US Roofing Market

US Roofing Market

US demand to grow 3.9% per annum through 2019

US demand for roofing is projected to rise 3.9 percent annually to 252 million squares in 2019, valued at $21.4 billion. This will be a rebound from the 2009-2014 period, spurred by strong advances in building construction activity. Roofing demand fell between 2009 and 2014 as nonresidential building construction spending and residential reroofing acti-vity declined.

Roofing tiles to be fastest growing product

Asphalt shingles accounted for the largest share of roofing demand in 2014, holding a leading stake in steep-slope roofing ap-plications. Demand for asphalt shingles is forecast to rise at an above-average pace through 2019, spurred by rebounding housing starts. Advances will also be supported by strong consumer interest in laminated asphalt shingles, which many homeowners feel improve the exterior appearance and value of a residence.
Roofing tiles are expected to register the most rapid growth of all roofing products through 2019, driven by strong gains in housing starts in the South and West, where tiles are most often installed. Demand for roofing tiles will also be pro-moted by their favorable aesthetics and ability to be used as cool roofs. Among other products, plastic and metal roofing will also see above-average demand gains through 2019. Plastic roofing will see increasing use in low-slope applications because of its ease of installation and favorable performance properties, while metal roofing demand will be supported by its durability and ability to support solar panels used to generate electricity. Demand for both plastic and metal roofing will also be boosted by their ability to be used as cool roofing products that reflect sunlight and keep buildings cooler in the summer.

Dominant reroofing segment set to rebound

Reroofing accounts for the larger share of US roofing demand, totaling 81 percent in 2014. This is actually a decline from 2009, when new construction activity was at a depressed level and the scope of damage caused by Hurricane Ike and other storms in 2008 boosted demand for replacement roofing in the following year. Reroofing demand in 2014 was at
a low level due to weak residential im-provement and repair activity in the face of tighter lending requirements and a general consumer reluctance to engage
in capital-intensive home improvement projects, such as the replacement of a roof. Through 2019, reroofing activity
is expected to rebound, as home and building owners engage in previously delayed renovations and improvements.

New building construction to lead demand gains

New building construction activity is anticipated to lead demand gains for roofing through 2019. In the residential market, double-digit annual advances in housing starts will fuel demand for such products as asphalt shingles, roofing tiles, and metal tiles and shingles. New non-residential demand for roofing is also forecast to experience solid growth going forward, with the office and commercial segment generating opportunities as more retail sites and commercial complexes are built. The institutional and industrial construction segments will also boost demand as more schools, hospitals, and manufacturing sites are erected, boosting demand for such low slope products as plastic, elastomeric, and metal roofing.

Study coverage

This upcoming industry study, Roofing, presents historical demand data (2004, 2009 and 2014) and forecasts (2019 and 2024) by product, market and US region. The study also details market environment factors, assesses the industry structure, evaluates company market share and profiles 40 US industry players.
TABLE OF CONTENTS
INTRODUCTION ix
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Macroeconomic Trends 5
Consumer Trends 9
Consumer Spending 10
Consumer Financing 12
Demographic Trends 15
Building Construction Trends 19
Residential Buildings 22
Housing Starts 24
Housing Stock 29
Improvements & Repairs 33
Nonresidential Buildings 34
New Construction 35
Nonresidential Building Stock 37
Improvements & Repairs 39
Pricing 41
Installed Costs 45
Historical Market Trends 48
Materials & Technology Trends 52
Environmental Legislation & Regulatory Considerations 54
General Regulatory Issues 54
Energy Efficiency Programs 55
ENERGY STAR 56
LEED 57
Other Programs 59
Vegetative Roofs 60
Solar Energy Issues 62
Pollution Reduction 66
Materials Recycling 67
Foreign Trade 68
III. PRODUCTS 71
General 71
Asphalt Shingles 74
Demand by Product & Material 78
Product Characteristics 81
Cost Factor 84
Bituminous Low-Slope Roofing 86
Product Characteristics 90
Modified Bitumen Membranes 90
Bitumen-Saturated Roofing Felts 93
Built-Up Roofing Systems 93
Cost Factors 96
Bituminous Sheet Roofing Demand 98
Asphaltic Sheet Roofing 103
Coal Tar Sheet Roofing 106
Standard Roofing Felts 108
Modified Bitumen Membranes 111
Metal Roofing 116
Demand by Type 117
Product Characteristics 121
Cost Factors 126
Elastomeric Roofing 127
Demand by Type 129
Product Characteristics 132
Cost Factors 134
Plastic Roofing 136
Demand by Type 138
Product Characteristics 142
Thermoplastic Olefins 143
Polyvinyl Chloride 144
Spray Polyurethane Foams 145
All Other Plastic Roofing Products 146
Cost Factors 147
Roofing Tile 148
Demand by Type 151
Product Characteristics 153
Cost Factors 156
Wood Shingles & Shakes 158
Demand by Type 161
Product Characteristics 162
Cost Factors 164
Other Roofing Products 165
Demand by Market 166
Demand by Product Type 168
Slate 168
Polymeric 169
All Other 170
Vegetative Roofs 171
Solar Shingles 173
Fiber Cement 176
Tensioned Fabric 177
IV. MARKETS 178
General 178
Residential 180
New 185
Reroofing 189
Demand by Housing Type 193
Single-Family 194
Multifamily 198
Manufactured Housing 201
Nonresidential 204
New 210
Reroofing 213
Demand by Building Type 217
Office & Commercial 220
Industrial 225
Institutional 228
Other Nonresidential 233
Demand by Slope 238
V. REGIONS 242
General 242
Regional Demographic & Economic Activity 243
Population Patterns 244
Economic Outlook 247
Construction Activity 250
Housing Trends 252
Regional Roofing Demand 256
Northeast 259
New England 264
Middle Atlantic 265
Midwest 267
East North Central 273
West North Central 274
South 276
South Atlantic 282
East South Central 284
West South Central 285
West 287
Mountain 293
Pacific 295
VI. INDUSTRY STRUCTURE 297
General 297
Industry Composition & Market Share 298
Market Leaders 301
Product Segment Leaders 308
Product Developments 310
Asphalt Shingles 310
Low-Slope Roofing Products 312
Manufacturing 315
Competitive Strategies 316
Marketing 318
Distribution 321
Mergers & Acquisitions 324
Cooperative Agreements 327
Company Profiles 330

