Despite a near-term slowdown related to the coronavirus (COVID-19) pandemic, The Freedonia Group projects U.S. roofing demand is expected to increase to 253.0 million squares in 2024. Advances in demand will be supported by the replacement of older and less durable roofs with products that can better resist damage caused by severe weather, according to the Cleveland-based research organization’s latest research.
Roofing demand is also expected to be positively impacted by increasing housing starts, particularly single-family units, after the COVID-19 pandemic recedes. Increased interest among commercial roofers with installing cool roofing materials to reduce energy consumption and utility bills is also expected to benefit roofing over the next four year.
The Freedonia Group projects residential roofing demand will hold up well in 2020 as the strong recovery over the summer will limit losses for the calendar year. The organization predicts an improving economy and a rise in housing starts will support demand growth in the residential segment during 2021. Through 2024, demand in residential roofing demand is forecast to offset a slight anticipated decline in the commercial roofing segment.
The residential market accounts for the majority of roofing demand due to the large number of new homes built each year, the relatively large size of the residential roofing stock, the susceptibility of residential steep-slope roofs to damage, and the greater likelihood to replace roofs for aesthetic reasons in the residential segment compared to the commercial segment.
The full report from The Freedonia Group, Roofing, is available for purchase for $5,800.
