North America Steel Roofing Market Size, Share & Trends Analysis Report By Application (Residential, Commercial, Industrial), By Country, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The North America steel roofing market size was valued at USD 3.07 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2023 to 2030. Increasing awareness regarding green building products in the construction industry is anticipated to positively impact growth. Steel roofs are long-lasting and durable building materials that provide significant energy savings to end-use applications. In addition, they are made from a high percentage of recycled steel, which, in turn, plays a significant role in attaining sustainable roofing. Increased consumption of flexible, lightweight, and recyclable roofing materials is expected to fuel the demand for steel roofs in North America.

Increasing GDP coupled with the trend of single-family houses in North American countries is expected to propel construction activities, thus, positively influencing the demand for steel roofing. Rising demand for high-tech office buildings and sophisticated housing systems is expected to drive renovation activities in Canada, thereby, impacting the product demand significantly.

North America's construction industry is anticipated to witness rapid growth on account of the rising number of people migrating from developing regions to North America. In addition, increasing construction spending in Mexico owing to population expansion and strong economic and industrial developments is expected to boost the product demand in North America.

The factors hampering market growth include fluctuating steel prices globally as well as the susceptibility of structures to corrosion and low thermal resistivity. Furthermore, the unavailability of skilled labor and advanced technologies is projected to restrict market growth over the forecast period.

The demand for steel roofing is anticipated to be augmented by the growth of the building and construction industry on account of its increasing penetration in the industry. The attributes of steel roofs, including high durability, low maintenance, fire resistance, energy efficiency, and fast installation are expected to further boost market growth.

The construction industry in the U.S., Canada, and Mexico is expected to witness growth over the forecast period due to increasing construction spending led by population expansion and strong economic and industrial development.

Application Insights

The industrial segment held the largest revenue share of 39.3% in 2022. Steel roofing is known for its exceptional durability, which makes it a reliable option for industrial buildings. Steel roofing is highly cost-effective, due to low maintenance requirements and longer lifespan. Steel roofing materials can be recycled easily, which makes them environmentally friendly and helps companies to reduce their carbon footprint.

The commercial segment is expected to grow at the fastest CAGR of 4.2% over the forecast period. Commercial constructions require a large number of roofing products for thermal insulation and to enhance the aesthetic appeal of the building. These buildings require durable materials to tackle extreme weather conditions, and hence, steel roofing is extensively used owing to its properties such as lightweight, durability, and flexibility.

Country Insights

The U.S. dominated the market and accounted for the largest revenue share of 81.0% in 2022. The country is anticipated to continue its dominance over the forecast period. The growth can be attributed to increasing population and life expectancy. Furthermore, the U.S. construction industry is experiencing growth on account of increasing residential and non-residential renovation and new construction activities.

Mexico is expected to grow at the fastest CAGR of 4.7% during the forecast period, owing to the continuous growth in the industrial sector, and factories. The trend of more people moving to cities and the development of new buildings for business and living also contribute to this growth. Additionally, the need to handle tough weather conditions like heavy rain, hurricanes, and high temperatures is a big reason for this growth. Steel roofs are seen as a smart and environmentally friendly choice to deal with these challenges, as they are both cost-effective and eco-friendly.

Key Companies & Market Share Insights

The market is highly competitive, with a large number of manufacturers accounting for a majority of the market share. Product launches, approvals, strategic acquisitions, and innovations are just a few of the important business strategies used by market participants to maintain and grow their global reach.

Recent Developments

• In August 2020, Reed's Metals unveiled its merger with Oakland Metal Buildings. The united entity will bear the name Reed's Metals, a reflection of the company's collective dedication to effectively serving customers and communities throughout the Southeastern U.S. The integration of Oakland Metal Buildings into Reed's Metals is anticipated to yield a surge in sales, customer contentment, and operational efficiencies. This synergy will be fueled by a comprehensive product lineup and an expanded presence, encompassing a total of nine locations, among which two possess the distinction of being IAS-certified metal building plants. These two IAS plants are strategically situated in Mississippi, Alabama, Florence, and Brookhaven. This strategic expansion enhances the company's capacity to consistently fulfill its customers' demands for building deliveries.

• In August 2020, Oak Ridge National Laboratory (ORNL) a laboratory devoted to conducting research for the U.S. Department of Energy finished a study on stone-coated steel roofs of DECRA Roofing Systems, Inc. The study provided the verification that these stone-coated steel roofs come up to a good amount of energy saving and high thermal performance.

North America Steel Roofing Market Report Scope

North America Steel Roofing Market Report Segmentation

This report forecasts revenue growth at regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the North America steel roofing marketbased on application, and country:

• Application Outlook (Volume in Million Square Meters & Revenue in USD Million, 2018 - 2030)

  • Residential

  • Commercial

  • Industrial

• Country Outlook (Volume in Million Square Meters & Revenue in USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico