The global stone coated steel roofing market is expected to grow at a CAGR of over 8% during the forecast period. Stone coated steel roofing materials are lightweight and combine the superior performance of steel while adding to the beauty and style of any building. They are known for their durability, longevity, and versatility and are emerging as alternatives to traditional tile products, such as those made of clay or concrete.
- The growing usage in the residential sector, primarily in countries of North America, along with New Zealand, and Australia, is expected to be a major driving factor in the market.
- The continuous competition from asphalt shingles and their expensive nature are factors that are likely to hinder the market growth.
- The growing adoption of stone coated steel roofing in various countries of the Middle East is likely to provide an opportunity for the market to grow through the years to come.
Key Market Trends
Growing Usage in Residential Application
- In terms of revenue, the residential sector witnessed the largest share of more than 70% in the global market.
- Stone coated steel roofing is a lightweight material and has an aesthetic value. It has properties, such as UV protection, corrosion resistant, sound absorbent, high strength, and durability in order to provide optimal roofing solutions. Hence, due to such factors, it is majorly used in the residential sector, including homes, villas, row houses, and apartment roofs.
- Additionally, it can survive harsh conditions, due to which it is highly preferred in countries, like the United States, the United Kingdom, France, Poland, Belgium, Russia, Hungary, and Germany.
- Homeowners and installers presently are opting for tile, shake, and shingle profiles instead of concrete, cement or asphalt roofs owing to weight restrictions in the residential sector. Also, insurance companies are pressuring people to opt for more durable roofs, which too is significantly increasing the demand for stone coated steel roofing.
- According to Metal Roofing Alliance (MRA), the metal roofing market in the residential sector has increased from 3.7% in 1998 to reach almost 20% through 2020. Growing awareness among homeowners and roofing contractors about the benefits of metal roofing, is driving the metal roofing market, which in turn is providing stone coated steel roofing market immense opportunity to grow over the years.
North America to Dominate the Market
- The stone coated steel roofing has its origins in New Zealand, however, in recent years its usage has spread all across the world, especially in North American countries. This is due to their distinct looks and versatile styles, durability, long time warranty, energy efficiency, and various other features.
- In North America, the United States accounted for the largest market for stone coated steel roofing. This is majorly owing to the increase in the number of housing projects in the past few years.
- Residential construction for single families has witnessed a growth in the states of Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina.
- This has led to a significant increase in demand for stone coated steel roofing in the country and also in general across the North America region.
The stone coated steel roofing market is consolidated in nature. Some of the major players operating in the market studied include, Decra Roofing Systems Inc., Ross Roof Group, Boral Steel, Tilcor Roofing Systems, and Roser Roofing Systems, amongst others.
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