Market Summary
Steel Roofing Market Overview
The Steel Roofing Market size was valued at USD 11.97 Million in 2023. The Steel Roofing industry is projected to grow from USD 12.40 Million in 2024 to USD 17.52 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.4% during the forecast period (2024 - 2032). The steel roofing is made of metal or tiles. The lifespan of the metal roofs is high. It is a durable and sustainable roof that can remain in good condition for many years. The installation of the metal roofs offer aesthetic, energy efficiency, durability and prevents leaks. Due to these exceptional properties, steel-roofing is gaining high demand. The metal roofs can be recycled. Also, it is an efficient roof that can reflect sunlight and heat.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review Source:
They are suitable for old building structures as they are light in weight. Metals roofs are used to reduce energy loss and energy costs in any building. The wind resistance feature of metal roofs makes them suitable for industrial and commercial spaces. Due to these factors, the steel roofing market value will tremendously reach 1500 million. Even the developing countries have massive scope for the steel roofing market due to their cost-efficiency. Also, the steel-roofing market expansion rate is accepted to surge during this forecast period.
Westlake Royal Roofing Solutions will exhibit at the International Roofing Expo (IRE) from Feb. 6-8, 2024, in Las Vegas, Nevada. Westlake Royal Roofing Solutions will be present at booth #5335 located in the Las Vegas Convention Center during the IRE which runs February 6 through 8, 2024 in order to showcase two releases: Unified Steel Material List Generator and Unified Steel Cool Roof Colors. At IRE, Westlake Royal Roofing Solutions debuted the Unified Steel Material List Generator. This tool is an interactive one that auto-generates a product list for Unified Steel Stone Coated Roofing and Westlake Royal Roofing Components. It does away with guesswork from estimates and can work along with traditional or three-dimensional measurements too. Free to builders and contractors. The company will also showcase its new Unified Steel Cool Roof Colors of two shades rated by the Cool Roof Rating Council as highest solar reflectivity (SR) and highest thermal emittance (TE) when tested after solar energy strikes roof surface taking off sunlight and releasing heat from roof surface into atmosphere.
Market dynamics
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Crucial market drivers
The growth of urbanisation is tremendous in many regions. It is raising the construction activities across the globe. The rise of construction activity is a crucial driver for the steel roofing industry. In the construction industry, there are plenty of innovations and advancements. It ultimately increases the use of steel roofing in buildings. Sustainable and efficient technologies are part of building and industry construction. The use of steel roofing is expected to grow more during the forecast period. The construction of hospitals, hotels and schools raise the requirement for steel roofing.
The ease of installation and cost-efficiency of the steel roof will increase the adoption rate. It is a crucial driver that offers exceptional demand for the market. The investments from the government are constantly increasing for construction activities. It creates exposure for construction materials in several regions. The awareness about metal roofing is high in recent years. Governmental investments in the construction industry are promoting energy-efficient construction materials. Many constructors and homeowners are aware of the benefits and uses of steel rood. The increasing popularity and awareness is providing steel roofing market growth opportunities.
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Market growth opportunities
There are plenty of advantages by installing steel roofing. The installation rate of the steel roofing is expected to rise in the forecast period. The exceptional properties of the steel roofing are the major cause of this development. Also, the energy efficiency, interior, build and lightweight features increase the adoption rate. The exceptional air conditioning, energy efficiency and cost-effectiveness of these roofs increase the adoption of steel roofing.
From residential owners to commercial spaces will install steel roofing in upcoming years. The exceptional features of the steel roofing will provide plenty of growth opportunities. In the upcoming years, there is going to be higher consumer spending on home renovation and refitting. Many house owners expect cost-effective house renovations. The best alternative for conventional roofing is steel roofing. The increasing expenditure on house renovation will provide future growth opportunities for the market. Steel roofs are the easiest to install roofs. It is another factor that will offer steel roofing market growth prospects in forecast period.
