MoatScopeMoatScope

Building Products

HVAC, windows, doors, roofing, plumbing and other construction products.

Companies
48
With a moat
58%
Average quality
42
0 wide moat · 28 narrow moat · 20 no moat · Open in screener →
Updated 27 Sep 2026

Building Products covers HVAC systems, windows, doors, roofing, siding, plumbing fixtures and other construction products. MoatScope covers 48 companies here. None has a wide moat; 28 have a narrow moat and 20 none.

How the industry makes money

Manufacturers earn on products specified into new buildings and on the larger, steadier market for repair and replacement. Brands and relationships with contractors and distributors decide what gets installed.

Where the moats are

Brands appear in 22 of the 28 moat-rated companies and switching costs in 19, as contractors stick with products they know how to install and service.

The narrow-moat group includes Trane Technologies, Johnson Controls, Carrier, James Hardie, Masco and Carlisle. Companies without a moat include Fortune Brands Innovations and MasterBrand. Masco scores 70 on MoatScope's quality scale.

What wears moats down

Demand follows housing and commercial construction, raw-material costs swing, and large home-improvement retailers push for lower prices.

What to watch

  • Housing starts and remodeling activity.
  • Commercial construction.
  • Raw-material costs.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Building Products into 2 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

HVAC & building controls

Heating, cooling, ventilation and building controls.

Global market · $299.3B total revenue in 2025 · source: MarketsandMarkets · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Market-research estimate; other estimates are higher.

#BusinessMarket shareRevenue
1Daikin Industries (Air Conditioning & Refrigeration)
Listed outside the US (TSE) · Envalith, Daikin Industries segment data
10.3%$30.8B
2JCI · Johnson Controls International plc7.9%$23.6B
3CARR · CARRIER GLOBAL Corp7.3%$21.7B
4TT · Trane Technologies plc7.1%$21.3B
5HON · HONEYWELL INTERNATIONAL INC
Building Automation · filed under Conglomerates & Holding Companies
2.5%$7.4B
6LII · LENNOX INTERNATIONAL INC1.7%$5.2B
7MOD · MODINE MANUFACTURING CO1.1%$3.2B
8AAON · AAON, INC.0.5%$1.4B
9AYI · ACUITY INC. (DE)
Intelligent Spaces · filed under Electrical Equipment & Power
0.3%$764M
10TGEN · TECOGEN INC.<0.1%$27M
All other companies61.4%$183.8B

Building materials & products

Insulation, roofing, windows, doors, plumbing fixtures, lumber and cabinets.

41 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1BLDR · Builders FirstSource, Inc.$15.2B
2OC · Owens Corning
US revenue
$8.3B
3MAS · MASCO CORP /DE/$7.6B
4UFPI · UFP INDUSTRIES INC$4.8B
5CSL · CARLISLE COMPANIES INC
US revenue
$4.5B
6WLK · WESTLAKE CORP
Housing & Infrastructure Products · filed under Chemicals
$4.1B
7FBIN · Fortune Brands Innovations, Inc.
US revenue
$3.7B
8JHX · James Hardie Industries plc
US revenue
$3.5B
9AMRZ · Amrize Ltd
Building Envelope · filed under Construction Materials
$3.3B
10ALLE · Allegion plc
US revenue
$3.0B

Companies

CompanyMoatQualityMarket
TT
Trane Technologies plc
Narrow65HVAC & building controls7.1%$102.3B
JCI
Johnson Controls International plc
Narrow58HVAC & building controls7.9%$89.8B
CARR
CARRIER GLOBAL Corp
Narrow43HVAC & building controls7.3%$45.9B
JHX
James Hardie Industries plc
Narrow45Building materials & products—$17.7B
MAS
MASCO CORP /DE/
Narrow70Building materials & products—$14.4B
ALLE
Allegion plc
Narrow63Building materials & products—$13.2B
CSL
CARLISLE COMPANIES INC
Narrow62Building materials & products—$13.1B
LII
LENNOX INTERNATIONAL INC
Narrow64HVAC & building controls1.7%$12.3B
WMS
ADVANCED DRAINAGE SYSTEMS, INC.
Narrow59Building materials & products—$9.6B
OC
Owens Corning
Narrow41Building materials & products—$8.7B
AOS
SMITH A O CORP
Narrow71Building materials & products—$8.0B
MOD
MODINE MANUFACTURING CO
Narrow48HVAC & building controls1.1%$7.9B
ZWS
Zurn Elkay Water Solutions Corp
Narrow58Building materials & products—$7.8B
SSD
Simpson Manufacturing Co., Inc.
Narrow74Building materials & products—$7.2B
AWI
ARMSTRONG WORLD INDUSTRIES INC
Narrow69Building materials & products—$7.1B
AAON
AAON, INC.
Narrow48HVAC & building controls0.5%$6.2B
BLDR
Builders FirstSource, Inc.
Narrow50Building materials & products—$5.7B
IBP
Installed Building Products, Inc.
Narrow65Building materials & products—$4.8B
FBIN
Fortune Brands Innovations, Inc.
None42Building materials & products—$4.8B
TREX
TREX CO INC
Narrow63Building materials & products—$4.7B
CSW
CSW INDUSTRIALS, INC.
Narrow55Building materials & products—$4.7B
UFPI
UFP INDUSTRIES INC
Narrow55Building materials & products
+ 1 other market
—$4.3B
GFF
GRIFFON CORP
Narrow49Building materials & products—$4.2B
AZZ
AZZ INC
Narrow59Building materials & products—$4.0B
REZI
RESIDEO TECHNOLOGIES, INC.
Narrow40Building materials & products
+ 1 other market
—$2.5B
EVOH
EvoAir Holdings Inc.
None13HVAC & building controls<0.1%$2.5B
HAYW
Hayward Holdings, Inc.
Narrow57Building materials & products—$2.5B
TGLS
Tecnoglass Inc.
Narrow57Building materials & products—$2.0B
MBC
MasterBrand, Inc.
None34Building materials & products—$1.3B
ROCK
GIBRALTAR INDUSTRIES, INC.
Narrow51Building materials & products—$1.1B
NX
Quanex Building Products CORP
None31Building materials & products—$876M
APOG
APOGEE ENTERPRISES, INC.
Narrow47Building materials & products—$871M
JBI
Janus International Group, Inc.
None46Building materials & products—$572M
IIIN
INSTEEL INDUSTRIES INC
None38Building materials & products—$572M
BNC
CEA Industries Inc.
None20Building materials & products—$192M
DRTTF
DIRTT ENVIRONMENTAL SOLUTIONS LTD
None17Building materials & products—$140M
JELD
JELD-WEN Holding, Inc.
None19Building materials & products—$117M
TGEN
TECOGEN INC.
None18HVAC & building controls<0.1%$64M
CSTE
Caesarstone Ltd.
None14Building materials & products—$60M
APT
ALPHA PRO TECH LTD
None32Building materials & products—$50M
TKLS
Trutankless, Inc.
None13Building materials & products—$12M
JCTC
JEWETT CAMERON TRADING CO LTD
None24Building materials & products—$10M
ILAG
Intelligent Living Application Group Inc.
None9Building materials & products—$10M
WXM
WF International Ltd.
None10Building materials & products—$5M
NCL
Northann Corp.
None2Building materials & products—$4M
VYST
Vystar Corp
None12Building materials & products—$2M
BRNX
BRENX LTD.
None7Building materials & products—$1M
SHGI
Sparx Holdings Group, Inc.
None14HVAC & building controls——

48 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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