USD 7000.29 Million
Asphalt Shingles Market Size, Share, Growth Analysis, By Product Type(Three-tab shingles, architectural shingles, and specialty shingles), By Distribution channel(Direct sales from manufacturers to contractors or distributors, sales through building material suppliers, home improvement retailers, or online channels), By Application(Residential roofing and commercial roofing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20B2031 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
89
|Figures:
76
Asphalt Shingles Market Insights
Global Asphalt Shingles Market size was valued at USD 7000.29 Million in 2023 and is poised to grow from USD 7203.31 Million in 2024 to USD 8799.12 Million by 2031, at a CAGR of 2.9% during the forecast period (2024-2031).
Global Asphalt Shingles Market is a thriving sector within the construction industry, driven by the growing demand for efficient and cost-effective roofing solutions worldwide. Asphalt shingles, made from a composite of asphalt and fiberglass, offer exceptional durability, weather resistance, and aesthetic appeal, making them a popular choice for residential and commercial roofing applications. The purpose of the market is to cater to the rising need for reliable and long-lasting roofing materials that can withstand various weather conditions. Asphalt shingles provide excellent protection against rain, wind, and UV radiation, ensuring the safety and comfort of buildings while enhancing their visual appeal. The rapid urbanization and infrastructure development in emerging economies are creating a substantial demand for new residential and commercial buildings, boosting the market growth. Additionally, the increasing focus on energy efficiency and sustainability is driving the adoption of asphalt shingles due to their ability to improve insulation and reduce energy consumption.
Fluctuating raw material prices, such as asphalt and fiberglass, can impact the overall production cost of asphalt shingles. Additionally, strict regulations pertaining to environmental concerns and the recycling of roofing materials may pose challenges to market growth. Despite these challenges, key trends are emerging in the asphalt shingles market. There is a growing preference for eco-friendly and sustainable roofing solutions, leading to the development of innovative, recyclable, and energy-efficient asphalt shingles. Moreover, technological advancements in manufacturing processes, such as improved formulations and installation techniques, are driving product innovation and quality improvement. The market presents numerous opportunities for growth and innovation. With the rising adoption of asphalt shingles in both residential and commercial construction, manufacturers can capitalize on the expanding market size, projected to reach billions of dollars in the coming years. Furthermore, the increasing awareness among consumers about the benefits of asphalt shingles, such as durability, affordability, and ease of installation, opens doors for market expansion.
US Asphalt Shingles Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Architectural shingles
Fastest Growth
Speciality shinges
Growth Rate
2.9% CAGR
Global Asphalt Shingles Market ($ Bn)
Country Share for North America Region (%)
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Asphalt Shingles Market Segmental Analysis
Global Asphalt Shingles Market is segmented on the basis of product type, distribution channel, application, and region. By product type, the market is segmented into three-tab shingles, architectural shingles, and specialty shingles. By distribution channel, the market is segmented into direct sales from manufacturers to contractors or distributors, sales through building material suppliers, home improvement retailers, or online channels. By application, the market is segmented into residential roofing and commercial roofing. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Asphalt Shingles Market Analysis By Product Type
Architectural shingles is the largest segment in the global asphalt shingles market. Architectural shingles are highly sought after due to their enhanced durability, dimensional appearance, and ability to mimic the look of traditional roofing materials such as wood or slate. These shingles are designed with multiple layers of asphalt and fiberglass, providing superior protection against harsh weather conditions. The architectural shingles segment dominated the market due to its growing popularity among homeowners and commercial property owners alike. The demand for architectural shingles is driven by their exceptional strength, longevity, and aesthetic appeal, making them a preferred choice for both new construction projects and roof replacement endeavors. The robust growth of the architectural shingles segment can be attributed to the rising consumer preference for high-quality roofing materials that offer durability and an attractive appearance. Moreover, architectural shingles offer a wide range of design options, allowing homeowners and architects to create visually appealing and distinctive roof styles. With advancements in manufacturing technology, architectural shingles now come in various colors, textures, and patterns, providing versatility and customization options to suit different architectural styles and personal preferences.
