Steel roofs are durable, robust building materials that, when used in their final form, use a great deal less energy. Moreover, a significant percentage of the steel that goes into their production is recycled, which helps to achieve sustainable roofing. The popularity of steel roofing solutions is rising as more and more designers, architects, and homeowners search for modern, fashionable alternatives to conventional building. Steel roofing is durable, inexpensive, lightweight, easy to install, and requires little upkeep.
North America Steel Roofing Market Driving Factors and Challenges
Drivers: The construction sector is witnessing lucrative potential for market participants due to recent technological breakthroughs and increased R&D spending. Steel roofing will become more in demand as building is expected to be stimulated by rising GDP and the trend toward single-family homes in North American nations. As the demand for high-tech office buildings and smart housing systems grows, renovation activities are expected to expand in Canada. This will have a significant effect on the demand for products. More positive news for North American product demand comes from forecasts of growing construction investment in Mexico as a result of robust economic and industrial advancements along with population expansion.
Challenge: The world's volatile steel prices, low thermal resistance, and the corrosive nature of structures are some of the problems preventing the industry from growing. The absence of cutting-edge technology and trained labour is also expected to impede market growth during the course of the projection period. An elegant and reasonably priced roofing option is steel roofing. In addition, the market for steel roofing has established prices for different kinds of steel roofing. In this market, variations in raw material prices will impact installation costs, product costs, and labour costs. Dependency on the market is impacted by variable costs. Each of these components affects the market revenue rate as a whole.
Impact of COVID-19 on North America Steel Roofing Market
The COVID-19 pandemic has had a significant impact on the North American steel roofing market. As the virus spread throughout the continent, construction activities were postponed, leading to delays and project cancellations. A downturn was witnessed in the construction sector, which is a significant user of steel roofing materials, due to workforce shortages, supply chain problems, and lockdowns. Additionally, the steel roofing industry was impacted by the epidemic's dampening of demand for new construction due to economic instability and decreased consumer expenditure. Interruptions in the supply chain had a significant impact on raw material costs and the whole cost structure of steel roofing systems.
North America Steel Roofing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; American Buildings Co., ATAS International, Inc., BlueScope, Boral North America, CertainTeed, Coastal Metal Service, DECRA Roofing Systems, Inc., Ideal Roofing, Owens Corning, TAMKO Building Products LLC, Others.
North America Steel Roofing Market Segmentation:
By Application: Based on the Application, North America Steel Roofing Market is segmented as; Residential, Commercial, Industrial.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.