U.S. Roofing Market - Focused Insights 2023-2028

U.S. ROOFING MARKET SIZE & SHARE

The US roofing market was valued at USD 32.89 billion in 2022 and is projected to reach USD 43.47 billion by 2028, growing at a CAGR of 4.76% during the forecast period. The key factors driving the roofing market in the region include rapid urbanization and technological advancements such as green roofs, environmentally friendly roofing materials, and the employment of drones for measurements. In addition, new construction such as smart building construction, modular construction, and building automation construction are some factors that are driving the demand for roofing in the region.

The US roofing market witnessed shipments of 286.87 million square in 2022. With the rising rainfall and snowfall in the region, building contractors are demanding high-quality roofing to lower renovation costs and increase the lifecycle of the roof. Furthermore, damage from climate conditions in the US is expected to increase the demand for roofing products such as asphalt shingles and waterproofing membranes.

U.S. ROOFING MARKET TRENDS & DRIVERS

Growing Adoption of Green Roofs

Green roofs help to minimize building energy usage by cooling roofs and delivering shading, thermal mass, and insulation. In addition, green roofs offer an urban habitat for birds and insects, thereby increasing biodiversity. Furthermore, they enhance air and water quality and reduce heat build-up in the environment. Moreover, they also mitigate the heat island effect and decrease soil runoff. Therefore, such factors are accelerating the growth of green rooftops across the US, thus offering growth opportunities for green roofs.

Advancements in Roofing Materials

Rapid advancements in roofing technology have resulted in the development of exclusive synthetic compound materials that are both lightweight, robust, and long-lasting. Due to its unconventional properties, synthetic roofing material has significantly grown in popularity. Synthetic roofing materials are mostly used in the commercial sector, while silicon roof solutions are witnessing growth in the residential segments. Furthermore, Americans are increasingly concerned with energy savings. As roofs play a significant role in determining a home’s energy efficiency, many homeowners are now considering cool roofing materials.

Rise in Remodeling and Renovation Projects

In the US, homeowners are not willing to buy new homes or invest in new construction projects. Most people prefer to stay in the same home and keep the same mortgage. In addition, several people lack the financial resources to upgrade to a larger, expensive home. With few exceptions in several areas of the US, the percentage of homeowners moving to their new homes remains at its lowest and is estimated to remain the same for a long-lasting period. Such factors are anticipated to surge the demand for remodeling and renovation projects in the region, thereby witnessing substantial growth in the forecast period.

U.S. ROOFING MARKET SEGMENT INSIGHTS

• By Product Type: The asphalt shingle segment accounted for the largest U.S. roofing market share of over 54%. Asphalt shingle roofing uses asphalt for waterproofing. In the US, it is one of the most common materials. Also, it has a comparatively inexpensive up-front cost and is simple to install. Furthermore, the asphalt shingles segment includes standard laminated, high-performance, and three-tab shingles. Standard laminated shingle is an asphalt shingle built with multiple material layers and a heavier base mat of a more sophisticated type of asphalt. They are also known as laminated architectural or just architectural shingles. A three-tab shingle roof lacks dimensional thickness due to its flat layer. They are lighter and more cost-efficient compared to architectural shingles. Asphalt shingles require less maintenance, but over time, roof maintenance is expected since the shingles can curl, crack, and be subject to granule erosion. They may also be subjected to environmental damage from hail, severe wind, algae, mold, and fungus if in a woody or shady location, thus helping segmental growth.
• By Application: The new construction segment shows significant growth, with the fastest-growing CAGR of 5.53% during the forecast period. In the US, in 2022, nearly 1.4 million homes were built. This is estimated to increase the demand for future repair and remodeling services. However, the construction of new homes has also contributed to material shortages. Each year, the completion of residential construction represents a small portion of all roofing projects. However, with a million new homes in 2022, the demand is increasing pressure on suppliers. Commercial construction experienced a decline in growth during the pandemic. However, the obligatory maintenance of commercial roofing systems remained unaffected. Commercial roofing demand is anticipated to grow owing to the existing commercial properties that are getting old and require extensive maintenance and replacement.
• By Roof Type: The slope roof segment dominates and holds the largest U.S. roofing market share. Sloped roofs are more stable and effective during heavy rain and snowfall as they help to divert water away from the house. Also, it prevents waterlogging. The tiles on a sloped roof can endure heavy rainfall and storms. The pitch ensures that the snow load is equally scattered across the roof. People living in areas with heavy rainfall and snow prefer sloped roofs over flat roofs as they can handle heavy storms and extreme weather. The upfront cost of installing a sloped roof is comparatively more, although it is inexpensive to maintain as it has less frequent repairs. Also, the lifecycle cost is lower for 50 years since the roof elements are both durable and maintenance-free. This type of roof design allows the installation and maintenance of mechanical systems. Solar and photovoltaic installations can be incorporated into the roof’s surface area. In addition, both frame and frameless solar panel modules could be mounted on a sloped roof to generate an additional source of power.
• By End-User: The residential segment accounted for the largest share of the U.S. roofing market. In the US, asphalt shingles are the preferred roofing material as they are relatively inexpensive in terms of upfront cost and easier to install than other roofing materials. In addition, most American houses are steeply sloped, so durable and small shingles are more fitting to install. During the forecast period, the demand for roofing services increased. According to a roofing contractors survey, in 2021, nearly 85% of roofing constructors were expected to witness growth. Also, roof replacement is expected to continue being one of the top projects, although several roofers have benefited from increased sales of new construction. According to residential roofing contractors, the steep-slope shingle is anticipated to remain a top priority in the region during the forecast period. Metal roofs are the next most popular product in the U.S. Roofing Services Market, with metal shingles, tiles, and panels continuing to grow in popularity as part of the evolving service demand.

U.S. ROOFING MARKET VENDOR LANDSCAPE

The competitive scenario in the US roofing market is now intensifying with global and domestic players offering a diverse range of products. In terms of market share, a few major players are currently dominating the market. The companies that are currently dominating the market are GAF, Owens Corning, and CertainTeed. The major players are focusing on strategic agreements, acquisitions, and collaborations with emerging players to enter the US roofing market and gain access to commercially launched products.

NEW PRODUCT INNOVATION

In 2023, CertainTeed launched Solstice, an innovative solar roofing line. Solar roofing technology can be integrated both in new and existing roofing systems. Furthermore, Solstice shingles easily incorporate with any asphalt shingle and can produce as much energy as conventional, rack-mounted solar panels.