Rising demand for advanced roofing systems due to changing consumer preference towards ecological and sustainable construction methods is likely to stimulate industry growth
Market Survey on Asphalt Shingle Industry Covering Sales Outlook, Up-to-date Key Trends, Market Size and Forecast, Production Capacity, Export and Import Analysis, Regulations, Trade Analysis and Company Analysis.
NEWARK, DE / ACCESSWIRE / July 18, 2024 / According to Future Market Insights (FMI), the worldwide asphalt shingle market is expected to reach USD 9187.2 million in 2024 and USD 13340.1 million by 2034. The market is projected to rise at a CAGR of 3.8% by 2034.
Demand for asphalt shingles is increasing in both residential and commercial sectors due to their affordability and toughness. Urbanization trends, particularly in developing nations, drive the need for housing and infrastructure, making asphalt shingles the preferred material for residential construction.
The asphalt shingle industry is set to rise due to the growing awareness of energy efficiency, as reflective coatings or cool roof technologies reduce energy use. Building rules and regulations that emphasize safety, durability, and energy efficiency can influence the acceptance of these roofing materials.
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Weather and natural disasters are expected to necessitate the use of strong, robust roofing materials in areas vulnerable to severe weather or natural disasters. The market is further set to expand due to consumer demand for visually appealing and customizable solutions.
Economic factors, such as housing market movements, interest rates, and disposable income, are set to influence demand for roofing materials. Overall, there is a positive correlation between economic growth and more building and remodeling activity.
Key Takeaways from the Asphalt Shingle Market Report:
The asphalt shingle sector is expected to reach a valuation of USD 13340.1 million by 2034.
The market is projected to surge at a CAGR of 3.8% by 2034.
China's asphalt shingle market is expected to grow at a CAGR of 4.3% by 2034.
India is projected to surge at a CAGR of 5.7% in 2034.
Based on end-use, the residential segment is expected to hold a market share of 75.4% in 2024.
"The durability and weather resistance performance of asphalt shingles are expected to contribute significantly to growing usage worldwide. The high-performance asphalt shingle market is projected to experience significant growth through 2034, driven by rising demand for luxury residential and commercial buildings due to urbanization and globalization." - opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competition Outlook
Leading companies in the market compete based on economies of scale, reducing resource consumption and integrating across the value chain. Key asphalt shingle companies aim to increase sales through product development and production through capacity additions.
The market is expected to continue growing due to increasing product penetration and favorable economic conditions, driving capacity and product demand. The industry is undergoing fierce competition, with key companies investing heavily in research and development to improve the performance and functionality of new chemicals.
Key manufacturers are developing asphalt shingles with superior properties, extended durability, and environmental consciousness. Companies are also working on asphalt shingles with improved environmental profiles, aligning with broader sustainability goals. This focus on innovation and material science is ensuring long-lasting utilization in the market.
Industry Updates-
In 2023, GAF Materials Corporation introduced a new line of energy-efficient asphalt shingles, featuring a heat-reflecting coating that significantly reduces energy costs.
In 2023, Owens Corning inaugurated a new manufacturing plant in Mexico, specializing in the production of asphalt shingles for the market.
In 2023, CertainTeed Corporation introduced a new line of durable asphalt shingles, crafted with a special resin that enhances resistance to damage from hail and other weather events.
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Leading Asphalt Shingle Players
Owens Corning
TAMKO Building Products Inc.
IKO Industries Ltd
Atlas Roofing Corporation
GAF Materials Corporation
Malarkey Roofing Products
PABCO Roofing Products
Siplast Inc.
Henry Company LLC
Building Products of Canada Corp.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global asphalt shingle market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the asphalt shingle market based on product type (laminates asphalt shingles, three-tab shingles, strip shingles, luxury shingles, and architectural shingles), composition (fiberglass and organic), end-use (new construction, re-roofing, residential), and region.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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