As per a detailed analysis by Market Research Future (MRFR), the global asphalt shingles market can garner USD 8 billion, registering a CAGR of 5.8% during the forecast period (2018-2023). The surging investments in R&D activities and product innovations are considered to offer the market a boost. Asphalt shingles are considered the most common roofing materials which are extensively used in several construction projects globally. They are highly used as roof-covering on small residential projects, single homes, and row houses to protect from fire, thunderstorms, moss and algae growth, and hailstorms. They reflect heat waves in summer effectively and also reduces the need for air-conditioning by keeping the houses cool. Asphalt shingles are available in several textures and colors and are highly used to enhance the aesthetic value of homes.
Market Potential and Pitfalls
Asphalt shingles market is experiencing a tectonic surge across the globe as they are cost-effective and easy to install when compared to other types. These benefits fuel the overall demand for shingles in the renovation and construction, especially in the developed regions of Europe and North America. The extreme climatic conditions in these regions have led to the adoption of these shingles beside the demand for aesthetics in the roofing systems. The construction system has witnessed moderate growth with the inflating number of new residential buildings and renovation projects due to rapid urbanization. The booming construction sector has thus contributed to the growth of the asphalt shingles market across the globe. With the emerging trends like investments, material and product innovation, and others are impacting the dynamics of the construction sector directly. With global warming impacting climate change, countries are experiencing extreme weather conditions. The extreme weather conditions encompassing several regions is one of the prime factors fueling the adoption of asphalt shingles.
On the contrary, several factors are predicted to affect the cost of asphalt shingles’ demand and supply. For instance, the cost of petroleum products which are extensively used to manufacture asphalt shingles, based on domestic and foreign provenance is likely to deter the market growth in the foreseeable future.
Global Asphalt Shingles Market: Segmental Analysis
The global asphalt shingles market has been segmented on the basis of material, type, and application.
By mode of type, the global asphalt shingles market comprises laminates, heavy laminates, and strip. Among these, the strip asphalt shingles segment is likely to experience the fastest growth rate as they are light in weight and cost effective when compared to other types.
By mode of material, the global asphalt shingles market has been segmented into organic and fiberglass. Among these, the fiberglass segment is likely to acquire the largest share in the global market as they offer properties like fire resistance, durability, and lightweight.
The application segment constitutes new construction, and renovation/remodeling. Among these, the renovation/remodeling dominates the global market owing to the high spending in the commercial as well as in the residential spaces on repair and remodeling works.
Geographically, the asphalt shingles market has been studied under regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the European and the North American regions are likely to acquire a larger share in the global market and is likely to retain its position in the coming years. The growth can be ascribed to the presence of extreme weather condition in these two regions. The surging investments in R&D activities for advanced materials are considered to influence the market growth in these regions positively.
The Asia Pacific region occupies a notable share in the global market during the review period. The inflating number of construction projects backed by strong investment inflows in the residential as well as commercial construction in India and China are likely to encourage the market growth. The increasing renovation and development of IT parks, SEZs, residential projects, and airports in Indonesia, China, and India is considered to trigger the demand for asphalt shingles in this region.
Big Roofs Austin of Austin, TX, a roofing contractor who serves all of Travis County, has recently declared that they are likely to provide asphalt shingle roof installations in and around Austin. The company also mentioned that they will start to offer asphalt shingle roofs and will continue to offer asphalt roof contracting services in the coming years.
The prominent players operating in the global asphalt shingles market comprises Certain Teed Corporation (US), Owens Corning (US), TAMKO Building Products, Inc. (the US), IKO Industries, Ltd. (Canada), Siplast, Inc. (the US), Tarco, Inc. (the US), Malarkey Roofing Products (Portland), Henry Company LLC (US), Atlas Roofing Corporation (US), and Polyglass U.S.A., Inc. (US).
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.