WELLESLEY, Mass., June 26, 2018 (GLOBE NEWSWIRE) -- The usage of clay tiles, wood shake and slate are all contributing to innovations within the North American market for residential roofing materials, according to a new report from BCC Research.
In 2017, the industry was worth $12.8 billion. However, it is anticipated to reach a value of $14.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 2.0%, according to the study, Residential Roofing Materials: The North American Market.
Major companies that are influencing the market include Standard Industries Inc., Sika AG, Owens Corning and CertainTeed Corp.
Research Highlights
- In terms of volume, the market will be measured at 181.3 million squares by 2023, indicating a CAGR of 1.5%. (In the roofing industry, square is the unit used for measuring area. One square is equivalent to 100 square feet.
- Drivers of the market include a rise in infrastructure remodeling and renovation, increased awareness of ecofriendly roofing technologies and more frequent severe weather events.
- Restraints facing the market include the high price of advanced roofing materials and environmental concerns.
“The U.S. is observed to dominate the residential roofing materials market in the North American region, in terms of volume, followed by Mexico and then Canada,” the report notes. “The scenario is different in terms of value, as the share depends upon product prices. In terms of value, the U.S. dominated the residential roofing materials market, followed by Canada and Mexico.”
Related Blog:
Residential Roofing in North America: 3 Key Market Trends
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.