high demand for bitumen coating is driving the Roofing Market in North America
Technavio analyzes that the Roofing Market in North America is expected to grow at a CAGR of 2.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3641.2 million.There are various factors that contribute to the growth of the market. The roofing market in North America is experiencing a significant surge in demand for bitumen coatings. Bitumen, a key component in asphalt shingles, is widely used due to its durability and cost-effectiveness. This trend is driven by the increasing focus on energy efficiency and sustainability in the construction industry. Additionally, the growing popularity of flat roofing systems, which predominantly use bitumen, is further fueling this demand.
The North American roofing market, encompassing products such as plastic, AC roofing sheets, asbestos cement sheets, corrugated roofing sheets, and metal roofing sheets, is poised for substantial expansion. Factors fueling this growth include a strengthening economy, with improving consumer finances, lower interest rates, and decreasing unemployment rates. These conditions are expected to reduce the surplus of unused housing and stimulate the construction of new residential properties, including apartments, homes, bungalows, older adults' homes, student accommodation, and sheltered housing. Furthermore, population growth and urbanization are additional drivers, bolstering demand in the residential sector. The housing industry's resurgence in various North American countries in 2023 underscores this trend.
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Roofing Market in North America Segmentation
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The North American roofing market encompasses various roofing materials, including roofing sheets such as corrugated galvanized steel, polyester painted sheets, PVC Plastisol, and bitumen. Clay, steel, and asbestos cement sheets are also used, primarily in industrial applications. Consumer dissatisfaction with traditional shingles has led to increased demand for alternatives like metal roofing sheets in both domestic and commercial sectors. Materials like zinc, aluminum, polycarbonate, plastic, AC roofing sheets, and sheet metal are also utilized. However, health concerns related to asbestos in asbestos cement sheets have resulted in its decline, with potential health risks including lung cancer, mesothelioma, and asbestosis.
The North American roofing market encompasses the production of roofing materials, including clay tiles, shingles, and steel roofing sheets, catering to both industrial and domestic sectors. The Indian roofing business contributes significantly to the global building products market, which is projected to expand due to the booming construction sector in developed and developing economies. Urbanization and infrastructure development in emerging markets, particularly in the areas of residential and healthcare facilities, are key growth drivers. Technavio's market analysis reveals that the global building products market, which includes roofing materials, will experience significant growth due to the increasing demand for infrastructure development in response to population growth and improving economic conditions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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