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The market restraints
The raw material price for steel roofing keeps on fluctuating. High-end steel, metals and copper are utilized for steel roofing. However, the high volatility in raw materials price may restraint the market demand. The low and high price fluctuation in the market will lead to plenty of inconsistencies.
Steel roofing is a high-end roofing technology with cost-efficiency. Also, the steel roofing market has a standardized price for various types of steel roofing. The fluctuation in raw material will affect the installation price, product cost and labour cost in this market. The reliance on the market is affected due to the fluctuating cost. Overall the market revenue rate is affected due to all these factors.
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The market challenges
The steel roofing market has low demand in snowy areas. The steel roofing is not suitable for snowy climatic conditions. However, the high investments rate in these markets will affect the overall profitability of the market. The capital investments are higher in many of the snowy regions.
However, the high investments are hampering the growth of the steel roofing industry. The installation cost of steel roofing is different in many regions. This variation in the installation price is a challenge to this market. These market challenges can have a drastic effect on the overall market. The demand and market growth rate may be affected due to these factors.
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Cumulative growth analysis
There is plenty of growth propelling factors in the steel roofing market. The steel roofing market trends are constantly increasing in the forecast period. Also, there are different types of steel roofing such as shine coated tiles, steel shingles and standing seams.
The congregated steel panels roofing market is witnessing massive demand in the forecast period. Also, the non-residential segment of the market is witnessing high demand rates. The urbanisation and exceptional features are raising the demand for the steel roofing market. The ease of installation and growth of home renovations is causing growth opportunities for the market. However, the overall steel roofing market looks promising.
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Value chain analysis
Asia Pacific market will hold the largest steel roofing market share. The improvement in the construction industry is responsible for high demand in this region. Also, improvements in the economy are positively affecting the steel roofing market. The Asia Pacific market has strong key players in India and China.
The migration rate from rural areas to urban is reaching the highest rate. Also, the construction of residences, offices and commercial spaces will raise the need for a steel roofing market. In the forecast period, the Asia Pacific region will record the highest growth rate.
According to the news release, IMETCO, a metal product manufacturer unveiled new architectural metal roof panels in February 2024. For vertical walls or slopes of 3 inches or more, Batten-Tile panels are used and come in smooth or embossed surfaces made up of a variety of metals. The batten-style ribs measure 1.875 inches high and are made with variable widths that reach up to 44.5 inches on request. These materials include aluminium or galvanized/stainless steel/copper/zinc coated mill or fluoropolymer coatings. According to the news release, the system is tested by UL and approved under FBC; it complies with ASTM E330/ASTM E331 standards. These roofing panels can be applied onto decking using plywood or gyp board over rigid insulation. The news release also warns that IMETCO roofing underlayment must be installed per specific project conditions.
To bring its brand promise ‘colouring lives in steel’ alive, Tata BlueScope Steel introduced a new campaign for its flagship retail brand DURASHINE® known as “VIP Waali Feeling”. May 2022 witnessed Tata BlueScope Steel roll out this campaign for its flagship retail brand DURASHINE® across platforms including television, print as well as OTT and digital platforms pan-India.” . This TVC has been built around a character who’s trying to upgrade his lifestyle further appealing to those aspiring people who wish to improve their future through having one’s own home which one can take pride in attaining best-in-class roofing solutions for it from Tata BlueScope Steel Their motivation towards achieving such kind of life enables them look away from being ordinary individuals. The discerning customers get an opportunity not just for better performance superior aesthetics but also multiple options by choosing DURASHINE© steel roofing sheets.
Segment overview
By type
- Steel shingles and shakes
- Standing seam
- Stone-coated tiles
By application
- Residential
- Non-residential
- Remodeling and renovation
- New constructions
By region
- Asia pacific
- Europe
- North America
- South America
Regional analysis
The steel roofing market is segmented into South America, North America, Europe and Asia pacific. The robust growth in the Asia Pacific region will continue in the forecast period. The steel roofing market will see exceptional demand due to rising industrialization, construction and demand from the industrial sector. Urbanization is another factor that will propel the growth of the steel roofing market.
