April 2024 | Report Format: Electronic (PDF)
U.S. Residential And Commercial Roofing Materials Market Growth & Trends
The U.S. residential and commercial roofing materials market size is anticipated to reach USD 21.69 billion by 2030 and is projected to grow at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of the market may be attributed to a booming worldwide construction sector as a result of increased public and private investments in the creation of new residential spaces, and commercial spaces in the U.S. Roofing materials demand is increasing on account of stringent rules and regulations regarding the building codes and energy efficiency.
With a rise in severe weather conditions, there is a rise in demand for impact-resistant roofing materials, and this trend is expected to grow at a moderate pace during the forecast period. The surge in demand for single-family homes and commercial spaces is driving the need for roofing materials in the U.S. The growing emphasis on energy-efficient and sustainable building practices is further contributing to the growing demand for roofing materials. Additionally, factors such as a flourishing regional economy, population growth, higher investments in the renovation and redevelopment of both residential and commercial structures, and a strong recovery in the construction sector following the COVID-19 pandemic are fueling the demand for roofing materials throughout the forecast period.
Oxford Economics reported that the global construction industry’s overall output reached USD 10.7 trillion in 2020, and it’s anticipated to grow by approximately 42% in the coming years, reaching a projected size of USD 15.2 trillion by 2030. According to data from the U.S. Census Bureau, construction spending in the U.S. hit a seasonally adjusted annual rate (SAAR) of USD 1,844.1 billion in February 2023, growing at a 5.2% compared to the USD 1,753.1 billion SAAR recorded in February 2022. This growing trend is expected to continue in the coming years, contributing to the increased demand for U.S. residential and commercial roofing materials from 2024 to 2030.
In addition, the use of asphalt shingles in roofing materials is surging in the states across the U.S., owing to the prevailing trend of developing sustainable and green buildings for achieving energy efficiency through lower consumption for temperature control in the buildings. The utilization of asphalt shingles in roofing applications is cost-effective and results in low energy utilization. Lower installation cost and higher durability of the asphalt shingles tiles as compared to the other roofing materials makes it as an ideal choice for building roofing materials. The installation of asphalt shingles is easy, which further reduces the overall budget of construction projects across the U.S.
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U.S. Residential And Commercial Roofing Materials Market Report
U.S. Residential And Commercial Roofing Materials Market Report Highlights
- Asphalt shingles segment dominated the market and accounted for a share of 55.0% in terms of revenue in 2023. Asphalt shingles are extensively used in residential and commercial buildings to ensure increased energy efficiency. The lower installation and material cost of asphalt shingles as compared to the other roofing materials makes it an ideal choice for roofing materials in most of the states in the U.S.
- Metal roofs segment is witnessing surged demand for use in commercial spaces owing to the increased durability and easier lower slope roof installation. They are used at low slope roofs where the installation of HVAC in larger spaces could be done on the roof saving the internal space
- The residential end-use segment accounted for USD 15.72 billion in revenue share in 2023 and is anticipated to witness significant growth at a CAGR of 4.5% over the forecast period. The growth in the number of nuclear families in developing and developed states such as Texas, California, Florida, and Arizona is resulting in the growth of residential end-use
- The commercial end use is anticipated to grow at a CAGR of 4.4% over the forecast period. This growth can be attributed to the rising demand for commercial spaces such as offices, warehouses, hotels & restaurants, shopping malls, and supermarkets
- California dominates the market, accounting for USD 1.70 billion in 2023. The state’s flourishing economic growth, increased construction activities, and rising awareness regarding eco-friendly insulating roofing materials drive the growth.Moreover, the region is one of the largest consumers of U.S. residential & commercial roofing materials in the world. Factors such as increasing investment in affordable housing, smart city construction, and investment in the tourism sector are expected to boost the demand for U.S. residential & commercial roofing materials over the forecast period.
