Canada Asphalt Shingles Market to Witness Robust Expansion Through 2027

October 12, 2021


According to the report titled ‘Canada Asphalt Shingles Market Size By Product (Dimensional Shingles, High Performance Laminated Shingles, Three-Tab Shingles), By Application (Residential {New-residential, Residential Re-roofing}, Commercial {New Commercial, Commercial Re-Roofing}), Commercial By Building Type (Office, Retail & Lodging, Industrial, Institutional), Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, Canada asphalt shingles market is expected to witness robust expansion during the period 2021-2027.

 

Rise in construction activities, increasing investment in commercial construction, growing focus on improving home energy efficiency, and improved customer spending capacity are anticipated to enhance expansion in Canada asphalt shingles market over the forecast period.

 

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Notably, asphalt shingles are employed for roofing application owing to their durability, long lifespan, and ability to be reused & recycled. Environmental cognizance of consumers, and focus towards establishing circular economy are impelling the adoption of sustainable asphalt shingles.

 

Based on product, the market has been categorized into three-tab asphalt shingles, dimensional asphalt shingles, and high-performance laminated asphalt shingles. Speaking of application scope, the industry is divided into residential (new residential, residential re-roofing), commercial (commercial re-roofing, new commercial), and commercial by building type (institutional, industrial, office, retail & lodging).

 

The report cites that new residential segment is expected to expand at a CAGR of 4% over the analysis period. Consumer desire for environment friendly construction technologies, as well as a greater focus on sustainable construction are anticipated driving the segmental growth.

 

Meanwhile, high-performance laminated asphalt shingles segmental share from residential application is projected to record 5% CAGR over the forecasted timeline, owing to high employment rate, rising disposable income, and growing emphasis on homeownership. 

 

Also, new residential application of three-tab asphalt shingles was valued at USD 20 million in 2020 and is expected to grow substantially through 2027, owing to millennials' strong desire to design and own private property.

 

Considering regional terrain, Quebec, Ontario, British Columbia, Manitoba, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, New Brunswick, and Prince Edward Island are among the major provinces in the Canada asphalt shingles market. The Prince Edward Island asphalt shingles market is projected to expand at a CAGR of 3% over the forecast period, owing to an increased consumer tendency to purchase personal property, and rising disposable income. By the end of 2027, Newfoundland & Labrador market is predicted to be worth USD 30 million.

 

Major contenders in the marketplace include companies like NBP International Inc., CertainTeed Corporation, Building Products of Canada Corp., Owens Corning, Polyglass USA Inc., Tamko Building Products LLC, Henry Company LLC, IKO Industries Ltd., Siplast Inc., Atlas Roofing Corporation, PABCO Building Products LLC, Tarco Roofing, GAF Materials LLC, and Malarkey Roofing Products among others.

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