As per the current market research conducted by the CMI Team, the global Residential Roofing Market size is expected to record a CAGR of 5.8% from 2023 to 2032. In 2023, the market Application is projected to reach a valuation of USD 10.3 Billion. By 2032, the valuation is anticipated to reach USD 16.2 Billion.

Residential Roofing Market: Growth Factors and Dynamics

  • Population Growth: Increasing populations drive the demand for new residential constructions, fueling growth in the residential roofing market.
  • Renovation and Remodeling: Homeowners’ inclination towards home improvement projects and renovations contributes to market growth.
  • Technological Advancements: Integration of smart technologies in roofing systems enhances functionality and appeals to tech-savvy consumers.
  • Sustainability Focus: Growing environmental awareness leads to the adoption of sustainable and eco-friendly roofing materials.
  • Energy Efficiency Requirements: Rising energy efficiency standards drive the demand for roofing solutions that contribute to better insulation and reduced energy consumption.
  • Government Incentives: Supportive government policies and incentives for sustainable roofing solutions stimulate market growth.
  • Extreme Weather Events: Increasing occurrences of extreme weather conditions boost the need for resilient and weather-resistant roofing materials.
  • Architectural Trends: Evolving architectural preferences and designs influence the demand for specific roofing styles and materials.
  • Consumer Awareness: Growing awareness among consumers regarding the importance of quality roofing for home protection and energy efficiency.
  • Low-Interest Rates: Favorable financing conditions encourage homeowners to invest in roofing projects.
  • Insurance Replacements: Insurance claims and replacements due to weather-related damages contribute to market dynamics.

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Residential Roofing Market: Partnership and Acquisitions

  • In January 2022, Owens Corning completed the acquisition of Natural Polymers LLC, a firm specializing in the production of spray polyurethane foam insulation tailored for building and construction applications.
  • In February 2022, Johns Manville, a Berkshire Hathaway subsidiary, introduced two novel products designed for bituminous roofing systems, aimed at enhancing productivity in roofing applications.
  • In February 2022, Carlisle Companies Incorporated successfully acquired MBTechnology, Inc. (MBT), a move expected to broaden Carlisle’s range of modified bitumen roofing solutions and increase capacity for roofing underlayment.

Residential Roofing Market: COVID-19 Analysis

The COVID-19 pandemic significantly impacted the Residential Roofing Market, causing both challenges and opportunities.

  • Supply Chain Disruptions: COVID-19 led to disruptions in the supply chain, affecting the availability of roofing materials.
  • Construction Delays: Lockdowns and restrictions resulted in construction project delays, impacting the residential roofing market.
  • Labor Shortages: Social distancing measures and lockdowns caused shortages in skilled labor, affecting roofing installations.
  • Decreased Consumer Spending: Economic uncertainties during the pandemic led to reduced consumer spending on home improvements, impacting the residential roofing sector.
  • Remote Work Impact: The shift to remote work affected housing preferences, influencing roofing demands in suburban and rural areas.
  • Financial Strain: Economic challenges for homeowners led to a decline in large-scale roofing projects.
  • Material Price Fluctuations: The pandemic induced fluctuations in raw material prices, affecting overall project costs.
  • Shift in Roofing Priorities: Homeowners focused on essential repairs, maintenance, and energy-efficient roofing during the pandemic.
  • Increased Emphasis on Health and Safety: Safety concerns led to increased demand for touchless and remote roofing services.
  • Digital Transformation: The pandemic accelerated the adoption of digital tools for remote consultations, estimates, and project management.
  • Government Support: Stimulus packages and government support programs influenced residential roofing market dynamics.

List of the prominent players in the Residential Roofing Market:

  • Owens Corning
  • GAF Materials Corporation
  • CertainTeed Corporation (Saint-Gobain)
  • TAMKO Building Products Inc.
  • IKO Industries Ltd.
  • Malarkey Roofing Products
  • Carlisle Companies Incorporated
  • Atlas Roofing Corporation
  • PABCO Roofing Products
  • Eagle Roofing Products
  • Duro-Last Inc.
  • Beacon Building Products
  • Johns Manville
  • Sika AG
  • Boral Limited
  • BMI Group
  • Monier Roofing
  • Firestone Building Products
  • IKO Industries Ltd.
  • Mule-Hide Products Co. Inc.
  • Others

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