Steel Roofing Market Size, Share, Growth and Industry Analysis, By Type (Corrugated Steel Panels, Steel Shingles and Shakes, Stone-coated Steel Tiles and Standing Seam), By Application (Residential Buildings and Non-Residential Buildings), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Steel Roofing Market Report Overview

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The global steel roofing market size was USD 8755.7 million in 2022 and is projected to touch USD 13819.68 million by 2031, exhibiting a CAGR of 5.2% during the forecast period.

Steel is the perfect metal for an exterior cladding due to its inability to rust or corrode. Steel has been used to build roofs since the late 1800s and is versatile enough to be employed in many various applications. Steel is less expensive than copper, zinc, and aluminum because it needs less maintenance to prevent corrosion on the surface. It is also environmentally friendly because it can be recycled endlessly.

COVID-19 Impact: Decrease in Supply of Raw Materials as a Result of the Limitations Brought About by the Spread of the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering; with the steel roofing market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Every major market in the world has been impacted by the COVID-19 pandemic. The epidemic had limited the steel roofing industry's ability to operate. The market had many difficulties as a result of the limitations and lockdowns. Additionally, many regions have changed their industrial policy. The market for steel roofing manufacture decreased. The market's activities were slowed down by the decreased supply of raw resources. The installation of the roofing also encountered numerous setbacks. These were significant disruptions to the market's supply chain. However, these issues were altering the outlook for the steel business. The market's activities should start up again progressively.

LATEST TRENDS

"Growing Utilization of Cool Roofs as they Lessen the Amount of Heat that a House Absorbs"

High contrast colors have been a common theme when it comes to roofing industry color trends. By planning a home with various levels of difference all across the façade, homeowners are giving their houses more of a story. Cool colors were a popular 2021 color trend. Homeowners are increasingly conscious of the effects their decisions have on the world around them as time goes on. In terms of roofing materials, this demonstrates its validity. Dark roofing colors, which draw a lot of sunlight, are frequently used. A cool roof is constructed from UV-reflective material to lessen the amount of heat that houses absorb.

Steel Roofing Market Segmentation

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• By Type

Based on type, the market is distributed into Corrugated Steel Panels, Steel Shingles and Shakes, Stone-coated Steel Tiles and Standing Seam

• By Application

Based on application, the market is divided into Residential Buildings and Non-Residential Buildings.

DRIVING FACTORS

"Increase in Urbanization and the Growing Construction Sector are Propelling the Growth of the Roofing Industry"

In many areas, urbanization is rapidly expanding. It is increasing construction activity worldwide. One of the main forces propelling the steel roofing sector is the increase in construction activity. There are many developments and improvements in the building sector. In the end, it expands buildings' use of steel. Construction of buildings and industries includes the use of efficient and sustainable technologies. Throughout the forecast period, there will likely be a greater use of steel roofing. Roofing is becoming more necessary as hospitals, hotels, and universities are built.

"Cost Effectiveness and Increase in Government Spending on the Construction Industry Broaden the Popularity of the Steel Roofs"

The steel roof's cost effectiveness and simplicity of installation will boost adoption. It is a significant factor that creates remarkable market demand. The government's investments in construction projects are rising steadily. It exposes building materials in a number of locations. In recent years, steel roofing has received a lot of attention. Energy-efficient building materials are being promoted through government expenditures in the construction sector. The advantages and applications of steel roofs are widely known among builders and homeowners. Steel roofing market growth prospects are being presented by its rising popularity and awareness.

RESTRAINING FACTORS

"Fluctuating Raw Materials Cost will Impact the Growth of this Market "

The cost of raw materials for steel is always changing. Steel roofing uses premium metals like copper and steel. The high price volatility of raw resources, however, might limit market demand. There will be many irregularities as a result of the market's high and low price fluctuations. Steel is a premium roofing material that is economical. Additionally, prices for different types of metal roofings are standardized in the market for steel roofs. The fluctuation in raw material costs will have an impact on this market's installation costs, product costs, and labor costs. The varying costs have an impact on the reliance on the market. All of these elements together have an impact on the market revenue rate.

Steel Roofing Market Regional Insights

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"Increase in Urbanization and the Construction Sector are Factors Aiding Asia Pacific to Lead During the Predicted Period "

The biggest steel roofing market share will be in Asia Pacific. The increase in the construction, industrialization and requirement from the industrial sector is to blame for the increased demand in this area. Additionally, the roofing sector is benefiting from the strengthening of the economy. India and China are two powerful significant participants in the Asia Pacific market. Urbanization is another element that is aiding the growth. Additionally, the building of homes, offices, and commercial buildings will increase the demand for the steel roofing market. The Asia Pacific area would experience the fastest rate of expansion during the predicted period.

KEY INDUSTRY PLAYERS

"Product Innovations and Investments in R&D Activities by the Major Players will help Them in the Competitive Environment"

In the anticipated time frame, market competitiveness for roofing would intensify. In the next few years, there will be a rise in the introduction of new steel materials. Additionally, the major market participants are investing in R&D activities to optimize the installation of steel roofing. There is a lot of growth, market expansion, and acquisition in the competitive environment.

List of Market Players Profiled

• CertainTeed Roofing (U.S.)
• Tata Steel Europe (U.K.)
• NCI Building Systems (U.S.)
• Kingspan Group (Ireland)
• BlueScope Steel Limited (Australia)
• Fletcher Building (New Zealand)
• Nucor Building Systems (U.S.)
• Metal Sales Manufacturing Corporation (U.S.)
• The OmniMax International (U.S.)
• Safal Group (India)

REPORT COVERAGE

This report covers the steel roofing market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.