The worldwide asphalt shingle market is poised for significant growth, with projections from Future Market Insights (FMI) indicating that it will reach USD 9187.2 million in 2024 and escalate to USD 13340.1 million by 2034. This expansion is underpinned by a compound annual growth rate (CAGR) of 3.8% over the forecast period. The increasing demand for durable and cost-effective roofing solutions, particularly in residential construction, along with advancements in shingle technology and enhanced aesthetic appeal, are driving this market growth. Additionally, the market benefits from rising renovation activities and the growing awareness of the advantages of asphalt shingles, such as their weather resistance and ease of installation.
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.
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.
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Weather and natural disasters are expected to necessitate the use of strong, robust roofing materials in areas vulnerable to severe weather or natural disasters. The market is further set to expand due to consumer demand for visually appealing and customizable solutions.
Economic factors, such as housing market movements, interest rates, and disposable income, are set to influence demand for roofing materials. Overall, there is a positive correlation between economic growth and more building and remodeling activity.
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 an Analyst at Future Market Insights, Inc.
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.
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Leading Asphalt Shingle 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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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