What are the Historical Developments and Current Growth Metrics of the Asphalt Shingles Market?
The asphalt shingles market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for asphalt shingles has experienced consistent growth. It's projected to expand from a value of $7.22 billion in 2024 to $7.51 billion in 2025, achieving a compound annual growth rate (CAGR) of 4.1%.
Factors contributing to this growth during the historical period include a surge in housing construction, trends towards suburbanization, the durability and affordability of the product, and increased renovation and replacement work.
What Is The Projected Growth Of The Asphalt Shingles Template Market?
The asphalt shingles market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the asphalt shingles market is anticipated to experience consistent expansion. The market is predicted to reach a value of $8.91 billion in 2029, growing at a compound annual growth rate (CAGR) of 4.3%.
This growth during the forecast period can be linked to factors such as sustainable and green building, extreme weather incidents, both residential and commercial construction, and the advent of solar-ready shingles. The forecast period is also set to witness significant trends such as technological progress, the popularity of cool roofing, the emergence of architectural shingle designs, and the rise of smart roofing.
What Are The Key Drivers Fueling Growth In The Asphalt Shingles Market?
The growth of the asphalt shingles market is anticipated to be driven by the rising demand for construction activities. Construction activities encompass processes associated with building and infrastructure construction. Asphalt shingles, popular roofing materials, enhance the aesthetic appeal and quality of buildings and infrastructure. As per a report by Atradius Collections, a well-known commercial debt collection agency based in the Netherlands, global construction output in November 2023 is predicted to rise by 3.2% in 2023, while residential construction's growth is expected to be slightly lower at 1.1% in 2023 and 0.6% in 2024. This amplifying demand in construction activities propels the development of the asphalt shingles market. Driver 1: The growth of the asphalt shingles market is strongly influenced by increasingly severe weather conditions. Any extreme weather that poses serious threats to people, animals, and plants is classified as harsh temperature conditions - this includes extreme heat or cold and severe wind chill. Weather-resistant properties of asphalt shingles, manufactured from a mixture of asphalt and fiberglass, such as resistance to UV rays and fire makes them ideal for these conditions. A confirmation from the World Meteorological Organization, a Switzerland-based agency that promotes atmospheric science, in March 2024 states that 2023 witnessed the highest temperatures on record, with a global average near-surface temperature reaching 1.45 degrees Celsius (fluctuation range of ± 0.12 °C) above the pre-industrial baseline. Consequently, the heightened severity of weather conditions propels the growth of the asphalt shingles market.
What Are The Principal Market Segments In The Global Asphalt Shingles Industry?
The asphalt shingles market covered in this report is segmented –
1) By Product Type: Dimensional Shingles, High-Performance Laminated Shingles, Three-Tab Shingles
2) By Composition: Organic Asphalt Shingles, Fiberglass Asphalt Shingles
3) By Application: Residential, Commercial
Subsegments:
1) By Dimensional Shingles: Architectural Shingles, Premium Laminated Shingles
2) By High-Performance Laminated Shingles: Impact-Resistant Shingles, Energy-Efficient Shingles
3) By Three-Tab Shingles: Standard Three-Tab Shingles, Lightweight Three-Tab Shingles
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How Are Emerging Trends Reshaping The Dynamics Of The Asphalt Shingles Market?
Leading firms in the asphalt shingles industry are devising new product lines, such as laminated shingles, to cater to consumer demands. These laminated or dimensional shingles, also known as architectural shingles, are a kind of construction roofing material intended to boost buildings' visual appeal and strength, far superior to the traditional three-tab asphalt shingles. As an illustration, a construction material manufacturing company based in the US, Atlas Roofing Corporation launched Pinnacle - a range of architectural shingles, in March 2023. These shingles are crafted to repel solar heat from the rooftop thereby reducing heat transmission into the house. This reflective property minimizes the necessity for air conditioning, thus augmenting the overall energy efficiency of the house. Regionally, where cooling is needed year-round, Pinnacle Sun shingles are extremely valuable as they provide solutions for cool-roofing and contribute to the reduction of indoor air temperatures.
Who Are the Key Players In The Asphalt Shingles Market?
Major companies operating 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.
What Are The Regional Insights Into The Asphalt Shingles Market?
North America was the largest region in the asphalt shingles market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in asphalt shingles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
