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Asphalt Shingles Market Size
Asphalt Shingles Market size exceeded USD 7 billion in 2018 and is projected to grow at more than 3.8% CAGR through 2025. Rising demand for advanced roofing systems owing to changing consumer inclination towards ecological & sustainable construction methods is likely to stimulate the industry growth.
The roofing material is durable in nature and offers good heat reflectivity which will fuel market demand. Stringent regulations by ASTM International to encourage the use of sustainable building materials is expected to propel product penetration.
Rapid globalization and changing consumer perceptions towards high quality products. Supportive government initiatives to develop modern megacities, increase in residential & commercial construction activities ranging from housing, industries, schools, universities, museums, and libraries. Apart from durability & waterproofing properties, these products are used to construct decorative residential and commercial building structures with improved aesthetics.
In the U.S., over 70% of expenditures in roofing market are for the re-roofing applications in both residential as well as commercial buildings. Asphalt shingles have been used in roofing application owing to its strong weathering performance with respect to wind, snow, hailstorms, and high winds. They are widely used in hurricane prone regions owing to its competitive characteristics against metal roofing applications with respect to durability, economic feasibility, and performance which will drive the asphalt shingles market revenue.
Increasing demand from new residential construction activities primarily single-family housing structures in U.S. and Canada will boost the market expansion. Asphalt shingles are cost effective, easy to maintain, and highly durable. Various shingles are produced to resemble materials like redwood, cedar, southern pine, slate or tiles while providing more benefits than these other materials.
| Report Attributes | Details |
|---|---|
| Base Year: | 2018 |
| Market Size in 2018: | 7 Billion (USD) |
| Forecast Period: | 2019 to 2025 |
| Forecast Period 2019 to 2025 CAGR: | 3.8% |
| 2025 Value Projection: | 9.5 Billion (USD) |
| Historical Data for: | 2014 to 2018 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 470 |
| Segments covered: | Product, Application Commercial Building Type, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID 19 caused long-lasting lockdowns which was witnessed across the globe this factor has hampered the construction business which in turn declined the sales of asphalt shingles. Moreover, disturbance in supply chain has also reduced the imports and exports of raw materials. Asphalt shingles are mainly sold through in-store shopping or through wholesalers across the globe. Owing to COVID 19, governments were forced to imposed lockdown due to this, availability and distribution of the product became a challenge.
North America is the major asphalt shingles market especially owing to its high usage in US. Owing to COVID 19 US is one of the worst hit country in world this factor has impacted the sales of asphalt shingles. However, increasing online shopping among consumers impelled by lockdown is anticipated to reduce the loss of the asphalt shingles manufacturers. Online shopping may not help the consumers to touch the product themselves before buying unlike in-store shopping but at least would help to fetch the product for the construction on time.
Asphalt Shingles Market Analysis
Three-tab shingles segment crossed USD 450 million revenue in 2018. Increasing construction & renovation activities on account of rising disposable income, changing consumer perceptions on aesthetic qualities, and economical nature will support industry growth. Increase in consumer inclination to buy private property in India, China, and Malaysia owing to rise in nuclear families and disposable income, will influence market demand as they are a cost-effective alternative to other roofing materials.
High-performance laminated shingles market revenue is set to register growth rate of about 4% through 2025. These products offer premium performance characteristic and give the traditional appearance of high-quality wood as they have two layers of bonded material which gives it more durability, customization features with respect to various colours, and ornate cuts. Increasing demand for luxury residential & commercial properties such as residential villas, office, lodges, and institutes owing to rapid urbanization, and globalization will create growth opportunities.
Asphalt shingles market size from commercial applications is forecast to observe 2.5% CAGR till 2025. Rising manufacturing activities in India, Thailand, and South Korea will increase the product demand for various industrial architectures spaces such as factories, logistic houses, and warehouses which is positively impacting the market growth.
North America, driven by Canada and the U.S. asphalt shingles market size is estimated to grow at 2% up to 2025. Growing consumer consciousness towards high quality products, and weatherability owing to harsh climatic conditions is poised to fuel the overall market. Rise in single family housing starts in U.S. is projected to have positive impact on regional market growth.
European market demand is predicted to surpass USD 250 million by 2025. Rising construction & renovation activities in eastern European countries such as Hungary, Slovenia, and Czech Republic owing to rapid urbanization, and increasing disposable income is boosting the market share. Asphalt shingles are compatible with modern, and classical European architectural styles such as Baroque, Tudor, and Romanesque which to augment regional market demand.
Asia Pacific market is slated to witness highest growth of around 8.5% with rising construction spending in residential construction and renovation activities. Increasing consumer inclination to own private residential property & business spaces such as offices, and shops will spur market expansion. Durability, availability in vertical & horizontal designs, flexibility, and clean aesthetic features compatible with various architectural forms will foster regional demand.
Competitive Market Share
Global asphalt shingles market share is consolidated with major industry players including :
- CertainTeed Corporation
- Owens Corning
- Tarco
- IKO Industries
- Atlas Roofing Corporation
- GAF Materials
- Henry Company
- glass U.S.A
- PABCO Roofing Products
- NBP International
- Shibam Ventures
Furthermore, most of the manufactures are engaged in research activities to enhance product portfolio with respect to climatic conditions to spur overall industry growth.
This market research report on asphalt shingle includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Square Meters and revenue in USD from 2014 to 2025, for the following segments:
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Market, By Product
- Dimensional Shingles
- By Application
- Residential
- By Application
- New Residential
- Residential Re-Roofing
- By Application
- Commercial
- By Application
- New Commercial
- Commercial Re-roofing
- By Building Type
- Office, retail, & lodging
- Industrial
- Institutional
- Others
- By Application
- Residential
- By Application
- High Performance Laminated Shingles
- By Application
- Residential
- By Application
- New Residential
- Residential Re-Roofing
- By Application
- Commercial
- By Application
- New Commercial
- Commercial Re-roofing
- By Building Type
- Office, retail, & lodging
- Industrial
- Institutional
- Others
- By Application
- Residential
- By Application
- Three-Tab Shingles
- By Application
- Residential
- By Application
- New Residential
- Residential Re-Roofing
- By Application
- Commercial
- By Application
- New Commercial
- Commercial Re-roofing
- By Building Type
- Office, retail, & lodging
- Industrial
- Institutional
- Others
- By Application
- Residential
- By Application
- Other Shingles
- By Application
- Residential
- By Application
- New Residential
- Residential Re-Roofing
- By Application
- Commercial
- By Application
- New Commercial
- Commercial Re-roofing
- By Building Type
- Office, retail, & lodging
- Industrial
- Institutional
- Others
- By Application
- Residential
- By Application
The above information is provided on a regional and country basis for the following:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Thailand
- Latin America (LATAM)
- Brazil
- Argentina
- Middle East & Africa
- UAE
- South Africa
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