What Will Be the New Normal in the Global Roofing Market After the COVID-19 Pandemic?
Like many other industries, the construction industry is also feeling the heat of the pandemic, its rapid spread across the globe and containment measures adopted by governments.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Roofing market. Report segmentation includes Product Type (Asphalt Shingles, Metal, Elastomeric, Built-Up, Roofing Tile, Modified Bitumen, Plastic, and Other Product Types) ).
7 June 5:54 A.M., California/Marketwire/ - According to the new market research report, like many other industries, the construction industry is also feeling the heat of the pandemic, its rapid spread across the globe and containment measures adopted by governments. Despite regional variations in legal implications and nature of contractual terms of agreement, the overall impact on construction projects has been massive thus far. The COVID-19 pandemic has made completion of construction projects impossible and a large percentage of projects have been put on hold. Shelter-in-place orders, social distancing norms and restriction son logistics and transportation have disrupted labor markets and supply chains. Several countries like Italy, China, Iran, and India have shut down most industrial production operations thereby creating a sharp temporary decline in production of a wide range of construction materials ranging from steel to cement. The disruptions, shortages and rising material and labor prices are making project completion not only expensive but also slower, leading to more projects being cancelled. The repercussions are being felt across the construction value chain i.e. from construction equipment rental companies facing abrupt vaporization of revenues as equipment are left idling on inoperative sites to manufacturers of roofing, flooring and others recording declines in new sales orders. In Europe, where the pandemic has been especially aggressive, over 65% of companies in the construction ecosystem have been severely affected by the prolonged construction inactivity. As normal business activity remains suspended and delays continue indefinitely, companies are beginning to bleed.
The virus led recession is expected to create double whammy challenges for the sector as unemployment rates climb to never before seen highs. In the United States alone, the unemployment rate stands at 14.8% as of April 2020, a percentage figure that translates to over 40 million unemployed people. The impact on consumer confidence and discretionary income brings grim news for the residential home construction sector as intent and ability to purchase new homes will be hit hard. Single-family home affordability issues and resurgence of X-urban or rural living as a result of reverse migration of labor will interrupt an above-average pre-corona virus cyclical transition in the construction industry. Residential remodeling especially less critical luxury updates have significantly slowed down. Along with residential, even non-residential construction projects will decline as the recession takes hold on businesses. Against this backdrop, the global market for roofing is expected decline by -13.1% in the year 2020 before reaching a projected revised market size of US$101.9 billion by the year 2027. Leading segments for growth in the post COVID-19 period that will offer hope for roofing manufacturers will include low-rise multifamily construction in suburban and rural areas; warehouse and distribution facilities; and repurposing, remodeling and conversion of existing healthcare facilities for future health emergency preparedness. The global Roofing market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Asphalt Shingles, one of the segments analyzed and sized in this study, is forecast to grow at over 3.4% and reach a market size of US$31.5 billion by the end of the analysis period.
Key Competitors Covered in the Report
American Hydrotech, Inc.
Atlas Roofing Corporation
Carlisle Construction Materials LLC
Etex Group SA
Firestone Building Products
IKO Industries, Ltd.
Masterplast Group International
NCI Building Systems, Inc.
Nucor Building Systems
Rockwool International A/S
Sika Sarnafil, Inc.
TAMKO Building Products, Inc.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 6668. Among this pool, 1067 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 202 unique participations, a total of 91 validated responses were received as part of this report's primary research outreach program.We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.