U.S. demand for roofing is forecast to grow 3.9% annually through 2019, hitting a market size of $21.4 billion, a study said. The rebound is due to strong construction activity, according to a Freedonia Group study. Roofing tiles will see the fastest growth, while plastic and metal roofing will also enjoy above-average growth, the study said.
U.S. Roofing Demand Grows (June 29, 2015) U.S. demand for roofing is projected to rise 3.9% annually to 252 million squares in 2019, valued at $21.4 billion, according to a new Freedonia Group study. 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 activity declined. Asphalt shingles accounted for the largest share of roofing demand in 2014, holding a leading stake in steep-slope roofing applications. 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.
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 promoted by their favorable aesthetics and ability to be used as cool roofs. 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.
Metal roofing demand will be helped by its durability and ability to support solar panels used to generate electricity. Both plastic and metal roofing can also be used as cool roofing products that reflect sunlight to keep buildings cooler in the summer. Reroofing accounts for the larger share of U.S. roofing demand, totaling 81% 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 improvement and repair activity in the face of tighter lending requirements and a general consumer reluctance to engage in capital-intensive home improvement projects. Through 2019, reroofing should rebound, as home and building owners engage in previously delayed renovations.
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. For a free property inspection you can contact us at 1-770-675-7650 or visit our website at www.roofitforward.com. Also, ask about our Roof It Forward program and receive a free Ridge Vent upgrade on any full roof replacement!