Philippines Roofing Market - Growth, Trends, COVID-19 Impact, and Forecasts (202Posted by Statzy Market Research on April 20th, 2021 The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic scenario, the construction works were on temporary halt, which led to a decrease in the demand for the roofing market during the government-imposed lockdown. However, the construction industry is picking up the pace in the post-COVID scenario and is estimated to grow in the forecast period, which is likely to enhance the demand for the Philippines roofing market in the coming years.
- Unfavorable conditions arising due to the impact of COVID-19 can act as a barrier to the growth of the market studied. - Ongoing and upcoming infrastructure projects and growing prominence for solar rooftop installations are likely to act as opportunities in the future. - Metal roofing’s life expectancy is more than thrice the durability of asphalt shingles, and warranties vary widely. However, most companies back their products for 20 to 50 years. - Metal roofing is also highly customizable. There are varieties of metal roofing designs, along with various lengths, widths, and thicknesses, which can contribute to the uniqueness of the house. Apart from these advantages of metal roof, it is also energy-efficient and affordable. - Most of the metal roofing materials can be installed on gently pitched roofs without leaking, where the minimum roof pitch typically is 3-in-12 (the roof rises 3 inches for each horizontal foot). - In the third quarter of 2020, the total number of constructions was 28,696, registering a annual decline rate of 35.3%, which in turn led to decrease the demand of metal roofing, thus creating a negative impact on the growth of the Philippines roofing market. - Therefore, the aforementioned factors are expected to show significant impact on the Philippines roofing market in the coming years.
- In the third quarter of 2020, the total value of constructions amounted to PHP 28.9 billion in the Philippines, indicating an annual decrease of 46% percent. - In the residential segment, single-type houses contributed a major share, with 85.7% or 17,294 in the third quarter of 2020, out of all the residential constructions. - Single-type and duplex/quadruple-type houses are almost the only consumers for roofing materials, while apartments with penthouses can be of very least significance in creating the demand for roofing materials. - Therefore, the aforementioned factors are expected to show significant impact on the Philippines roofing market in the coming years. For sample report please visit : https://www.statzyreports.com/report/sr496894/philippines-roofing-market Like it? Share it!More by this author |