(MENAFN- GlobeNewsWire - Nasdaq) New York, March 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Steel Roofing Global Market Report 2023" -
, Firestone Building Products, Carlisle SynTec Systems, BlueScope Steel Limited, The OmniMax International Inc., Tata Steel, ABC Supply Co Inc., Corner Stone Building Brands, Bilka, Mcelroy Metals, Nucor building systems and Safal group.
The global steel roofing market grew from $4.15 billion in 2022 to $4.26 billion in 2023 at a compound annual growth rate (CAGR) of 2.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The steel roofing market is expected to grow to $4.56 billion in 2027 at a CAGR of 1.7%.
The steel roofing market consists of sales of weathering steel, galvanized and galvalume steel roofs.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A steel roof refers to a type of roofing system that is made up of steel pieces or tiles.Steel roofing is particularly engineered to last longer than any other roofing material.
The installation of the steel roofs offers aesthetics, energy efficiency, and durability, and prevents leaks. The steel roofs can be recycled.
Western Europe was the largest region in the steel roofing market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the steel roofing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of steel roofing are color-coated roofing sheets, galvanized sheets, curving sheets, tile roof sheets, and other types.Color-coated roofing sheets are coated with different colors via a chemical process.
The construction types are new construction and renovation. They are used by the end user are residential, commercial, agricultural, and industries.
An increase in investments in the construction of residential buildings is expected to propel the growth of the steel roofing market going forward.A residential building refers to a building that is constructed for accommodation purposes and is used for normal residential purposes, with or without cooking or dining facilities.
This construction includes one or more family dwellings, lodging, or rooming houses.Steel roofing material is used in the construction of residential buildings to cover the rooftops, and it lowers the cost of construction.
For instance, according to Invest India, an India-based investment advisory, in the year 2021, foreign direct investment (FDI) in the construction development sector and construction activities stood at $26.16 billion. Infrastructure activities are contributing 13% share of the total Foreign Direct Investment (FDI) inflows, which is $81.12 billion. Therefore, an increase in investments in the construction of residential buildings is driving the growth of the steel roofing market.
Product innovations are the key trend gaining popularity in the steel roofing market.Major companies operating in the market are introducing new product innovations.
For instance, in January 2021, ProVia, a US-based manufacturer of doors and roofing, launched a new metal roofing product line.The new metal roofing products from the company combine the elegance and beauty of slate or cedar shakes with the toughness and lifespan of a highly engineered galvanised steel roof system.
ProVia's metal panels are 10% thicker than the industry standard (28-30 gauge), using 26-gauge (G90) hot-dipped galvanised steel, and weigh up to three times less than asphalt shingles. With a lifetime warranty on coating integrity and a 40-year warranty on chalking and fading, the unique GalvaTecTM four-part Kynar paint system offers long-lasting performance.
In February 2022, Tata Steel, an India-based manufacturer of steel and steel equipment, acquired NINL (Neelachal Ispat Nigam Limited) for a deal amount of $1.6 billion. The acquisition aims to expand largely in the steel plant, iron ore reserves, and the land acreage that can accommodate capacity expansions for Tata Steel. Neelachal Ispat Nigam Limited is an India-based government company that manufactures steel rods and roof sheets.
The countries covered in the steel roofing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The steel roofing market research report is one of a series of new reports that provides steel roofing market statistics, including steel roofing industry global market size, regional shares, competitors with an steel roofing market share, detailed steel roofing market segments, market trends and opportunities, and any further data you may need to thrive in the steel roofing industry. This steel roofing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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