In a 2019 report released by Allied Market Research entitled North America Roofing Market Forecast by Type, Material Type, and Application, the roofing market is projected to grow into a $47.51-billion industry by 2025, with a compounded annual growth rate of 5.9%. Several factors are seen as -the primary forces that push for this incredible growth, and all of them simply mean more benefits for both home- and business owners nationwide.
The relationship between innovation and market growth, particularly in the roof repair and installation service industry, can be described as a cyclical give and take. New and enhanced features with different roofing types spur increased demand in both the residential and commercial sectors. At the same time, this burgeoning demand encourages manufacturers to improve their current product lines with better performance, higher efficiency and more attractive designs. Meanwhile, negative attributes are also minimized as new technologies have further decreased the use of non-recyclable raw materials.
A Promising Future
North America represents the world’s second largest market for roofing-related products, but the report finds that it’s also predicted to have the fastest growth at a compound annual growth rate of up to 6% throughout the six-year forecast. These numbers are credited to a growing economy powered by industrial stimuli, consumer spending and a rising interest in continuous investments. Government policies surrounding the production of raw materials in the roofing industry is also a strong driving factor.
Stay abreast of promising developments in the roof repair, installation and manufacturing industry with New View Roofing, your trusted local residential and commercial roofing company. Give us a call today at (469) 250-0016, or fill out our online contact form for a free inspection and estimate. We serve homes and businesses in Dallas and all nearby areas.