Abstract
US demand to reach 274.5 million squares in 2014
Demand for roofing is forecast to grow 2.4 percent per year to 274.5 million
squares in 2014, valued at $17.9 billion. Advances will be driven by the
rebound in housing starts from the low levels experienced in 2009. The
residential building construction market, which accounted for 58 percent of
total roofing demand in area terms in 2009, will provide above-average demand
gains through 2014, rising 4.0 percent annually.
Residential reroofing to continue as largest market
The residential reroofing market will continue to account for the largest
overall share of roofing demand in 2014. Demand will post minimal gains,
however, due to past construction cycles that reduced the number of buildings
requiring routine reroofing over the forecast period. Advances will also be
constrained by tightening credit standards that will make it more difficult
for homeowners to take out home equity loans, and by the fact the many
homeowners that replaced their roofs in the 2004-2009 period will be unlikely
to do so before 2014. However, the large stock of older homes requiring
reroofing will prevent demand declines.
Demand for roofing in the nonresidential building construction market is
forecast to remain constant through 2014. Declining demand for roofing in
industrial construction markets will hamper growth. As the US economy
transitions to a service-based economy, the closing of industrial sites will
mean less demand for roofing materials. Advances will also be checked by
reroofing demand, as building owners and property managers will cancel or
reduce maintenance projects to reduce costs. However, declines will be
prevented by rising institutional and other nonresidential building
construction roofing demand, due to increasing construction of hospitals,
schools and government buildings.
Asphalt shingles to remain most popular roofing product
Asphalt shingles will remain the most popular roofing product, owing to their
dominant position in the large residential roofing market. Demand for asphalt
shingles is expected to accelerate at an above average pace through 2014,
fueled by rebounding housing starts. Gains will also be promoted by use of
more decorative laminated and three-dimensional asphalt shingles, as well as
increasing demand for heavier shingles in areas prone to high winds.
Roofing tile, other products to be fastest growing types
Roofing tile and other roofing products are anticipated to see the most rapid
demand gains through 2014. Demand for roofing tile will be driven by the
rebound in housing starts, as well as by the continued increase in the
population of such regions as the West and the South, where roofing tile is
most commonly used. Demand for less frequently used roofing products, such as
composite shingles, green roof systems and photovoltaic roofing, will advance
at above average paces through 2014. Gains will be led by rising interest in
environmentally friendly roofing products that reduce building utility costs.
Study coverage
This new Freedonia industry study, Roofing, presents historical demand data
(1999, 2004 and 2009) and forecasts for 2014 and 2019 by product (e.g.,
asphalt shingles, bituminous low-slope roofing, metal roofing, elastomeric
roofing, roofing tile, plastic roofing, wood shingles and shakes), market and
US geographic region. The study also considers market environment factors,
evaluates company market share and profiles industry competitors.
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