Steep Slope Roofing Materials Market: Overview
- Steep slope roofs have an inclined roof line and are generally used in residential structures. Different cool roofing techniques are used for steep slope roofs due to their varying structures and materials. Application of coatings over existing shingles can prevent them from drying and causing water damage. Steep slope roofs enhance the esthetic appearance of a building, possess long service life, resist the elements of nature, and are easy to maintain.
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Asphalt Shingle Segment Dominates Steep Slope Roofing Materials Market
- Asphalt shingles are composed of asphalt mats made from organic felts or fiberglass. Their Solar Reflectance Index (SRI) is relatively low; white shingles are just about 30% reflective.
- Asphalt shingles are widely employed in the residential sector, as they are cost-effective and simple to install. Metal is a highly popular roofing material and possesses solar reflectance of more than 70%, thus allowing buildings to remain much cooler.
- Metal roofing also helps lower the energy costs of buildings. Metal is also extremely durable and weather-resistant, lightweight, and 100% recyclable.
Key Drivers of Steep Slope Roofing Materials Market
- Significant expansion in the construction sector in developing countries and technological advancements have boosted the adoption of quality steep slope roofing systems
- The construction industry in Asia Pacific and the Middle East has expanded at a rapid pace. This trend is expected to continue in the near future. Renowned construction firms are expanding their businesses in developing countries.
- Concerns regarding the harmful effects of asbestos have been increasing in the last few years. Rise in disposable income and an increase in the overall economic activities have fueled the construction industry. This is boosting the steep slope roofing materials market.
- Rise in construction activities is anticipated to lead to rapid expansion of residential and non-residential sectors in the near future. This is estimated to augment the steep slope roofing materials market.
- The commercial renovation industry has been expanding at a steady pace. It is projected to expand at a moderate pace in the next few years, as more buildings would age and require renovation, maintenance, repair, and remodeling. The rate is expected to increase in the near future, owing to changes in consumer lifestyle, leading to high number of remodeling activities.
Volatility of Raw Materials Likely to Hamper Market
- Economic slowdown in some regions has adversely affected the construction industry, thereby negatively impacting the demand for steep slope roofing materials
North America Expected to Hold Large Share of Global Steep Slope Roofing Materials Market
North America is a major region of the global steep slope roofing materials market. Steep slope roofing materials are generally utilized for residential roofing, as roofs of most single family homes in the U.S. are sloped.
- The construction sector in the U.S. is estimated to expand at a faster pace compared to that in China during the forecast period. Rise in construction is projected to be prominent in the southern states of the country. Thus, increase in construction is expected to drive the steep slope roofing materials market in the region.
- The building remodeling industry is a major end-user of steep slope roofing materials. Increase in remodeling activities in mature economies in North America and Europe is driving the demand for steep slope roofing materials in these regions.
- The market in Asia Pacific is anticipated to expand at rapid pace during the forecast period, owing to the vast potential of the construction industry in the region. Increased emphasis on esthetic appearance among home owners in Europe is likely to drive the steep slope roofing material market in the region.
- India fuels the global construction sector. The construction sector in the country is anticipated to expand almost twice as fast as that in China in the near future. The urban population in India is projected to increase. Rapid demand in construction rates in India will expand the market during the forecast period. This rapid growth of the construction is likely to boost the steep slope roofing material market in the region.
- Governments of countries in Middle East & Africa are focused on providing affordable housing. This is anticipated to boost the construction industry in the region, thereby propelling the steep slope roofing materials market in Middle East & Africa.
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Key Players in Steep Slope Roofing Materials Market
The global steep slope roofing materials market is highly fragmented, with the top manufacturers accounting for approximately 45% to 50% share of the global market. Key players operating in the steep slope roofing materials market include:
- Nagao & Co., Ltd.
- Owens Corning
- Henry Company
- Henry Company
- IKO Industries Ltd.
Global Steep Slope Roofing Materials Market: Research Scope
Global Steep Slope Roofing Materials Market, by Material
- Asphalt Shingle
Global Steep Slope Roofing Materials Market, by Form
- Heavy Weight Laminates
Global Steep Slope Roofing Materials Market, by Application
- New Construction
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.