PUBLISHER: The Business Research Company | PRODUCT CODE: 1478536
PUBLISHER: The Business Research Company | PRODUCT CODE: 1478536
The asphalt shingles market consists of sales, by entities (organizations, sole traders or partnerships), of asphalt shingles that refer to a type of wall or roof shingle that uses asphalt for waterproofing. The asphalt shingle is a square butt strip shingle, elongated in shape and available with one or three tabs. This product is made of a base mat or organic material (cellulose fibers) or inorganic material (glass fibers).
The global asphalt shingles market was valued at $6,257.4 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Expansion In Residential Construction Projects
Expansion in residential construction projects drove the growth of the asphalt shingles market during the historic period. Residential construction projects refer to the planning, design and construction activities involved in creating new residential buildings, such as houses, apartment complexes, townhomes and other dwellings intended for individuals and families to live in. Residential construction projects were expanding due to several factors, including population growth, urbanization, low mortgage rates, increased demand for housing and government incentives or initiatives aimed at promoting homeownership and stimulating economic growth. Asphalt shingles are the preferred roofing material in residential construction for their cost-effectiveness, versatility in design and ability to withstand various weather conditions, making them a popular choice among homeowners and contractors alike. For instance, in January 2024, according to the U.S. Census Bureau, a US-based government agency, privately owned residential housing completions reached 1,406,000 housing units, a 3.7% increase from 1,355,000 in August 2022. Therefore, expansion in residential construction projects supported growth of the asphalt shingles market.
Strategic Integration Of Advanced Technologies For Sustainability And Competitive Edge
Asphalt shingles manufacturers are strategically developing technologically advanced products, by integrating sun-reflective and smog-reducing technologies into asphalt shingles to optimize operations and enhance competitiveness, ultimately driving revenue growth in the market. The integration of sun-reflective and smog-reducing technologies into asphalt shingles enhances sustainability by reflecting solar heat, reducing cooling needs and purifying the air. This dual functionality improves energy efficiency and environmental stewardship, making asphalt shingles an eco-friendlier roofing solution. For instance, in March 2023, Atlas Roofing Corporation, a US-based asphalt shingle manufacturing company, introduced Pinnacle Sun shingles, the newest addition to its Pinnacle product line of premium asphalt shingles. These shingles boast cutting-edge innovations, including 3M Cool Roof Technology, 3M Smog-Reducing Granules, 3M Scotchgard Protector and HP42 technology. Pinnacle Sun shingles are designed to reflect the sun's radiant heat away from the roof, reducing heat absorption into the home.
The global asphalt shingles market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 14.51% of the total market in 2022.
Asphalt Shingles Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global asphalt shingles market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider asphalt shingles market; and compares it with other markets.
Regional Market Size And Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
Competitive Dashboard- Briefs on competitive dashboard of major players.