The North American roofing market is a thriving industry that has experienced significant growth over the past decade. The market is driven by various factors, including increased demand for energy-efficient roofing solutions, the rise of sustainable building practices, and a growing trend towards residential and commercial renovations. As a result, manufacturers have been developing innovative roofing materials that are more durable, efficient, and environmentally friendly
The North America Roofing Market size was valued at $25,684.5 million in 2021, and is projected to reach $41,242.6 million by 2031, registering a CAGR of 4.9% from 2022 to 2031
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U.S. generated the highest revenue in 2021, and is expected to maintain its growth during the forecast period. Roofing products witnessed a higher demand owing to longer life span, easy installation, and availability of eco-friendly roofing materials.
Moreover, technological advancements such as introduction of green roofing, which protects the buildings from direct solar heat in summers and minimizes heat loss in winters through added insulation on the roof, further strengthens the market growth. In addition, surge in construction industry in the U.S. and Canada are expected to increase the demand for roofing products. However, high initial installation costs of such roofing systems hamper the market growth. The impact of this factor is anticipated to reduce in future due to intense completion and technological advancements.
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One of the primary factors driving the North America roofing market growth of the is the expansion of the residential and non-residential construction. In addition, governments are investing in residential sector due to rise in population and for better living standards. In 2020, the residential fixed investment in U.S. was $885 billion, accounting for 4.2% of the GDP. The increasing demand for single family houses has fueled the North America roofing market. Furthermore, low mortgage rates have significantly increased real estate investments from investors as well as home buyers. These factors are expected to boost the demand for roofing solutions in the U.S. Hence, due to rise in population, these investments in construction sector will increase the utilization of North America roofing and hence will drive the market growth.
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