In terms of the fastest-growing segment, specialty shingles are witnessing significant growth in the market. Specialty shingles are designed to meet specific requirements, such as impact resistance, solar reflectivity, or extreme weather conditions. These shingles cater to niche markets, including regions prone to hurricanes, areas with strict energy efficiency regulations, or those with a high focus on environmental sustainability. The demand for specialty shingles is rapidly increasing as consumers seek roofing solutions that offer additional benefits beyond standard protection. With the architectural shingles segment already commanding a significant market share and specialty shingles experiencing rapid growth, the global asphalt shingles market is poised for expansion. The combination of the widespread adoption of architectural shingles for their durability and aesthetic appeal, along with the growing demand for specialty shingles catering to specific needs, creates a thriving market environment with diverse opportunities for manufacturers and suppliers in the asphalt shingles industry.
Asphalt Shingles Market Analysis By Application
Residential roofing is the largest segment accounting for a significant portion of the market share. Residential roofing dominated the asphalt shingles market due to the substantial demand from homeowners worldwide. Asphalt shingles offer an ideal solution for residential buildings, providing durable, cost-effective, and visually appealing roofing options. The largest segment of residential roofing can be attributed to factors such as the increasing global population, urbanization, and the growing need for housing infrastructure. As more residential buildings are constructed or undergo roof replacements, the demand for asphalt shingles continues to rise. Moreover, homeowners are increasingly recognizing the benefits of asphalt shingles, such as their ability to withstand harsh weather conditions, excellent insulation properties, and a wide range of color and design options to enhance the curb appeal of their homes. These factors contribute to the growth of the residential roofing segment within the asphalt shingles market.
In terms of the fastest-growing segment, residential roofing again takes the lead. The rising disposable income of individuals, particularly in emerging economies, is driving the demand for new residential construction and roof renovations. Additionally, the growing awareness of the importance of energy-efficient homes is propelling the adoption of asphalt shingles, as they contribute to better insulation and reduced energy consumption. The shift towards sustainable and eco-friendly roofing materials is also influencing the market's growth, as asphalt shingles offer recyclable options and are manufactured with less environmental impact compared to alternative roofing materials. With the combination of increasing housing demand, rising consumer preference for asphalt shingles, and the focus on energy efficiency, the residential roofing segment of the asphalt shingles market is expected to continue its robust growth trajectory. This presents an attractive opportunity for manufacturers and suppliers to capitalize on the largest segment and tap into the fast-growing residential roofing market with innovative products and enhanced customer value propositions.
Global Asphalt Shingles Market By Product Type
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Asphalt Shingles Market Regional Insights
North America dominated the Global Asphalt Shingles Market. North America holds a substantial market share due to the high demand for asphalt shingles in the residential construction sector. The region's favorable climatic conditions, which include varying temperatures, heavy rainfall, and frequent storms, create the need for durable and weather-resistant roofing solutions. For instance, the United States is a major contributor to the market with its large-scale residential construction projects and the need for roof replacements in older homes.
The Asia Pacific region is emerging as the fastest-growing region in the global asphalt shingles market. Rapid urbanization, increasing disposable incomes, and a growing emphasis on residential and commercial infrastructure development are driving the demand for asphalt shingles in the region. Countries like China and India are witnessing significant growth in the construction sector, creating opportunities for the adoption of asphalt shingles. Additionally, the rise in renovation and remodeling activities further fuels the market's growth in the region. With these factors, the Asia Pacific region is projected to experience substantial growth in the coming years, potentially surpassing other regions in terms of market growth rate.
Global Asphalt Shingles Market By Region
- Largest
- Fastest
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Asphalt Shingles Market Dynamics
Asphalt Shingles Market Drivers
Increasing Construction and Renovation Activities
- The ongoing global construction boom, coupled with renovation and remodeling projects, is a major driver of the asphalt shingles market. Rapid urbanization, population growth, and infrastructure development in emerging economies are driving the demand for new residential and commercial buildings. For example, the construction industry in countries like China, India, and the United States has witnessed significant growth, leading to a surge in the demand for asphalt shingles as a preferred roofing material.
Asphalt Shingles Market Restraints
Environmental Concerns and Regulations
- The production and disposal of asphalt shingles raise environmental concerns due to the extraction of non-renewable resources and the generation of waste. Additionally, regulations regarding waste management and recycling of roofing materials can pose challenges for the market. For instance, in some regions, there are restrictions on landfill disposal of old asphalt shingles, which has led to the development of recycling programs to reduce waste. These regulations can impact the overall production cost and supply chain of asphalt shingles.
