There is no question that the construction industry was one of the hardest hit by the COVID-19 pandemic and related social and economic restrictions in 2020. If we have learned anything over the course of 2020, it was the importance of planning and adapting to new challenges in the construction industry. Today, we’re taking a look at the state of the roofing industry in 2021 so you can plan for the year ahead.
If you work in the construction industry, you may already be aware of the continued short-term challenges the roofing industry is facing because of the wide-spread social and economic shutdowns designed to prevent the spread of COVID-19.
The folks at the Freedonia Group, an international industrial business research organization founded in 1985, and MarketResearch.com have released a report examining the construction industry from 2020 to 2024.
Fortunately, “a rebound is expected in 2021, driven by continued growth in the residential market and an improving economy,” writes Freedonia’s Senior Analyst Matt Zielenski, an industry expert who has produced more than 70 in-depth studies on the building materials and construction products industry during his time at Freedonia.
Primarily driven by demand for residential roofing, the roofing industry is expected to grow through 2024 due to an improving economy and increase in new housing starts. As COVID-19 restrictions ease, the residential roofing market is expected to grow by 0.7% each year for the next three years. If this modest projection is accurate, residential roofing sales in 2024 would reach 164.10 million squares.
Unfortunately, the commercial roofing market will remain stagnant for the same three-year period. As businesses close and commercial properties remain vacant, there will be a decrease in demand for new construction. According to the report, commercial roofing is expected to fall by 0.6% each year, resulting in the sale of 88.9 million squares through 2024. This is also the result of an increase in commercial roofing sales from 2016-2018, which has resulted in an expected market contraction as these new roofs should not require significant maintenance in the foreseeable future.
Overall, the growth in demand for residential roofing will ultimately offset the slight slump in commercial roofing sales.
Keep an Eye on Metal
Metal roofing is not a new product; however, it has a high potential to expand in 2021. Previously reserved for commercial properties, metal roofs have become more common for residential properties as architectural tastes change and customers seek out environmentally friendly building materials.
Despite an increased interest in metal roofs, they can be significantly more expensive than traditional asphalt roofing. Nevertheless, the benefits of a metal roof far outweigh the costs. Metal roofs, which can last more than 50 years, are more durable than traditional asphalt roofing which has a life expectancy of up to 20 years. Additionally, metal roofs can reduce cooling costs by up to 25%, and they are 100% recyclable, making them more environmentally friendly than other roofing materials.
Tools for Every Job
SCRAIL® RoofLoc® Metal Roofing System, developed by BECK, is just one of our innovative products designed to make metal-roof construction easier than ever before. This fully integrated fastening system combines the pneumatic FASCO® (a member of the BECK Group) Roofing Installation Tool and the patented SCRAIL® RoofLoc ®, creating the craftsmanship that our products are known for. Eight times faster than bulk screws, and two times faster than collated screws, the system is designed to install metal roofing and siding quickly and efficiently. See it in action today!