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.
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.
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Market Taxonomy
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Product Type
- Heavy Laminates
- Laminates
- Strip
Composition
- Fiberglass Asphalt Shingles
- Organic Asphalt Shingles
End Market
- New Construction
- Re-roofing
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumersz
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