Through 2017, US demand for asphalt shingles is forecast to grow 4.1 percent annually, spurred by the rebound in residential building construction expenditures.
Texas, Dallas (PRWEB) September 20, 2013
US demand to rise 3.5% annually through 2017
US demand for roofing is projected to rise 3.5 percent annually to 268 million squares in 2017. This is a rebound from the declines seen between 2007 and 2012 when demand fell as a result of a steep drop in building construction. Going forward, increases in building construction expenditures will spur gains for roofing.
Roofing tiles to be fastest growing product segment
Asphalt shingles accounted for the largest share of roofing demand in 2012 with a 57 percent market share, indicative of their dominant position in the residential market. Through 2017, US demand for asphalt shingles is forecast to grow 4.1 percent annually, spurred by the rebound in residential building construction expenditures. Gains will also be boosted by continuing consumer interest in laminated asphalt shingles, which are seen as being better able to improve the appearance and value of a home.
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Roofing tiles are expected to exhibit the most rapid growth of all roofing products through 2017. Advances will be driven by the rebound in residential building construction activity in the West and South, where tiles are most often installed. Demand will also be supported by greater interest in these products because of their favorable aesthetics and ability to be used on cool roofs.
Among other roofing materials, thermoplastic polyolefin (TPO) membranes will see above-average growth through 2017. This material, which is installed mainly on nonresidential low-slope roofs, will see increasing use because of its low cost and ease of installation. Moreover, TPOs are usually white-colored membranes that reflect sunlight, promoting energy savings by reducing consumption.
New building construction to drive market gains
In both the residential and nonresidential markets, new building construction will drive gains. For instance, demand for roofing in the new housing segment is expected to rise at a double-digit rate through 2017 as housing starts advance from their low 2012 base. In the nonresidential market, sharp growth in office and commercial construction spending and gains in institutional and industrial construction expenditures will boost demand for low-slope roofing materials.
Reroofing activity accounts for the larger share of roofing demand in the US. Through 2017, reroofing demand in both the residential and nonresidential markets will be supported by a more favorable lending environment, as property owners who put off renovation projects such as roof replacement will be able to undertake them going forward.
West to be fastest growing regional market
On a regional basis, the West is expected to see the fastest advances in roofing demand through 2017, driven by that region’s above-average growth in population and housing starts, which will spur demand in the residential market. Moreover, growth in population will promote the construction of such nonresidential structures as retail sites, educational and healthcare facilities, manufacturing plants, and warehouses.
Profiles 35 US industry players such as Bridgestone, Carlisle, CertainTeed, GAF, Johns Manville and Owens Corning
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