Market Trends of Stone Coated Steel Roofing Industry
This section covers the major market trends shaping the Stone Coated Steel Roofing Market according to our research experts:
Growing Usage in Residential Application
- In terms of revenue, the residential sector witnessed the largest share of more than 70% in the global market.
- Stone coated steel roofing is a lightweight material and has an aesthetic value. It has properties, such as UV protection, corrosion resistant, sound absorbent, high strength, and durability in order to provide optimal roofing solutions. Hence, due to such factors, it is majorly used in the residential sector, including homes, villas, row houses, and apartment roofs.
- Additionally, it can survive harsh conditions, due to which it is highly preferred in countries, like the United States, the United Kingdom, France, Poland, Belgium, Russia, Hungary, and Germany.
- Homeowners and installers presently are opting for tile, shake, and shingle profiles instead of concrete, cement or asphalt roofs owing to weight restrictions in the residential sector. Also, insurance companies are pressuring people to opt for more durable roofs, which too is significantly increasing the demand for stone coated steel roofing.
- According to Metal Roofing Alliance (MRA), the metal roofing market in the residential sector has increased from 3.7% in 1998 to reach almost 20% through 2020. Growing awareness among homeowners and roofing contractors about the benefits of metal roofing, is driving the metal roofing market, which in turn is providing stone coated steel roofing market immense opportunity to grow over the years.
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North America to Dominate the Market
- Thestone coated steel roofing has its origins in New Zealand, however, in recent years its usage has spread all across the world, especially in North American countries.This is due to their distinct looks andversatile styles, durability, long time warranty, energy efficiency, and various other features.
- In North America, the United States accounted for the largest market for stone coated steel roofing. This is majorly owing to the increase in the number of housing projects in the past few years.
- Residential construction for single families has witnessed a growth in the states of Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina.
- This has led to a significant increase in demand for stone coated steel roofing in the country and also in general across the North America region.
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