Smaller New Roofing Segment to Account for Largest Share of Residential Roofing Market Gains through 2025
CLEVELAND, March 31, 2022 /PRNewswire/ — New analysis from Freedonia Group reveals that growth in the U.S. residential roofing market will be driven by the smallest segment of new homes through 2025. While demand for new roofing and renovations will slow significantly from at rates for the 2015-2020 period, the analysis finds that new roofing—specifically single-family home construction—will represent approximately twice as much gain as re-roofing:
- Housing starts rose sharply in 2021 from an already high base in 2020 as builders took advantage of people’s desire to escape severely COVID-19-affected urban cores and increased home construction in suburban and peri-urban areas.
- While housing starts will recede from their 2021 high by 2025, overall new housing activity will remain elevated, supporting demand for new roofs.
Growth of re-roofing market stagnates after pandemic-induced surge
The re-roofing market will continue to account for nearly 80% of total demand, but growth through 2025 will be limited by the large number of old or worn roofs that were repaired or replaced in 2020 due to:
- the considerable amount of home renovation activity that took place that year due to the COVID-19 pandemic
- a number of severe weather events in the second half of 2020 (particularly in the South) which caused extensive damage to roofs
Residences whose roofs were repaired or replaced in 2020 will generally not require additional work in the short term, which will limit growth opportunities in the future.
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Residential roof, now available from The Freedonia Group, analyzes the demand for residential roofing in the United States by product, application (new roofing versus re-roofing), slope (steep slope versus low slope) and geographical region of the United States. The demand is provided in terms of area (squares) and in terms of value (US dollars).
The demand for roofing products is segmented into the following product types:
- asphalt shingles
- metal roofing
- bituminous roof
- wood shingles and shakes
- other small volume roofing products (eg, natural slate; shingles, shakes, and composite (polymer)/synthetic tiles; solar roofing; green or green roofing)
The demand for roofing is also analyzed by type of housing:
- single-family dwelling
- multi-family dwelling
- prefab housing
About Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the leading international industry research company, providing our clients with product analysis, market forecasts, industry trends and market share information. From individual consulting firms to global conglomerates, our analysts provide companies with unbiased and trusted industry research and market analysis to help them make important business decisions. With over 100 studies published each year, we support over 90% of Fortune 500 industrial companies. Find ready-to-use studies at https://www.freedoniagroup.com/ or contact us for a custom search: +1 440.842.2400.
SOURCE The Freedonia Group