With the Philippines enjoying tremendous growth in government and private residential construction, it’s no surprise how its roofing market – a vital material in building construction is bound to rise. A report by the Industry Research Co states that the country’s roofing market is expected to register a Compound Annual Growth Rate (CAGR) of 7.21% during its forecast period from 2019 to 2024.
However, the report shows that there are other industries apart from government and private residential construction that will lead to the growth of the local roofing market. These include the private, non-residential construction industry along with the increasing popularity of green buildings, further accelerating the market’s growth.
Planning enter the local roofing industry? Here are key market trends you should know:
If you’re one of those people who want to make the most out of the country’s growing roofing market, there are two industries you should deeply consider – the metal roofing and the residential construction industries, and they are bound to expand for their very own reasons.
1. Metal roofing as the top roofing choice
Adaptable, durable, and customizable, metal roofing is the most popular roofing option for residential buildings in the Philippines. Although its larger models were the more frequently modified type, smaller wedge panels are now being developed to mimic the texture and appearance of tiles and slates. Compared to asphalt shingles, metal roofing is thrice as durable and long-lasting. Most companies even promise their products to last from 20 to 05 years.
2. The continuous rise of residential construction
As of 2018, residential construction accounts for the largest share among the market studied. Asphalt, cedar (a type of wood), and metal emerged as three of the most common roofing materials for traditional residential houses in the Philippines.
While residential buildings encompass different typologies ranging from detached to apartment types, among others, did you know that not all of them affect the local roofing market? According to the study, the majority of the consumers of roofing materials are only coming from single-type and duplex/quadruple type houses. Whereas, apartments with penthouses have the least effect on the demand for roofing materials.
When asked about the most common house typology in the Philippines, single-type houses gained momentum as the largest shareholder – garnering a total percentage of 84.6% or 25,254 out of all the on-going and completed residential projects for the subjected timeframe.
Despite their astounding growth, these numbers are only expected to go up – even beyond the study’s forecast period in the Philippines.
Taking cues from major key players:
Behind the promising growth of the Philippines’ roofing market lies hundreds and thousands of roofing suppliers and businessmen coming for the top spot. Here are 17 of the most prominent roofing suppliers in the Philippines:
1. Alpha Pro Steel Makers
2. BP Canada
3. Colorsteel Systems Corporation
4. DN Steel
5. FEROOF Co. Ltd
6. Fletcher Building Roof Tile Group
7. Jacinto Color Steel Inc.
8. Marusugi Co. Ltd
11. Philsteel Holdings Corporation
12. Puyat Steel Corporation
13. Sanlex Roofmaster Center Co. Inc.
14. Sheehan Inc.
16. Union Galvasteel Corporation
17. Wienerberger AG
Future market opportunities and trends
Although the study mentions how industries under metal roofing and residential construction are bound for continuous growth, aspiring businessmen who want to prevent the possible oversaturation of these markets may instead opt for major ongoing and upcoming infrastructure projects. They can also try businesses encompassing solar rooftop installations. While the mentioned markets are quite limited, the roofing industry in the Philippines will nonetheless, remain to flourish.