PUBLISHER: The Business Research Company | PRODUCT CODE: 1415777
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415777
“Asphalt Shingles Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on asphalt shingles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for asphalt shingles? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The asphalt shingles market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Asphalt shingles are a roofing material composed of individual overlapping elements created from a mixture of asphalt and fiberglass. These shingles are surfaced with granules that increase their exposure to the sun's UV rays, helping to maintain cooler roof temperatures and enhance their durability.
The primary products within the asphalt shingles market include dimensional shingles, high-performance laminated shingles, and three-tab shingles. Dimensional shingles are a type of asphalt shingle known for their three-dimensional appearance. They are manufactured by bonding two layers of shingles and then selectively removing sections to reveal the underlying layer. These shingles are available in both organic asphalt and fiberglass asphalt variations, catering to residential and commercial applications.
The asphalt shingles research report is one of a series of new reports from The Business Research Company that provides asphalt shingles market statistics, including the asphalt shingles industry's global market size, regional shares, competitors with asphalt shingles market share, detailed asphalt shingles market segments, market trends and opportunities and any further data you may need to thrive in the asphalt shingles industry. This asphalt shingles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The asphalt shingles market size has grown steadily in recent years. It will grow from $7.01 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to housing construction boom, suburbanization trends, durability and cost-effectiveness, renovation and replacement.
The asphalt shingles market size is expected to see steady growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to sustainability and green building, extreme weather events, residential and commercial construction, solar-ready shingles. Major trends in the forecast period include technological advancements, cool roofing, architectural shingle designs, smart roofing.
The growing demand for construction activities is expected to drive the expansion of the asphalt shingles market in the foreseeable future. Construction activities encompass the various processes involved in the assembly of buildings and infrastructure. Asphalt shingles are widely utilized as roofing materials in construction projects, imparting new appearances, textures, and qualities to these structures. For example, in an October 2021 report published by Oxford Economics, a UK-based economic information services company, global construction output reached $10.7 trillion in 2020. It is projected to increase by 42%, equivalent to $4.5 trillion, between 2020 and 2030, ultimately reaching $15.2 trillion. Consequently, the rising demand for construction activities is a key driver of the asphalt shingles market's growth.
The escalating impact of severe temperature conditions is anticipated to contribute to the growth of the asphalt shingles market. Severe temperature conditions encompass extreme weather phenomena that can pose risks to human beings, animals, and plants. Such conditions include extreme heat, intense cold, and extreme wind chill. Asphalt shingles, crafted from a composite of asphalt and fiberglass, offer exceptional resistance to various weather elements, including the damaging effects of UV rays and resistance to fire. For instance, an October 2021 report from the World Meteorological Organization, a Switzerland-based specialized agency devoted to promoting atmospheric science, noted that the global mean temperature in 2021 was 1.09 °C above the pre-industrial average of 1850-1900. This underscores the intensifying impact of harsh temperature conditions. As a result, the harsh temperature conditions are significantly bolstering the growth of the asphalt shingles market.
The fluctuating prices of raw materials are expected to significantly impact the growth of the market. The high cost of raw materials refers to the increased prices of the materials used in the production of goods and services. The prices of these raw materials fluctuate, which has a direct impact on the cost of production for enterprises in these industries. Higher asphalt shingle pricing may discourage potential consumers from investing in roofing projects or encourage them to investigate alternate roofing materials, such as metal roofing. For instance, in 2023, as per data by Trading Economics, a US-based financial data company, the fluctuating prices of bitumen increased by 141 CNY/T, or 3.74%, since the beginning of 2023 and reached an all-time high of 5045.00 in July 2022. Therefore, the fluctuating prices of raw materials is hindering the growth of the asphalt shingles market.
Major companies operating in the asphalt shingles market are innovating new products, such as laminated shingles, to meet customer demands. Architectural shingles, also known as laminated or dimensional shingles, are a type of roofing material used in construction designed to enhance aesthetics and durability for buildings compared to traditional three-tab asphalt shingles. For instance, in March 2023, Atlas Roofing Corporation, a US-based building material manufacturing company, launched Pinnacle, a line of architectural shingles. These tiles are designed to deflect solar radiation from the roof, thus limiting heat transfer into the house. As a result, this reflectivity lowers the need for cooling and raises the home's overall energy efficiency. Pinnacle Sun shingles are especially useful in regions where year-round cooling is required, as they offer cool-roofing solutions that help decrease indoor air temperatures.
In March 2022, Holcim, a Switzerland-based building materials company, acquired Malarkey Roofing Products for $1.35 billion. Through this acquisition, Holcim aimed to bolster its presence in the US residential roofing market, aligning with its strategy for the year 2025. Malarkey Roofing Products is a US-based roofing products manufacturing company providing residential roofing such as shingles, ice and water barriers.
Major players in the asphalt shingles market are Sika AG, Owens Corning Inc., Carlisle Companies Inc., Wienerberger AG, Soprema Group, Mueller Inc., Johns Manville Corporation, BMI Group, Braas Monier Building Group SA, Certain Teed Corporation, GAF Materials Corporation, IKO Industries Ltd., Atlas Roofing Corporation, Holcim Building Envelope, TAMKO Building Products Inc., Henry Company LLC, Malarkey Roofing Products Co., Building Products of Canada Corp., Siplast Inc., Englert Inc., Polyglass U.S.A Inc., Marley Eternit Ltd., Versico Roofing Systems Inc., Canroof Corporation Inc., TARCO Roofing Materials Inc., SaintGobain SA, DECRA Roofing Systems Inc., PABCO Building Products LLC, Ruberoid Team AG, Premier Building Systems .
North America was the largest region in the asphalt shingles market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in asphalt shingles report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the asphalt shingles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The asphalt shingles market consists of sales of asphalt shingle roofing material made of a material mixture including asphalt, granules, sealants, fiberglass and release film. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.