The global Asphalt Shingles market is forecasted to reach USD 9,722.4 Million by 2027, according to a new report by Reports and Data. A rise in the level of disposable income of nuclear households, supported by the need to buy private land and funding from the government for residential building programs, would fuel the growth of the asphalt shingles market. Also, the clean and streamlined aesthetic properties combined with the availability in various colors, cuts, styles, and forms fuel the market demand. It has been estimated that consumer demand for high-performance laminated shingles can surpass USD 1.10 billion in the forecast period. Increasing renovation & construction activities attributed to growing millennials' inclination for possessing personal residence in Eastern European economies like Romania, Slovenia, Serbia, and Bulgaria, will foster the market's growth.
High-performance laminated asphalt shingles are the luxury items and are commonly used in numerous applications, comprising duplexes, villas, townhouses, and bungalows. They are made with a more reliable multi-layer base mat that gives them longevity, aesthetically elegant, and streamlined looks that raise market share. Asphalt shingles can withstand high-powered storms, driving fog, deep freezing snow, ice-build up, and fire, providing greater security of residential and commercial buildings than their equivalents like concrete, wood, or ceramic roofing materials.
Asphalt shingles are developed to comply with the fire and wind resistance standards of ASTM. Furthermore, due to their versatility and power, shingles are used on a broad range of roofs, enhancing their adaptability and being favored by homeowners because of their low upkeep. The leading players operate based on economies of scale, which reduces excessive use of energy. Nevertheless, for the small players working in the area, it is hard to accomplish. Therefore, key stakeholders are aligned around the supply chain and help to reduce production costs. Market capacity and product demand are likely to continue to grow as the market is expected to be driven by increased product penetration coupled with favorable economic conditions.
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Key participants include Owens Corning, IKO Industries Ltd., TAMKO Building Products Inc., CertainTeed Corporation, Atlas Roofing Corporation, GAF Materials, Malarkey Roofing, Siplast Inc., PABCO Roofing Products, and Building Products of Canada Corp., among others.
Further key findings from the report suggest
- Based on the product, Three-Tab Shingles generated a revenue of USD 2,360.5 million in 2019. It is projected to rise with a CAGR of 3.7% in the forecast period as they deliver superior performance characteristics and impart the traditional looks of high-quality wood due to the presence of two bonded material layers, giving it improved longevity and customization features for different colors, and brilliant cuts.
- The Fiberglass Asphalt Shingles are expected to grow with a CAGR of 3.9% in the forecasted period, as they are light in weight and easy to install, thus shortening delivery times and shortening roof repair and replacement projects.
- The re-roofing sector is the major contributor to the Asphalt Shingles market. The re-roofing sector of the North America region is the major shareholder of the market and held around 50.0% of the market in the year 2019, owing to properties including improved tear resistance, softness, and resistance to severe weather will stimulate the market share.
- North America dominated the market for Asphalt Shingles in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The North America region held approximately 31.0% of the market, followed by Europe, which contains around 29.0% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Asphalt Shingles market on the basis of product, composition, application, and region:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Dimensional Shingles
- High-Performance Laminated Shingles
- Three-Tab Shingles
Composition Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Organic Asphalt Shingles
- Fiberglass Asphalt Shingles
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- New Construction
- Re-Roofing
Along with the basic information, the report also offers insights into marketing strategies readily adopted by the key manufacturers for the endorsement of their products. The report offers significant data pertaining to development trends and market position to offer deeper insights into targeted clients, brand promotions, and pricing analysis. The report also sheds light on the supply chains and the changes in the trends of the upstream raw materials and downstream distributors.
The report explains the market share and sales volume of each company, along with the key details of the operations of these companies. The report further offers extensive coverage of their product portfolio, business expansion plans, gross profit margins, revenue contribution, investment plans, and financial standings. The report also covers the strategic alliances observed within these key companies such as mergers and acquisitions, joint ventures, corporate and government deals, partnerships and agreements, and brand promotions and product launches.
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Furthermore, the research study gives additional insights into the companies’ regional presence through extensive regional analysis. The regional analysis covers the key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The regional analysis segment covers details about the market share held by each region along with the prospective growth opportunities and revenue generation. The report also offers a projection of the growth rate for each region in the entirety of the forecast timeline. It also offers a country-wise analysis to impart a better understanding of the industry.
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The surge in the construction industry has risen the popularity of asphalt shingles that are used for roof covering.
Market Research Future reveals that the global asphalt shingles market to expand at a CAGR of 5.8% during the forecast period 2018-2023 while achieving a valuation of over USD 8 billion.
The construction sector has always kept, and eye and has become an indicator while studying the economic growth of any economy.The global asphalt shingles market is extremely competitive with the presence of many key players and some new players, across the globe.
The players have adopted various strategies in their way of expanding global existence to enhance their market shares, such as mergers, acquisitions, strategic partnerships, and collaborations, which has provided a considerable push to the market towards positive growth graph in the latest.Market Drivers & TrendsAmong the various segments, the moderate growth in the construction sector has witnessed the increased number of new residential building and remodeling or renovation projects owing to the rapid urbanization has considerably motivated the growth of the asphalt shingles market.
With this, the emerging trends such as innovation of product and materials, investments, and more have an immediate impact on the aspects of the construction industry, which has influenced the global asphalt shingles market in more significant ways.
Therefore, as per the study, the market can achieve higher valuation with the massive growth rate during the forecast period.Asphalt shingles have their application in roofing with waterproofing, as it covers the roof.
IKO is a global leader with more than successful 60 years of experience in the roofing, insulation, and waterproofing industries.
We export high-quality Asphalt (bitumen) roofing shingles and accessories to more than 100 countries.
Being a family-owned and globally operated company, IKO prioritizes customer satisfaction, product quality, and long-term performance.
ABNG International is an exclusive distribution partner for IKO Roofing Shingles and accessories to the Middle East, specifically to the United Arab Emirates, Qatar, Saudi Arabia, Oman, Kuwait, and Bahrain.
IKO specializes in controlling and processing the raw materials in our own plants.By producing our own raw materials, we control product quality, performance, and reliability while offering competitive pricing.
In addition to manufacturing shingles for commercial, residential, and industrial sectors IKO also provides a complete package of roofing solutions, which includes all the shingles roofing sheet accessories needed for installing shingles such as Hips & Ridges, Mastics, Underlayments, Ventilation, Nails, Starterstrip, and Valleys.
The best roof shingles are asphalt shingles, in our opinion.
This is based on the qualities that make up a good roof - durability, ease-of-repair, and lifespan/cost.
Asphalt roof shingles have been around for quite some time now, with modern technology making them even better in quality.
If you're handy, it takes no time at all to repair a section of shingles that have started to wear down.
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