The asphalt shingles market has witnessed significant growth and innovation in recent years, driven by factors such as increased construction activities, evolving consumer preferences, and advancements in manufacturing technologies.
Asphalt shingles are one of the most widely used roofing materials in the world. These shingles consist of a base material, typically fiberglass or organic felt, coated with asphalt and granules. They come in various styles and colors, allowing homeowners to choose roofing options that complement their architectural preferences and environmental conditions.
The asphalt shingles market is expected to continue its growth trajectory, driven by urbanization, population expansion, and increased awareness of sustainable construction practices.
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Key Market Drivers
- Residential Construction Boom: The growth of the asphalt shingles market is closely tied to the housing and construction industry. As economies recover from economic downturns, there is typically an uptick in residential construction activities, driving the demand for roofing materials like asphalt shingles.
- Aesthetic Versatility: Modern asphalt shingles are available in a wide range of colors and styles, allowing homeowners to achieve the desired aesthetic for their homes. This customization capability has significantly boosted the popularity of asphalt shingles.
- Affordability: Asphalt shingles are cost-effective compared to many other roofing materials, making them an attractive option for budget-conscious homeowners. They offer a balance between quality and affordability.
- Durability and Longevity: Asphalt shingles have improved in terms of durability and longevity over the years. Many manufacturers now offer shingles with enhanced resistance to weather, UV rays, and moisture, ensuring a longer lifespan.
- Sustainability: The industry is increasingly focusing on sustainability. Some manufacturers produce asphalt shingles using recycled materials, and there is growing interest in developing eco-friendly options.
- Technological Advancements: Advances in manufacturing technologies have led to the development of high-performance asphalt shingles that are easier to install and provide better energy efficiency, further boosting their market appeal.
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.
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. Middle East & Africa (MEA) and Japan are expected to remain the least lucrative markets for asphalt shingles over the forecast period.
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
- Owens Corning
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Market Segmentation
Product Type
- Heavy Laminates
- Laminates
- Strip
Composition
- Fiberglass Asphalt Shingles
- Organic Asphalt Shingles
End Market
- New Construction
- Re-roofing
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
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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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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