Impact of Covid-19 Outbreak on Steel Roofing Market

07/ago/2020 11:22:12 Automotive Market Research Reports Contatta l'autore

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 The steel roofing market 2020, according to MRFR, secured USD 1.5 billion in 2018 and is poised to witness 6.2% CAGR during the forecast period.

Market Highlights

In the past couple of years the global steel roofing market has seen substantial growth. The demand for steel roofing is poised to be driven by the increase in the number of construction activities and the growing awareness of the benefits of steel roofing among homeowners and roofing contractors. Increasing in the number of housing projects across the globe would increase worldwide demand for steel roofing. It is anticipated that factors such as increased spending on the remodeling and retrofitting of buildings globally would contribute to market growth. The requisite for new residential construction projects is increasing due to the increasing urbanization, which fuel the demand for residential metal roofing around the world, further increasing the growth of residential steel roofing. In addition, governments in many countries have implemented numerous reforms and regulations to improve their infrastructure and real-estate industries, contributing to the growth of the construction industry and increased demand for steel roofing in the building.

In addition, these roofs are solid, attractive, environmentally friendly and energy efficient and provide various advantages of installing a steel roof in any building. The roofing sheet of steel does not crack, shrink or warp with the impact of temperature, heat or other environmental conditions and is therefore highly fire-resistant. By providing insulation against sparks it helps to prevent a fire from spreading into the building. However, shifting raw material prices could hamper growth in the market. The growing demand from customers for environmentally friendly roofing materials is an opportunity for the players in the steel roofing market.

Market Segmentation

The global steel roofing industry segmented on the basis of form and application. The global market has been categorized according to style as corrugated steel panels, steel shingles and shakes, stone-coated steel tiles, and standing seams. The segment of corrugated steel panels made up the largest market share on the global market. These steel roofing panels are an excellent choice for homeowners, as they are often used on a sloping roof that lets water flow down from the building.

 Based on the application, the global market has been bifurcated into residential and non-residential. The residential and non-residential segments are divided as new construction and remodeling & refurbishment.

Regional Outlook

The global steel roofing market is segmented by region into North America, Europe , Asia-Pacific, Middle East and Africa , and South America. Asia-Pacific dominated the industrial economy, followed by steel-roofing in North America.

The development of the Building & Construction industry and the improvement of financial conditions in this area has led to a rise in steel roofing demand. Asia Pacific is expected to witness vigorous growth in the metal roofing market due to the growing expansion of infrastructure in the commercial and industrial sectors, particularly in emerging economies such as India and China. In addition, population migration from rural to urban areas in these economies is expected to fuel demand for metal roofs, resulting in growth in the metal roofing market over the forecast period.

The metal roofing industry is expected to see substantial growth in both North America and Europe. This can be attributed to the high living standards in these regions which lead to the renovation of construction projects.

The metal roofing market in the regions of Latin America and Middle East & Africa (MEA) is expected to grow during the forecast period, as manufacturers establish long-term customer contact.

Competitive Dashboard

The major players operating in the global steel roofing industry include  Certainteed (US), Fabral (US), Kingspan Group (Ireland), Blachy Pruszyński (Poland), Nucor Building Systems (US), Fletcher Steel Limited (New Zealand), Cornerstone Building Brands (US), and Tata Steel Europe Limited (UK).

EDCO Products (US), Ideal Roofing (Canada), Safal Group (South Africa), Bilka (Romania), ATAS International, Inc. (US), CHIEF INDUSTRIES, INC. (US), and McElroy Metal (US), are some of the other players functioning in the steel roofing industry.

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