The Allied Market Research published a study showing that the North American roofing market made $29.86 billion in 2017. It also projected that the market would reach $47.51 billion by 2025 at 5.9% CAGR from 2018 to 2025.
In this article, trusted roof repair and storm damage specialist Coleman Roofing discusses the various factors that influenced the North American roofing market.
Factors Pushing Market Growth
The North American roofing market mainly received a boost from the increasing demand for new construction, renovation and retrofitting activities. It saw a rise in expenditure on home remodeling as well.
And since the North American roofing market is analyzed across the U.S. and Canada, the harsh weather conditions experienced by numerous cities in the U.S. over the last couple of years also became a significant factor in its growth. Winter storms, hail and high winds were reported to have destroyed many roofs across the country, prompting a demand for roofing services such as roof replacement.
U.S. to Dominate the Market
The study examined the North American roofing market according to type, roof type, material type, application and country. Based on type, the shingle roofing segment is expected to dominate the market throughout the study period. On the basis of roof type and material type, the flat roof segment and the asphalt type are anticipated to hold a significant share of the North American roofing market.
Based on application, the residential segment is projected to show dominance in the market during the forecast period. Based on country, the U.S. is expected to register a high CAGR during the forecast period — which can be attributed to the country’s rapid urbanization and industrialization, rise in income levels and increase in the government’s infrastructure initiatives.
Coleman Roofing delivers quality workmanship, so you can rest assured you’ll get value for your money. Our other areas of expertise include roof inspection, gutters and coatings. Call us at (225) 379-7663 or fill out our contact form to request a free estimate. We offer our services to customers in Lafayette and Gonzales, LA.