A latest report by Future Market Insights (FMI) has projected the global market to register a low-single digit CAGR throughout the forecast period 2017 to 2022. However, the market is anticipated to experience a sustained expansion on the back of increasing re-roofing and new construction activities resulting from extreme weather conditions. Global sales of asphalt shingles are expected to reach nearly US$ 10,000 Mn in revenues by 2022-end.
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Extreme Weather Conditions Owing to Global Warming to Fuel Adoption of Asphalt Shingles
Global warming is now being called as climate change, and has been affecting subtropical regions to experience extreme cold weathers and even witness snowfall at times during winters. As some of these regions fall under developing or underdeveloped economies, cost of roofing activities becomes a major concern for the population thriving here. A wide variety of roofing materials are available across the globe based on performance, structural, economic, and aesthetic requirements. These include cedar shake, slate, clay tiles and metal. However, asphalt shingles provide enough aesthetic appeal, along with adequate protection at just a small fraction of the amount invested for other roofing materials.
Moreover, asphalt shingles are cost-effective and are able to easily get replaced when damaged. Demand for asphalt shingles will therefore gain traction, with spending on residential building construction expected to witness a surge in the near future.
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Fiberglass to Remain Most Attractive Composition of Asphalt Shingles
Fiberglass and organic are two composition types of asphalt shingles available in the global market. While organic asphalt shingles are comparatively more durable than fiberglass, they are more flammable, therefore highly prone to fire. In addition, they are less eco-friendly owing to relatively higher asphalt content. Fiberglass shingles provide excellent fire resistance, making them to gradually replace the organic shingles for roofing activities. Fiberglass is expected to remain the most attractive composition of asphalt shingles, with sales estimated to account for approximately US$ 8,000 Mn by 2022-end.
Account for over three-fourth revenue share of the market, re-roofing end market segment is expected to dominate the global asphalt shingles market during 2017 to 2022. However, this end-market segment is projected to register a low CAGR through 2022. On the other hand, sales of asphalt shingles in new construction end-market segment are expected to register a relatively higher CAGR through 2022.
Laminates to Remain Sought-After among Products in the Market
Laminates asphalt shingles are expected to remain sought-after among products in the market, and their sales are projected to hold over half revenue share of the market. High demand for laminates asphalt shingles can be highly attributed to increased attraction towards roofing materials with high wind resistance, impact resistance, and protection from degradation owing to exposure to elements. In addition, sales of strip asphalt shingles are expected to exhibit the highest CAGR in the market through 2022, based on product type.
Although North America is anticipated to remain the largest market for asphalt shingles, Asia-Pacific excluding Japan (APEJ) is projected to register a relatively faster expansion through 2022. Middle East & Africa (MEA) and Japan are expected to remain the least lucrative markets for asphalt shingles over the forecast period.
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Manufacturers Shifting Focus toward Enhancing their Brand Reputation
Leading manufacturers of asphalt shingles are focusing their shift toward enhancing their brand reputation by offering wide range of products, and higher quality standards as compared to other competitors in the market. Key players in the market are adopting business strategies to come up with advanced & sophisticated product development techniques. They are also concentrating on development of an established manufacturing process, and in-depth understanding of market and customers. Key market players listed in FMI’s report Include Atlas Roofing Corporation, Polyglass U.S.A., Inc., Tarco, Inc., TAMKO Building Products, Inc., Siplast, Inc., IKO Industries, Ltd., Malarkey Roofing Products, Henry Company LLC, Certain Teed Corporation, and Owens Corning.