Steel Roofing Global Market Report 2024

The steel roofing market size has grown marginally in recent years. It will grow from $4.21 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 1.8%. The growth observed in the historic period can be attributed to several factors including urbanization trends that drove increased demand, growth in the construction industry, a notable preference for sustainable solutions, government regulations advocating for such approaches, and the emphasis on cost-efficiency. These elements collectively contributed to the growth and development seen during that period within the relevant industry or sector.

The steel roofing market size is expected to see steady growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%. Anticipated growth in the forecast period can be linked to various factors such as population growth, escalating concerns regarding climate change, trends in renovation and remodeling, a rise in disposable income, the heightened emphasis on energy efficiency, and global economic growth.

Increased investments in the construction of residential buildings are poised to propel the expansion of the steel roofing market. Residential buildings, earmarked for accommodation purposes, encompass single or multiple family dwellings, lodging, or rooming houses, with or without cooking facilities. The utilization of steel roofing material in residential construction endeavors serves to cap construction costs. For instance, data from Invest India for the year 2021 revealed foreign direct investment (FDI) in construction development and activities amounting to $26.16 billion. Within this sphere, infrastructure activities contributed a 13% share, totaling $81.12 billion in Foreign Direct Investment (FDI) inflows. Consequently, the surge in investments directed at residential building construction substantiates the growth trajectory of the steel roofing market.

Forecasts for the steel roofing market point towards growth, propelled by increased renovation activities. Renovation involves enhancements to structures, aiming to improve functionality, aesthetics, or overall condition. Steel roofing, known for durability and weather resilience, is a popular choice in these activities, offering modern solutions for building improvement. A survey by money.co.uk in January 2022 revealed that 77% of UK homeowners invested in property alterations in 2021, with an average spend of £1,473 ($1621) per homeowner. Collectively, this amounted to over £21 billion ($23 billion) spent on property improvement endeavors, indicating a significant driver behind the growth of the steel roofing market.

The prevailing trend in the steel roofing market revolves around product innovations, prominently adopted by major market players. These companies are introducing novel products to elevate their market presence. In January 2021, ProVia, a prominent US-based manufacturer, unveiled a new line of metal roofing products. This innovative series combines the aesthetic appeal of slate or cedar shakes with the durability of a highly engineered galvanized steel roof system. ProVia's metal panels, 10% thicker than the industry standard, employ 26-gauge (G90) hot-dipped galvanized steel, weighing significantly less than asphalt shingles. With a lifetime warranty on coating integrity and a 40-year warranty on chalking and fading, their unique GalvaTecTM four-part Kynar paint system ensures prolonged performance, setting a benchmark in metal roofing innovations.

Hulas Steel, a Nepal-based sheet manufacturer, unveiled Galvalume and Hulas DuraColour in March 2021. These cold-rolled roofing sheets, coated with aluminum, zInc., and silicon, significantly enhance durability and strength, tripling the lifespan compared to conventional sheets. The use of Australian technology allows for colored options in the Hulas DuraColour variant, further extending the roofing sheets' lifespan by threefold.

In February 2022, Tata Steel, an India-based steel manufacturer, finalized the acquisition of NINL (Neelachal Ispat Nigam Limited) for $1.6 billion. This strategic move aims to expand Tata Steel's presence in steel production, iron ore reserves, and land capacity for potential expansions. Neelachal Ispat Nigam Limited, a government-owned Indian company, specializes in manufacturing steel rods and roofing sheets.

Major companies operating in the steel roofing market report are Saint-Gobain SA, Nucor Corporation, Bridgestone Corporation, BlueScope Steel Limited, Kingspan Group PLC, Fletcher Building Limited, Carlisle Companies Inc., Cornerstone Building Brands Inc., Boral Limited, Lindab International AB, Chief Industries Inc., Metal Sales Manufacturing Corporation, McElroy Metal Inc., Drexel Metals Corporation, The OmniMax International Inc., Safal Group, Ideal Roofing Co. Ltd., Interlock Roofing Ltd., Isopan S.p.A., Wella Corporation, ATAS International Inc., Tata Steel Europe Limited, Reed’s Metals Inc., Future Roof Inc., Jinhu Color Aluminum Group, Pruszynski Ltd., Balex Metal Sp. z o.o., Hangzhou Tianjing Building Materials Company, Singer-Ruser(HZ) Building Materials Tech. Co. Ltd., Bjorkstrand Metal Roofing LLC, DECRA Roofing Systems Inc., Gerard Roofing Technologies, Hartman Roofing Inc.

Western Europe was the largest region in the steel roofing market size in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steel roofing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steel roofing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary variations in steel roofing encompass color-coated sheets, galvanized options, curving sheets, tile roof sheets, among other types. Color-coated roofing sheets undergo a chemical coating process to achieve various hues. These roofing materials cater to both new construction and renovation projects, serving end-users across residential, commercial, agricultural, and industrial sectors.

The steel roofing market research report is one of a series of new reports that provides steel roofing market statistics, including steel roofing industry global market size, regional shares, competitors with a steel roofing market share, detailed steel roofing market segments, market trends and opportunities, and any further data you may need to thrive in the steel roofing industry. This steel roofing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The steel roofing market consists of sales of weathering steel, galvanized, and galvalume steel roofs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.