Renovation & Repair Spending Driving Growth in the Roofing Market
The U.S. roofing materials market size was estimated at $15.7 billion in 2023 and is forecasted to grow 4.5% annually from 2024 to 2030, according to a new industry report released by BGL’s Building Products investment banking team. Residential is the largest segment by application at over ~58% of revenue and asphalt shingles more than 55% by material. Other materials include metal, plastic, concrete, and clay tiles.
GAF Materials Corporation (Standard Industries) identifies as the world’s largest roofing and waterproofing company. Other large companies operating in the industry include Owens Corning, CertainTeed (Saint-Gobain), IKO Industries, TAMKO Building Products, Atlas Roofing, Holcim Elevate, and Johns Manville (Berkshire Hathaway).
In the Owens Corning FQ3 2024 earnings call, CEO Brian Chambers reported revenue of $1.1 billion in the quarter, highlighting strong demand with its U.S. shingle volume outperforming the market, citing a modest decline in the overall asphalt shingle market. “The near-term market outlook for many of our residential and commercial end-markets is likely to remain choppy as we close out 2024 and enter into the new year,” Chambers said. “However, as we move through 2025, we do expect to see demand trends in both repair and remodel and new construction to strengthen in North America as interest rates come down and investments in housing and nonresidential projects improve.”
With re-reroofing accounting for more than 80% of market demand, the forecasted uptick in renovation and repair (R&R) spending in 2025 will be a significant driver of growth. A further 90%+ of re-roofing demand is non-discretionary.
Our Building Products investment banking team is highly experienced in the residential, commercial construction, and infrastructure segments. We have successfully completed building products transactions across a wide range of end markets, from basic building materials such as aggregates, lumber, and pavers and pre-cast products to complex fenestration extrusions, glass fabrications, curtain wall, and highly engineered specialty coatings. Our expertise also extends to key interior and exterior products, including windows and doors, flooring, cabinetry, and other essential building components.
Led by Andrew K. Petryk, our Building Products investment banking team has worked in a variety of niches across the industry, including basic building materials, architectural building materials, and mechanical systems and components. Please reach out via our contact form below to learn more.