The Rising Tide of Metal RoofsJul 17, 2018
Market growth for metal roofs is exploding across the country. As of last year, metal roofing has captured a surprising 14% of the market. Metal roofs are practical, long-lasting investments for any home, and several factors have led to customers increasingly seeing the benefits. That market share is only expected to grow, and a close look at the distinct advantages shows why customers are switching.
Compared to other materials, metal has an impressive lifespan. Some types of metal roofing can even last up to 100 years! This makes switching an extremely practical choice.
Further, metal has an unprecedented resistance to harsh weather such as rain, hail, and even wildfires. Combined with a lifetime expectancy of 40 to 60 years – as well as extended warranties and lower insurance costs – metal roofs simply last longer under almost any circumstances.
Previously, metal roofing was slow to grow because consumers thought metal roofs removed aesthetic appeal from their homes. Increasingly, however, roofing companies have started producing imitation shakes and shingles from metal that look just as good – if not better – than asphalt.
Still, the biggest factor that holds homeowners back is startup cost. Metal roofs are far more expensive than asphalt. These costs even out in the long run, due to the longer lifespan of metal roofs, but the initial investment still prevents some customers from choosing a metal roof.
Market researchers believe that, by 2021, value demand for metal roofing will grow to $3.5 billion – or 2% per year, based on current demand. Standing-seam metal roofing, metal shingles, tiles, and shakes, and even corrugated panels are all expected to contribute to this massive growth over the next three years.
Much of this growth is coming from residential remodels and first-time construction on homes. Metal roofing market share, in the residential space, is expected to continue to grow as it replaces traditional materials such as asphalt and slate. The catastrophic weather events of recent years have required repairs and re-roofing, and more homeowners are switching to metal. It’s easy to understand why the switch was made to a sturdier material after such natural disasters, given the stronger structural integrity of metal roofs.
Over the last 20 years, metal roofing has grown from a 3.7% market share to 14% at present – a massive increase as customers learn about the benefits a metal roof can give them and their homes.