Philippines Roofing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Philippines Roofing Market size was estimated at 21,853 thousand square meters in 2020 and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).

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.

• Over the medium term, the growth in the construction of residential and non-residential buildings and the trend of adopting green buildings in the Philippines are expected to drive the market.
• The residential sector dominated the roofing market in the Philippines and is expected to grow during the forecast period, owing to the growing construction activities in the country.
• 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.

Key Market Trends

Metal Roofing to Dominate the Market

• Metal roofing is the most popular option for residential roofs in the Philippines. The largest metal roofing sheet is the most consolidated type of metal roofing, while the smallest wedge panels have been developed in recent decades, to simulate the appearance of tiles and slates.
• 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.

Residential Construction to Dominate the Market

• Residential construction accounted for the largest share in the market studied with a total of 20,178 residential construction in the Philippines during the third quarter of 2020, registering an annual decline rate of 37.2%, which in turn negatively impacts the demand of the Philippines roofing market.
• 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.

Competitive Landscape

The roofing market in the Philippines is fragmented. The major players of the market studied include, Union Galvasteel Corporation, DN STEEL, Metalink, Colorsteel Systems Corporation, and Jacinto Color Steel Inc., among others.

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