CLEVELAND, March 31, 2022 /PRNewswire/ -- A new Freedonia Group analysis finds that growth in the US residential roofing market will be driven by the smaller new housing segment through 2025. While both new and reroofing demand will slow considerably from rates of the 2015-2020 period, the analysis finds that new roofing – particularly construction of single-family homes – will account for about twice as many gains as reroofing:
- Housing starts rose sharply in 2021 from an already high 2020 base as builders took advantage of people's desire to escape urban cores severely affected by COVID-19 and increased construction of homes in suburban and exurban areas.
- While housing starts will retreat from their high 2021 level by 2025, overall new housing activity will remain elevated, sustaining new roofing demand.
The reroofing market will continue to account for nearly 80% of the demand total, but growth through 2025 will be limited by the large number of older or worn roofs that were repaired or replaced in 2020 due to:
- the sizable amount of home improvement activity that occurred that year due to the COVID-19 pandemic
- a number of severe weather events in the second half of 2020 (especially in the South) that caused widespread roof damage
Those residences that underwent roof repair or replacement in 2020 will generally not require further work in the near term, which will restrain growth opportunities going forward.
Residential Roofing, now available from The Freedonia Group, analyzes US residential roofing demand by product, application (new vs. reroofing), slope (steep-slope vs. low-slope), and US geographic region. Demand is provided in both area terms (squares) and value terms (US dollars).
Roofing product demand is segmented by the following product types:
- asphalt shingles
- metal roofing
- bituminous roofing
- roofing tile
- wood shingles and shakes
- other small volume roofing products (e.g., natural slate; composite (polymer)/synthetic shingles, shakes, and tiles; solar roofing; vegetative or green roofing)
Demand for roofing is also analyzed by housing type:
- single-family housing
- multifamily housing
- manufactured housing
About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group
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