Portland, June 28, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the North America roofing market contributed $29.86 billion in 2017 and is estimated to garner $47.52 billion by 2025, growing at a CAGR of 5.9% from 2018 to 2025. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
A surge in the popularity of eco-friendly roofing technologies and increase in natural calamities such as heavy storms and hail storms have boosted the growth of the North America roofing market. Furthermore, an increase in spending on home remodeling and a surge in residential & non-residential construction supplement the market growth. However, the shortage of adequate manpower and rise in roofing material costs restrain the market growth. On the other hand, technological advancements and government investments in building infrastructure sector offer lucrative opportunities for the market.
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The market is divided on the basis of region, material type, application, roof type, and type. The region segment is further bifurcated into the U.S. and Canada. The U.S. region accounted for more than 90% of the total revenue in 2017 and will maintain its dominance by 2025. This segment is expected to register the highest CAGR of 6.0% from 2017 to 2025.
On the basis of material type, the segment is divided into metal, wood, clay & slate, asphalt, concrete, and membrane. The membrane segment accounted for more than two-fifths of the market in terms of revenue in 2017. However, the metal segment is expected to grow at the highest CAGR of 6.9% during the forecast period.
On the basis of application, the segment is divided into residential, commercial, and industrial. The residential segment is expected to register the highest CAGR of 6.4% during the study period. This segment accounted for nearly three-fifths of the total revenue in 2017 and will maintain its dominance by 2025.
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On the basis of roof type, the segment is divided into a flat roof and slope roof. The flat roof segment accounted for nearly three-fourths of the total revenue in 2017 and will maintain its dominance by 2025. However, the slope roof segment is expected to register the highest CAGR of 6.8% from 2017 to 2025.
On the basis of type, the segment is divided into shingle roofing, tile roofing, engineered solution roofing, paneled roofing, and structural concrete roofing. The tile roofing segment is expected to register the highest CAGR of 7.0% through 2025. However, the shingle roofing segment accounted for nearly half of the total revenue in 2017 and will maintain its dominance by 2025.
The key market players explored in the research include Berkshire Hathway, Carlisle Companies Incorporated, FiberTite (Seaman Corporation), IKO Industries, Beacon Roofing Supply, Inc., CertainTeed (Saint Gobain), Sika Group, Bridgestone Americas, Owens Corning, and GAF Materials Corporation. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the industry.
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