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Asphalt Shingles Global Market Report 2024 - By Report, Size, Share, Drivers, Forecast To 2033
Asphalt Shingles Market
As per the report, 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 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%.
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Surging Construction Demand Fuels Growth In The Asphalt Shingles Market
The increasing demand for construction activities is expected to propel the growth of the asphalt shingles market going forward. Construction activities refer to the processes involved in assembling buildings or infrastructure. Asphalt shingles are commonly used roofing materials in construction activities of buildings, providing new appearance, textures and qualities to infrastructures. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020 and between 2020 and 2030, it is expected to increase by 42%, or $4.5 trillion, to reach $15.2 trillion. Therefore, the increasing demand for construction activities is driving the growth of the asphalt shingles market.
Leading Companies In The Asphalt Shingles Market Drive Innovation With Laminated Shingle Products
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Asphalt Shingles Market Report Structure
3. Asphalt Shingles Market Trends And Strategies
4. Asphalt Shingles Market - Macro Economic Scenario
5. Asphalt Shingles Market Size And Growth
…..
27. Asphalt Shingles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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