Global Asphalt Shingle Market to Reach USD 13.34 Billion by 2034, Driven by Durability, Cost-Effectiveness, and Sustainability

The global asphalt shingle market is expected to witness steady growth over the forecast period, with an anticipated compound annual growth rate (CAGR) of 3.8%. From a valuation of USD 9,187.2 million in 2024, the market is projected to expand to USD 13,340.1 million by 2034. This growth is driven by the increasing demand for durable and cost-effective roofing solutions across residential, commercial, and industrial sectors, along with advancements in product technology and a rising preference for energy-efficient construction materials. The market's expansion is also supported by growth in the construction industry and urbanization trends worldwide.

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.

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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.

Asphalt Shingle Market Insights: Trends, Challenges, and Opportunities

Technological Integration in Shingle Manufacturing
Asphalt shingle manufacturers are increasingly adopting advanced materials, coatings, and manufacturing techniques to enhance product performance and longevity. Technologies like drones and satellite imaging are improving roof inspections and measurements, while digital sales channels are reshaping the marketing and distribution of shingles.

Rising Demand for Eco-Friendly Roofing
The growing preference for environmentally friendly roofing is driving manufacturers to innovate with recycled content, energy-efficient designs, and sustainable production processes. Research and development into eco-friendly shingles present opportunities for brands to attract eco-conscious consumers and differentiate themselves in the market.

Strategic Collaborations to Expand Market Reach
Manufacturers are expanding their presence internationally through partnerships with distributors and other construction industry stakeholders, including homebuilders, architects, and contractors. Strategic collaborations and joint marketing efforts are boosting sales and brand visibility.

Challenges from Labor Shortages and Volatile Raw Material Prices
The asphalt shingle industry faces challenges from rising raw material costs, driven by fluctuating oil prices and geopolitical tensions. Labor shortages and construction delays are affecting installation quality and costs, potentially compromising the performance and longevity of asphalt shingle roofs.

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." - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

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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.

Leading Asphalt Shingle Industry 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.

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