A new study forecasting the strength of the U.S. roofing industry was released by market research firm, The Freedonia Group.
In “Roofing,” the group predicts the industry will advance by almost four percent annually to reach 252 million squares (i.e. approximately 594,650 m³) in 2019, valued at $21.4 billion. This rebound from the 2009 to 2014 period is driven by strong advances in both the residential and non-residential building construction activity.
Steep-slope roofing is forecasted to rise more rapidly than low-slope products and the new building construction market for roofing is anticipated to post faster gains than the re-roofing market through 2019. The total re-roofing demand in 2014 was 81 percent, the larger share in the United States.
“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,” said analyst Matt Zielenski.
Annual advances in housing starts will fuel demand for asphalt shingles, roofing tiles, and metal tiles and shingles. Advances will also be driven by strong consumer interest in laminated asphalt shingles, which many believe improve a home’s appearance and value.
Roofing tiles are expected to see the most rapid growth of all roofing products, driven by strong gains in housing starts in the South and West where tiles are most often installed. Roofing tiles are often favored for aesthetics and having the ability to be used as cool roofs.
Plastic and metal roofing will also see an above average demand gain. Plastic roofing will see increasing use in low-slope applications because of easy installation and performance qualities. The metal roofing demand is supported by its durability and use alongside solar panels.
To purchase “Roofing,” click here.
