Global Asphalt Shingles Market Size By Product Type, By Material Type, By Application, By Geographic Scope And Forecast

Asphalt Shingles Market Size And Forecast

Asphalt Shingles Market size was valued at USD 6612 Million in 2023 and is projected to reach USD 8550 Million in 2030 growing at a CAGR of 2.8% during the forecasted period 2024 to 2030.

The Asphalt Shingles Market encompasses the global industry involved in the production, distribution, and installation of asphalt-based roofing shingles. Asphalt shingles are one of the most popular roofing materials worldwide, known for their durability, affordability, and ease of installation. These shingles are typically composed of a fiberglass or organic mat coated with asphalt and granules, providing protection against weather elements such as rain, wind, and UV radiation. The Asphalt Shingles Market caters to residential, commercial, and industrial sectors, offering a wide range of shingle designs, colors, and specifications to meet diverse customer preferences and architectural requirements. Key market participants include manufacturers, distributors, contractors, and suppliers involved in the value chain, striving to innovate and differentiate their offerings through advancements in materials, technologies, and sustainability practices.

Global Asphalt Shingles Market Drivers

The market drivers for the Asphalt Shingles Market can be influenced by various factors. These may include

• Increasing Construction and Renovation Activities In both the residential and commercial sectors, there is a strong correlation between the demand for asphalt shingles and these activities. The need for roofing materials rises with economies and urbanisation; asphalt shingles are a common option because of their affordability and toughness.
• Growing Urbanisation and Housing Development The need for housing and infrastructure is driven by urbanisation trends, especially in developing nations. For residential construction, asphalt shingles are the material of choice because of their visual appeal, simplicity of installation, and versatility.
• Raising Awareness of Energy Efficiency By reflecting more sunlight and absorbing less heat, asphalt shingles with reflective coatings or cool roof technologies help reduce energy use. The market for these asphalt shingles may rise in tandem with the growing awareness of energy-efficient construction techniques.
• Strict Building rules and Regulations The acceptance of particular roofing materials, such as asphalt shingles that satisfy these characteristics, can be influenced by the application of building rules and regulations that place a strong emphasis on safety, durability, and energy efficiency.
• Weather and Natural Disasters There may be a greater need for strong and robust roofing materials like asphalt shingles in areas that are vulnerable to severe weather or natural disasters like hurricanes, hailstorms, or wildfires.
• Customer Preferences and Aesthetics Asphalt shingles come in a range of designs, hues, and textures, so homeowners can select roofing materials that complement their preferred aesthetics. The market may expand as a result of consumer demand for visually appealing and customisable solutions.
• Economic Factors The demand for roofing materials can be influenced by a number of economic factors, such as movements in the housing market, interest rates, and disposable income. There’s generally a positive correlation between economic growth and more building and remodelling activity.

Global Asphalt Shingles Market Restraints

Several factors can act as restraints or challenges for the Asphalt Shingles Market. These may include

• Environmental Issues Since asphalt shingles are made of petroleum, the extraction and processing of crude oil during their manufacture poses environmental issues. A desire for environmentally friendly roofing options may result from growing environmental awareness and a move towards sustainable construction methods.
• Competition from Alternative Roofing Materials Metal roofing, clay tiles, concrete tiles, and synthetic roofing products are some of the alternatives that the asphalt shingle sector must contend with. The market share of asphalt shingles may be impacted by the accessibility and acceptance of different substitutes.
• Price fluctuations for raw materials Asphalt, which comes from crude oil, is used to make asphalt shingles. Price fluctuations for crude oil have the potential to impact asphalt shingle production costs, which in turn could affect manufacturers’ profit margins and pricing.
• Durability Issues in Extreme Weather Although asphalt shingles are resilient in many climates, they might not be as appropriate in regions vulnerable to strong winds, intense hailstorms, or sharp temperature swings. The usage of asphalt shingles may be restricted in some areas due to concerns regarding their durability.
• Installation Difficulties and Labour charges Skilled labour is needed to install asphalt shingles, and labour charges can raise the total cost considerably. Problems with labour availability, skills, and costs can be problematic, particularly in areas where labour is expensive or in short supply.
• Regulatory Restrictions and Standards Modifications to building codes, rules, or specifications pertaining to roofing materials may have an effect on the asphalt shingle market. For example, increased energy efficiency standards or material prohibitions may have an impact on the use of asphalt shingles.
• Long-Term Maintenance Costs Although asphalt shingles are usually affordable at first, worries about ongoing maintenance expenses and the eventual need for replacement may sway consumers’ choices. Alternative materials with less upkeep over time might be of interest to consumers.
• Perception of Quality In certain areas, there might be a belief that premium roofing materials are of higher quality than asphalt shingles. It might be difficult for producers to dispel unfavourable stereotypes and present asphalt shingles as a premium, long-lasting choice.

Global Asphalt Shingles Market Segmentation Analysis

The Global Asphalt Shingles Market is segmented based on Product Type, Material Type, Application and Geography.

Asphalt Shingles Market, By Product Type

• Three-Tab Shingles Traditional and cost-effective asphalt shingles with a flat appearance.
• Architectural Shingles (Laminated Shingles) Dimensional and more aesthetically pleasing shingles with a layered construction.

Asphalt Shingles Market, By Material Type

• Fiberglass Asphalt Shingles Made with a fiberglass mat for strength and durability.
• Organic Asphalt Shingles Constructed with an organic felt mat, typically made from recycled paper, and asphalt.

Asphalt Shingles Market, By Application

• Residential Roofing applications for houses and residential buildings.
• Commercial Roofing applications for commercial buildings and structures.

Asphalt Shingles Market, By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Key Players

The major players in the Asphalt Shingles Market are

• Owens Corning
• CertainTeed Corporation
• IKO Group
• Atlas Roofing Corporation
• Malarkey Roofing Products
• TAMKO Building Products
• Henry Company LLC
• PABCO Roofing Products
• Tarco Roofing Supplies
• Siplast Inc

Report Scope

Analyst’s Take

In conclusion, the Asphalt Shingles Market continues to witness steady growth driven by the increasing construction activities, renovation projects, and infrastructure development worldwide. The widespread adoption of asphalt shingles as a roofing material can be attributed to their cost-effectiveness, versatility, and proven performance in various climatic conditions. Moreover, factors such as the rising demand for energy-efficient and sustainable roofing solutions, coupled with advancements in manufacturing processes and product innovation, are contributing to the market’s expansion. Additionally, the growing emphasis on aesthetics, durability, and environmental stewardship is driving manufacturers to introduce eco-friendly asphalt shingle products with enhanced durability and recyclability features. As market players focus on expanding their product portfolios, strengthening distribution networks, and leveraging digital marketing strategies, the Asphalt Shingles Market is poised for further growth opportunities in the forecast period. However, challenges such as volatile raw material prices, regulatory compliance, and competitive pressures underscore the importance of strategic partnerships, continuous innovation, and customer-centric approaches to sustain competitiveness and capitalize on emerging market trends.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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