Global asphalt shingles market is anticipated to exceed US $9.5 billion by the year 2025 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
With the rising trend of single family and increasing number of construction projects springing in North America, the growing demand of roofing materials is expected to fuel the growth of asphalt shingles market. The construction of new commercial and residential building owing to the introduction of various housing programmes in North America the region held a share of 80% in the global asphalt shingles market.
Increased instances of storms and hurricanes around the globe cause significant wear & tear damaging the roofs of houses and buildings. Use of asphalt shingles in the re-roofing application is guaranteed to boost the product demand.
The major advantage of using the asphalt shingles is the recycling convenience. Asphalt recycling is economical and has end-of-life applications in pavements. Recycling restricts the aggregation of asphalt as waste and decreases the demand for new asphalt by availing the existing material. The increasing awareness regarding the recycling convenience and end-of-life use of asphalt are propelling the growth of asphalt shingles market.
Based on the product, the dimensional shingles segment in North America contributed a revenue share of 65% in asphalt shingles market. Two or three layers of single shingles are combined to manufacture dimensional shingles thereby improving its performance characteristics. The product is growing popular among the high-end construction projects.
According to the study, the residential applications of asphalt shingles captured over 80% share of the market owing to the demand for low cost, high performance, and aesthetically rich roofing solutions. Additionally, adverse climate condition leading to widespread damage of roofs has driven the residential re-roofing applications to attain revenues more than US $4.5 billion in 2018.
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Taking into account the regional landscape, the asphalt shingles market of Asia Pacific is presumed to accrue a growth rate of 8.5% over the forecast period. The growth can be attributed to developing nations including India, South Korea, China and Thailand undertaking numerous housing and commercial construction projects owing to the rapid urbanization and growing disposable income in the region.
As cited in the report, majority of the players of asphalt shingles market are situated in United States, however, manufacturers from Asia Pacific and Eastern Europe are venturing into the market with novice products and innovative technology adding to the global competition. The major contenders profiled in the report are CertainTeed Corporation, TAMKO, Owens Corning, IKO, and GAF.