North America is the next largest market with tremendous developments. The renovation projects are providing more demand for steel roofing in this region. Also, Europe is witnessing high demand due to urbanization. South America is an emerging market with plenty of development opportunities. There is going to be long term contracts and market expansion strategies in the market.
Competitive landscape
The competition in the steel roofing market is rising in the forecast period. The launch of new steel roofing products will increase in the upcoming years. Also, the key players of the market are taking measures to make the installation of steel roofing efficient. The competitive landscape has plenty of growth, market expansion and acquisitions.
The key players of the steel roofing market are
- Fabral
- Corner stone building brands
- Bilka
- Tata steel euroep ltd
- Certaineed
- Atas international
- Chief industries
- Mcelroy metals
- Nucor building systems
- Ideal roofing
- Safal group
- Kingspan group
Recent developments
In December 2023, SSAB, a Swedish steel producer, pointed out it had introduced a fresh kind of steel roofing made from a recycled content of 90%. It is anticipated that this new product will be more sustainable and environmentally friendly than the conventional steel roofing products.
Nucor Corporation announced in October 2023 it would invest $1.2 billion to enlarge its manufacture of steel plants. According to reports on the news wires early today, this move will enhance the supply of steel in the market thus favorably impacting upon the prospects for the Steel Roofing Market.
Oak Ridge National Laboratory (ORNL) completed a study on their stone-coated steel roofs by DECRA Roofing Systems, Inc., which is a lab devoted to conducting research for the U.S. Department of Energy in August 2020. The report also showed that these stone-coated steel roofs achieve high energy saving as well as thermal performance characteristics.
In December 2023, SSAB reported that they have come up with another type of stainless-steel roof whose makeup involves 90% scrap material from manufacturing processes carried out by the company itself. This new product should be more sustainable and safer for our environment than traditional forms of metal roofings.
The biggest manufacturer of Iron Ore in Australia has plans worth US$US1.2 bn ($1.83 bn) for its Colorbond corrugated iron roofing across America’s largest economy in 2024. The first half net profit dropped by nearly one-fourth to $439 million for BlueScope when they announced their development there was proceeding in the US, too. However, global iron ore prices have fallen sharply since then. Having shrunk mostly in Asia, margins are equally eroding across American and Australian markets.
In February 2022, Tata Steel, an Indian-based manufacturer of steel and steel equipment, purchased NINL (Neelachal Ispat Nigam Limited) for $1.6 billion. They want to grow the most in terms of its capacity to produce steel plant facilities, obtain additional iron ore resources and secure land which will be used for further expansion of Tata Steel. Neelachal Ispat Nigam Limited is a government organization that produces steel rods and roof sheets in India.
Report Overview
- Market overview highlights
- Analysis based upon COVID 19
- Explanation upon the Market Dynamics
- Value chain analysis
- Market segmentation overview
- The regional analysis
- Competitive landscape analysis
- Recent Developments
Market Size & Forecast
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Report Attribute/Metric |
Details |
|
Market Size |
USD 11.97 Billion |
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Market Size |
USD 12.40 Billion |
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Market Size |
USD 17.52 Billion |
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CAGR |
4.4% CAGR (2024 to 2032) |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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Historical Data |
2019 & 2020 |
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Forecast Units |
Value (USD Million) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Type and Application |
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Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
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Key Vendors |
Fabral (US), Certainteed (US), Kingspan Group (Ireland), Nucor Building Systems (US), Cornerstone Building Brands (US), Fletcher Steel Limited (New Zealand), Blachy Pruszyński (Poland), and Tata Steel Europe Limited (UK), Ideal Roofing (Canada), EDCO Products (US), Safal Group (South Africa), ATAS International, Inc. (US), CHIEF INDUSTRIES, INC. (US), Bilka (Romania), and McElroy Metal (US) |
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Key Market Opportunities |
Due to the growing urbanization |
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Key Market Drivers |
The rise in the number of construction activities Growing awareness among homeowners Roofing contractors about the benefits of steel roofing |
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