LIST OF TABLES
SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Macroeconomic Indicators 9
2 Personal Consumption Expenditures 12
3 Consumer Financing Environment, 2004-2014 15
4 Population & Households 19
5 Building Construction Expenditures 22
6 Residential Building Construction Expenditures 24
7 New Housing Indicators 29
8 Housing Stock by Type 32
9 Residential Improvement & Repair Expenditures 34
10 Nonresidential Building Construction Expenditures 37
11 Nonresidential Building Stock 39
12 Nonresidential Building Improvement & Repair Expenditures 40
13 Selected Roofing Product Prices 44
14 Roofing Market, 2004-2014 51
15 US Roofing Products Foreign Trade 70
SECTION III -- PRODUCTS
1 Roofing Demand by Product 74
2 Asphalt Shingle Demand by Market 78
3 Asphalt Shingle Demand by Product & Material 80
4 Asphalt Shingle Installed Cost 86
5 Bituminous Low-Slope Roofing Demand by Market 90
6 Bituminous Low-Slope Roofing Installed Cost 97
7 Bituminous Sheet Roofing Demand
by Type, Product, & Application 103
8 Asphaltic Sheet Roofing Demand by Product 106
9 Coal Tar Sheet Roofing Demand by Product 108
10 Standard Roofing Felts Demand by Material Type & Surface 111
11 Modified Bitumen Membranes Roofing Demand
by Material Type & Surface 115
12 Metal Roofing Demand by Market 117
13 Metal Roofing Demand by Type 121
14 Metal Roofing Installed Cost 127
15 Elastomeric Roofing Demand by Market 129
16 Elastomeric Roofing Demand by Type 132
17 Elastomeric Roofing Installed Cost 136
18 Plastic Roofing Demand by Market 138
19 Plastic Roofing Demand by Type 142
20 Plastic Roofing Installed Cost 148
21 Roofing Tile Demand by Market 151
22 Roofing Tile Demand by Type 153
23 Roofing Tile Installed Cost 158
24 Wood Shingles & Shake Demand by Market 160
25 Wood Shingle & Shake Demand by Type 162
26 Wood Shingle & Shake Installed Cost 165
27 Other Roofing Products Demand by Market 167
28 Other Roofing Products Demand by Type 168
SECTION IV -- MARKETS
1 Roofing Demand by Market 180
2 Residential Roofing Demand by Product & Application 185
3 New Residential Roofing Demand by Product 188
4 Residential Reroofing Demand by Product 193
5 Residential Roofing Demand by Housing Type 194
6 Single-Family Housing Roofing Demand
by Product & Application 198
7 Multifamily Housing Roofing Demand
by Product & Application 201
8 Manufactured Housing Roofing Demand
by Product & Application 204
9 Nonresidential Roofing Demand by Product & Application 209
10 New Nonresidential Roofing Demand by Product 213
11 Nonresidential Reroofing Demand by Product 217
12 Nonresidential Roofing Demand by Building Type 218
13 Office & Commercial Roofing Demand
by Product & Application 224
14 Industrial Roofing Demand by Product & Application 228
15 Institutional Roofing Demand by Product & Application 233
16 Other Nonresidential Roofing Demand
by Product & Application 237
SECTION V -- REGIONS
1 Population by Region 246
2 Gross Domestic Product by Region 249
3 Construction Expenditures by Region 252
4 Regional Housing Indicators 255
5 Roofing Demand by Region 258
6 Northeast Roofing Demand by Subregion, Market, & Product 263
7 Midwest Roofing Demand by Subregion, Market, & Product 272
8 South Roofing Demand by Subregion, Market, & Product 281
9 West Roofing Demand by Subregion, Market, & Product 292
SECTION VI -- INDUSTRY STRUCTURE
1 US Roofing Sales by Company, 2014 300
2 Selected Acquisitions & Divestitures 326
3 Selected Cooperative Agreements 329

LIST OF CHARTS
SECTION II -- MARKET ENVIRONMENT
1 Year of Construction of Housing Stock, 2014 32
2 Roofing Products Pricing, 2004-2024 45
3 Installed Costs for Selected Roofing Products, 2014 48
4 Roofing Demand 2004-2014 52
SECTION IV -- MARKETS
1 Nonresidential Roofing Demand
by Building Type, 2014: New & Reroofing 219
2 Roofing Demand by Slope, 2014 241
SECTION V -- REGIONS
1 Roofing Demand by Region, 2014 258
SECTION VI -- INDUSTRY STRUCTURE
1 US Roofing Market Share, 2014 302