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Asphalt Shingles Market Competitive Landscape
Global Asphalt Shingles Market exhibits a competitive landscape with several key players vying for market dominance. These players include prominent roofing material manufacturers and suppliers that compete based on factors such as product quality, pricing, innovation, brand reputation, and distribution networks. They focus on product development, incorporating advanced technologies to enhance the durability, aesthetics, and performance of asphalt shingles. Additionally, strategic partnerships, mergers, and acquisitions are common strategies employed by market players to expand their market presence and gain a competitive edge. With the increasing demand for asphalt shingles in residential and commercial construction, companies are actively investing in research and development to introduce new product variations and meet evolving customer preferences. The competitive landscape of the global asphalt shingles market is poised for further intensification as companies strive to differentiate themselves and capture a larger market share.
Asphalt Shingles Market Top Player’s Company Profile
- Owens Corning (US)
- GAF (US)
- CertainTeed Corporation (US)
- IKO Industries Ltd. (Canada)
- TAMKO Building Products, Inc. (US)
- Malarkey Roofing Products (US)
- PABCO Roofing Products (US)
- Siplast (US)
- BP Roofing (UK)
- Monier Group (France)
- Braas Monier Building Group (Luxembourg)
- Carlisle Companies Inc. (US)
- Firestone Building Products (US)
- Soprema Group (France)
- Wienerberger AG (Austria)
- BMI Group (UK)
- Sika AG (Switzerland)
- Saint-Gobain (France)
- Johns Manville (US)
Asphalt Shingles Market Recent Developments
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In January 2023, GAF Materials Corporation announced a new line of asphalt shingles that are designed to be more energy-efficient. The new shingles are made with a special coating that reflects heat, which can help to reduce energy costs.
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In February 2023, Owens Corning announced a new manufacturing plant in Mexico. The new plant will produce asphalt shingles for the Mexican market.
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In March 2023, CertainTeed Corporation announced a new line of asphalt shingles that are designed to be more durable. The new shingles are made with a special resin that makes them more resistant to damage from hail and other weather events.
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In April 2023, Malarkey Roofing Products announced a new line of asphalt shingles that are designed to be more environmentally friendly. The new shingles are made with recycled materials and are manufactured using a process that reduces emissions.
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In May 2023, Tamko Building Products announced a new line of asphalt shingles that are designed to be more affordable. The new shingles are made with a lower-cost resin, but they still meet all of the same standards as other asphalt shingles.
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In june 2023, Industry regulations and growing demand for eco-friendly building materials encourage asphalt shingle manufacturers to develop shingles with recycled content or improved energy efficiency. This reflects a broader trend of sustainability in the construction sector.
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In november 2023, The market sees continued development and adoption of high-performance laminated and dimensional asphalt shingles. These shingles offer superior durability, aesthetics, and resistance to harsh weather conditions, catering to a growing segment seeking premium roofing solutions.
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In january 2024, The asphalt shingle market continues to grapple with the volatility of raw material prices. Fluctuations in the cost of asphalt, fiberglass, and other components can impact production costs and market stability. Manufacturers may implement strategies to mitigate these risks.
Asphalt Shingles Key Market Trends
- Shift towards Sustainable and Recyclable Shingles: There is a growing trend toward sustainable construction practices, leading to the development of eco-friendly asphalt shingles. Manufacturers are investing in research and development to create recyclable and energy-efficient asphalt shingles. For instance, some companies have introduced shingles with higher recycled content or developed innovative methods to recycle old asphalt shingles into new ones, reducing waste and environmental impact.
Asphalt Shingles Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Asphalt Shingles Market analysis, the market is experiencing steady growth and is expected to continue its upward trajectory in the coming years. The market analysis indicates a strong demand for asphalt shingles, driven by factors such as rapid urbanization, increasing construction activities, and the growing need for durable and aesthetically appealing roofing materials. Additionally, the rising focus on energy efficiency and sustainability is propelling the adoption of asphalt shingles due to their insulation properties and potential for reducing energy consumption. The market analysis also highlights the emergence of innovative and eco-friendly asphalt shingle products, catering to the evolving consumer preferences. With the construction industry witnessing significant growth, particularly in emerging economies, the global asphalt shingles market presents lucrative opportunities for manufacturers and suppliers to expand their market presence and capitalize on the increasing demand for reliable and cost-effective roofing solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7000.29 Million |
| Market size value in 2031 | USD 8799.12 Million |
| Growth Rate | 2.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Asphalt Shingles Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Asphalt Shingles Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Asphalt Shingles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asphalt Shingles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Asphalt Shingles Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Asphalt Shingles Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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