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Future of the Asphalt Shingles Market: Strategic Analysis and Forecast to 2034
Asphalt Shingles Market
Asphalt Shingles Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market for asphalt shingles has been gradually expanding in recent years. It is projected to increase from $7.22 billion in 2024 to $7.45 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 3.3%. This growth during the historic period can be traced back to factors such as the surge in housing construction, suburbanization trends, the durability and cost-efficiency of asphalt shingles, as well as renovation and replacement endeavors.
Asphalt Shingles Market Size Forecast: What's the Projected Valuation by 2029?
The market size for asphalt shingles is projected to experience consistent expansion over the upcoming years. The market is set to reach $8.83 billion by 2029 with a compound annual growth rate (CAGR) of 4.3%. This growth during the prediction period is likely due to factors such as sustainability efforts, green building practices, extreme weather occurrences, as well as residential and commercial construction projects. Solar-ready shingles also contribute to this anticipated growth. Notable trends expected during this period include technological progress in the industry, increased preference for cool roofing, a rising interest in architectural shingle designs, and the advancement of smart roofing.
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What Are the Drivers Transforming the Asphalt Shingles Market?
The growth of the asphalt shingles market is expected to be fueled by the burgeoning demand for construction activities. This refers to the range of processes implicated in the erecting of buildings or infrastructure, with asphalt shingles being a popular choice for roofing materials, enhancing the aesthetics, texture, and quality of constructions. As per a report by Atradius Collections, a leading global commercial debt collection agency based in the Netherlands, in November 2023, it predicted a rise of 3.2% in the global construction output and a modest growth of 1.1% in residential construction in 2023 and 0.6% in 2024. Therefore, the escalated demand for construction activities is propelling the expansion of the asphalt shingles market.
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What Are the Key Trends Driving Asphalt Shingles Market Growth?
Leading businesses in the asphalt shingles market are developing innovative products like laminated shingles to cater to consumer needs. Laminated shingles, also known as architectural or dimensional shingles, are a type of construction material intended to boost the aesthetic and durability of buildings compared to the traditional three-tab asphalt shingles. For example, in March 2023, the US-based building material manufacturer, Atlas Roofing Corporation, launched a new product line of architectural shingles called Pinnacle. These shingles are engineered to reroute solar radiation from the roof, thereby reducing the amount of heat transferred into the building. This reflectivity level reduces the necessity for air conditioning, thus enhancing the total energy efficiency of the house. Pinnacle Sun shingles are particularly beneficial in areas requiring year-round cooling, providing cool-roofing solutions that assist in lowering indoor air temperatures.
Which Segments in the Asphalt Shingles Market Offer the Most Profit Potential?
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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Which Firms Dominate the Asphalt Shingles Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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