U.S. demand for metal roofing is expected to rise 2.7% per year to 32.63 million squares by 2023, exceeding demand growth for the overall roofing market. Value demand for metal roofing is expected to grow 3.9% annually to $4.2 billion in 2023, according to a forecast from The Freedonia Group.
In addition to increasing unit demand, sales of metal roofing will be boosted by manufacturers' efforts to offer standing seam panels in a wider array of colors and patterns, which can make such products more appealing to potential customers, according to The Freedonia Group. Above average growth in demand for metal roofing will chiefly be driven by factors such as continuing interest in the use of the material as a weather-resistant alternative to asphalt shingles, increasing homeowner interest in the material to achieve a unique exterior aesthetic, and increasing interest in installing cool roofing materials to reduce utility bills.
Standing seam roofing will continue to account for the largest share of metal roofing demand through 2023, supported by its favorable performance properties and ability to be used in low- and steep-slope roofing, according to The Freedonia Group. Metal shingles, shakes, and tiles are projected to see the fastest growth in the next four years in the metal roofing market, boosted by increasing use of such products in residential settings as homeowners search for more durable alternatives to asphalt.
The full study, Roofing, is available for $5,800 from The Freedonia Group.