North America Roofing Market by Application and Geography - Forecast and Analysis 2022-2026

The roofing market share in North America is expected to increase by USD 4.28 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.13%.

This roofing market in North America research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (residential and non-residential) and geography (the US, Canada, and Mexico). The roofing market report in North America also offers information on several market vendors, including Beacon Roofing Supply Inc., Carlisle Companies Inc., CertainTeed, Firestone Fibers and Textiles Company LLC, GAF Materials LLC, Johns Manville, Owens Corning, Seaman Corp., Sika AG, and The IKO Group of Companies among others.

What will the Roofing Market Size in North America be During the Forecast Period?

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Roofing Market in North America: Key Drivers and Trends

The high demand for bitumen coating is notably driving the roofing market growth in North America, although factors such as low availability of workforce and rising labor costs during the COVID-19 outbreak may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the roofing industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Roofing Market Driver in North America

One of the key factors driving growth in the roofing market in North America is the high demand for bitumen coating. Bitumen, also known as asphalt, is widely used in waterproofing systems in residential and commercial buildings. When applied on the roof, bitumen coatings reduce the carbon footprint of houses by lowering the temperatures. These coatings are extensively used in modern buildings, low-slope roofs, ceilings, walls, roof gardens, and eco-roofing owing to their significant advantages and ability to withstand severe weather conditions. The excellent mechanical properties of bitumen make it an ideal material for waterproofing. Being water repulsive, it does not absorb water and can withstand structural movements. Furthermore, it retains these properties for an extended period and significantly contributes to a building's life.

Key Roofing Market Challenge in North America

The low availability of the workforce and rising labor costs during COVID-19 outbreak will be a major challenge for the roofing market growth in North America during the forecast period. The COVID-19 pandemic severely impacted the roofing market in North America, resulting in a considerable reduction in revenues in 2020. Labor issues further aggravated the situation in the market. One of the factors is the shortage of skilled workers. According to the US Bureau of Labor Statistics, the industry is expected to need an additional 747,000 workers by 2026. According to the Associated General Contractors of America, in 2021, the average hourly earnings of workers in the construction sector surged by 3.2% to $30.73 compared to the previous year. Their wages were also 10.1% higher than the average wages in the private sector, which was $27.90 in 2020. Such factors hamper the profit margins of construction product manufacturers and pose a challenge for the roofing market in North America. High manufacturing and installation costs Challenges due to weather conditions

This roofing market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Roofing Market Vendors in North America?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Beacon Roofing Supply Inc.
• Carlisle Companies Inc.
• CertainTeed
• Firestone Fibers and Textiles Company LLC
• GAF Materials LLC
• Johns Manville
• Owens Corning
• Seaman Corp.
• Sika AG
• The IKO Group of Companies

This statistical study of the roofing market in North America encompasses successful business strategies deployed by the key vendors. The roofing market in North America is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The roofing market in North America forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Roofing Market in North America?

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61% of the market's growth will originate from the US during the forecast period. Market growth in this region will be slower than the growth of the market in Canada and Mexico.

The growing building and construction industry and the increasing infrastructure developments will facilitate the roofing market growth in North America in the US over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Roofing Market in North America?

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The roofing market share growth in North America by the residential segment will be significant during the forecast period. The roofing market in North America is anticipated to grow significantly due to strengthening consumer finances, lower interest rates, and decreasing unemployment, which will help reduce the stock of excess housing and support the construction of new houses and consequently of new roofs across North America. Population growth and urbanization will also support gains in the residential roofing segment. The population boom and the falling interest rates have propelled growth in the housing market in various countries

This report provides an accurate prediction of the contribution of all the segments to the growth of the roofing market size in North America and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Roofing Market Report in North America?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive roofing market growth in North America during the next five years
• Precise estimation of the roofing market size in North America and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the roofing industry across the US, Canada, and Mexico
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of roofing market vendors in North America

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