Researcher sees rising demand for roofing
U.S. demand for roofing is expected to exceed 274 million squares in 2013, according to the Freedonia Group. That's a growth rate of 2.4% per year through 2014 to 274.5 million squares, valued at $17.9 billion.
While gains will be modest, they will represent a reversal of the declines over the 2004-to-2009-period. Advances will be driven by an expected rebound in housing starts from the depressed levels in 2009, according to the Cleveland-based research firm. Although housing starts will remain below the level reached in 2005, the recovery will fuel above-average gains in the residential roofing market through 2014.
According to the group's study "Roofing," the residential reroofing market will continue to account for the largest overall share of roofing demand in 2014.
Asphalt shingles are the most popular roofing product, owing to their dominant position in the large residential roofing market, according to the research. Demand for asphalt shingles will rise through 2014, fueled by rebounding housing starts. Laminated asphalt shingles, which totaled only one-third of the shingle market in 1999, are projected to account for 80% of asphalt shingle demand in 2014. In the long term, the increasing use of laminated shingles will constrain replacement demand, as these products can have lifespans more than twice that of conventional asphalt shingles.
