeep and longevity. Building owners frequently select the retrofitting of a metal roof. In addition, steel retrofitting is affordable, tough, strong, energy-efficient, and fast.

Commercial buildings can be retrofitted to increase energy efficiency and reduce energy demand. The US Department of Energy stated that energy-efficiency upgrades could lower power bills. Lighting, insulation, and roofing improve the building's energy efficiency. Retrofitting a building is often cheaper than building a new one. Further, existing buildings comprise most of the built environment, so starting energy-saving retrofits to reduce energy use and the cost of heating, cooling, and lighting is essential.

Global Steel Roofing Market Restraints:

Volatility in the Price of Raw Materials

The cost of raw materials for steel roofing is constantly changing. For steel roofing, premium metals like copper and steel are used. However, the high price volatility of raw materials might limit market demand. Numerous inconsistencies will result from the market's high and low-price swings. Steel roofing is a premium roofing material that is economical. In addition, prices for different varieties of steel roofing are standardized in the market for steel roofing. In this market, the price of installation, the cost of goods, and the cost of labor will all be impacted by changes in raw material prices. The fluctuating cost has an impact on the reliance on the market. All of these factors together have a significant impact on the market revenue rate.

Global Steel Roofing Market Opportunities:

Significant Benefits of Steel Roofing

The installation of steel roofing has many benefits. The steel roofing installation rate is anticipated to increase over the forecast period. The primary reason for this development is the exceptional quality of steel roofing. The interior, exterior, build, and lightweight features boost adoption. Steel roofing is becoming more popular because of its excellent air-conditioning, high-energy efficiency, and low cost. In the upcoming years, residential and commercial property owners will install steel roofing.

Additionally, the steel roofing's exceptional qualities will offer a lot of room for expansion. Consumer spending on home remodeling and refitting will increase in the coming years. Many homeowners desire affordable renovations. Steel roofing is the ideal replacement for traditional roofing. The rising cost of home renovation will bring about future market expansion opportunities. In addition, the simplest roofs to install are those made of steel. It is another element that will provide growth prospects for the steel roofing market during the projection period.

Regional Analysis

Asia-Pacific Dominates the Global Market

By region, the global steel roofing market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.88% during the forecast period. This is explained by the presence of developing nations like Thailand, South Korea, China, and India. These developing nations have a rapidly expanding consumer base, including consumers in the agricultural, residential, commercial, and other sectors. Due to the expanding construction of infrastructure in the commercial and industrial sectors, particularly in developing countries like India and China, Asia-Pacific is predicted to experience high growth in the steel roofing market. In addition, the community's transition from rural to urban areas in these regions is thus anticipated to enhance demand for steel roofs, which is predicted to propel the demand for steel roofs and fuel the expansion of the steel roofing market over the forecast period.

Europe is anticipated to grow at a CAGR of 4.67% during the forecast period. The steel roofing market is predicted to expand rapidly in the following years due to the revitalization of construction projects and the excellent quality of life in these areas. Growing construction industry investments in Europe's leading economies have given the region a commanding market position.

Segmental Analysis

The global steel roofing market is segmented by type and application.

Based on the type, the global steel roofing market is bifurcated into corrugated sheet panels, steel shingles and shakes, stone-coated steel tiles, and standing seam.

The standing seam segment is the highest contributor to the market and is expected to grow at a CAGR of 5.52% during the forecast period. A specific kind of hidden fixed roof system is the standing seam. It consists of a flat area or pans in between vertical ribs. Due to the lack of fasteners, these panels have excellent resistance to water infiltration. Furthermore, it gives the roofing surface a crisp, seamless appearance. Wide temperature ranges are perfect for standing seam roofs. Standing seam structures also enable roofing surfaces to expand and contract without showing gaps, ensuring weather tightness under various temperature conditions.

The cold form is the method used to create corrugated sheet panels. The steel sheets that have been galvanized or coated are rolled into the desired corrugated shape after being pressed. The corrugations increase the steel sheet's overall tensile strength, making it more resilient to heavier and more frequent impacts. Corrugated steel sheets consequently offer one of the best strength-to-weight ratios of any building material. As a result of their lighter weight and versatility, they are frequently used in roofing applications.

Based on the application, the global steel roofing market is bifurcated into non-residential and residential.

The non-residential segment owns the highest market share and is expected to grow at a CAGR of 4.81% during the forecast period. Due to their durability and fire resistance, steel metal roofing systems are frequently used in non-residential construction. These roofing systems require little maintenance, making them ideal for industrial use. In addition, different industrial buildings have steel roofs because they can reflect UV and infrared radiation from the sun and possibly save 10% to 20% on cooling costs.

Steel roofing systems are used more frequently in residential applications because they are dependable and simple to maintain. Steel roofing demand in the residential application segment is also driven by growing demand for aesthetically appealing, energy-efficient building materials. Future market growth is anticipated to be aided by the rising trend of single-family housing construction in the US. Further, the growth of steel roofing in the residential application segment is expected to be constrained by the high initial cost.

Recent Developments

• July 2022- A new Fabral Metal Wall and Roof Systems production facility was established in Salt Lake City. The building replaces the manufacturer's current facility in Cedar City, Utah, and offers more room, improved features, easier access to its main clientele, and a larger labor pool. One of the company's eight facilities located throughout the United States, the new facility will primarily produce Fabral's post-frame product lines, such as Grandrib panels, 7/8" and 212" corrugated panels, Mighti-Rib® panels, and accessories like flashing and trim.
• August 2022- The most significant producer of exterior building products in North America, Cornerstone Building Brands, Inc., announced a new collaboration with Dave and Jenny Marrs to market its Ply Gem Mastic siding and accessories. For Ply Gem Mastic, a Cornerstone Building Brands family member, the partnership is a first of its kind.