A growing demand for construction will result in a boost of roofing sales, according to a report by the Freedonia Group.
From 2007 to 2012, sales for roofing saw a significant drop due to the diminishing demand for construction. But a stabilizing economy means a stabilizing housing market.
The industry market research firm found that roofing tile sales are likely to see the most growth through 2017.
The roofing industry is projected to see a bump of 3.5 percent annually to reach 268 million squares in 2017; that comes out to a value of $27.2 billion.
While new construction, both residential and nonresidential, will drive the increase, reroofing projects remain the cause for most of the demand for materials. Freedonia Group speculates this was especially true in 2012 when storm damage, such as caused by Hurricane Sandy, led to replacing or repairing roofing.
The industry market research firm found that roofing tile sales are likely to see the most growth through 2017. Residential construction in the West and South, where the firm says roofing tiles are most often used, are expected to drive sales.
Freedonia Group predicts a boost for thermoplastic polyolefin (TPO) membranes because of the ease of installation and lower price point. The demand for laminated asphalt shingles is also expected to continue, thanks to their aesthetic appeal.
But it was asphalt shingles that were most popular in 2012, making up 57 percent of the demand. Their popularity is expected to continue, with a projected rise of 4.1 percent annually through 2017.
Hardware retailers will be happy to know that the roofing numbers are expected to increase for residential homes. That means you may soon see customers requesting more of Bostitch’s galvanized roofing nails and the cool roof reflective coatings from Henry Co.