08 Dec New Study Finds Residential Re-Roofing Segment Largest Share of Roofing Demand
According to a recent study conducted by the Freedonia Group, re-roofing accounts for the largest share of residential roofing demand. The U.S. has a significant number of older homes that will eventually require roof repair or outright replacement. Many homeowners put off re-roofing projects during the 2007-2009 recession and its aftermath due to the unfavorable lending environment for home renovations. These conditions are expected to improve through 2020 and drive growth for the replacement of older or worn roofs.
The report also found that in the South and West, building codes specify the use of cool roofing to reduce energy consumption. Products that meet these code requirements (light-colored and reflective roofing) will see faster demand gains. Strong growth in housing starts and population in the South and West will boost gains for metal roofing products and roofing tiles. Demand for products will also be spurred by their suitability as cool roofing materials because of their ability to reflect sunlight.
For over the past decade the Metal Roofing Alliance (MRA) has focused on the replacement market, not new construction. We’ve always recognized that the potential for growth would come from existing homes. As a result, our integrated marketing efforts have targeted homeowners who are re-roofing their homes.
In addition to energy efficiency, the top reasons homeowners chose a metal roof include: longevity, strength/protection, attractiveness and good investment/value. The most popular style of metal roofing is vertical ribbed panel, followed by shingle/shake tiles. Copper is gaining in popularity but painted metal roofs are the most popular.
The Freedonia Group study, Residential Roofing, presents historical demand data plus forecasts by product. The study also considers key market environment factors, assesses the industry structure, evaluates company market share and profiles U.S. industry players. Freedonia’s market research studies provide timely access to reliable, unbiased analysis from which to benchmark performance.