Asphalt Shingles Market Overview, Analysis Through 2024-2033

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Overview and Scope

Asphalt shingles refer to a type of roofing material comprising individual overlapping elements formulated from a blend of asphalt and fiberglass. The asphalt shingles are coated with a granular surface that amplifies the shingle’s surface area, enabling them to effectively resist the sun’s UV rays, which in turn helps maintain cooler roof temperatures.

Sizing and Forecast

The asphalt shingles market size has grown steadily in recent years. It will grow from $7.01 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to housing construction boom, suburbanization trends, durability and cost-effectiveness, renovation and replacement.

The asphalt shingles market size is expected to see steady growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to sustainability and green building, extreme weather events, residential and commercial construction, solar-ready shingles. Major trends in the forecast period include technological advancements, cool roofing, architectural shingle designs, smart roofing.

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Segmentation & Regional Insights

The asphalt shingles market covered in this report is segmented –

1) By Product Type: Dimensional Shingles; High-Performance Laminated Shingles; Three-Tab Shingles

2) By Composition: Organic Asphalt Shingles; Fiberglass Asphalt Shingles

3) By Application: Residential; Commercial

North America was the largest region in the asphalt shingles market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in asphalt shingles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The increasing demand for construction activities is expected to propel the growth of the asphalt shingles market going forward. Construction activities refer to the processes involved in assembling buildings or infrastructure. Asphalt shingles are commonly used roofing materials in construction activities of buildings, providing new appearance, textures and qualities to infrastructures. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020 and between 2020 and 2030, it is expected to increase by 42%, or $4.5 trillion, to reach $15.2 trillion. Therefore, the increasing demand for construction activities is driving the growth of the asphalt shingles market.

Key Industry Players

Major players in the asphalt shingles market are Sika AG, Owens Corning Inc., Carlisle Companies Inc., Wienerberger AG, Soprema Group, Mueller Inc., Johns Manville Corporation, BMI Group, Braas Monier Building Group SA, Certain Teed Corporation, GAF Materials Corporation, IKO Industries Ltd., Atlas Roofing Corporation, Holcim Building Envelope, TAMKO Building Products Inc., Henry Company LLC, Malarkey Roofing Products Co., Building Products of Canada Corp., Siplast Inc., Englert Inc., Polyglass U.S.A Inc., Marley Eternit Ltd., Versico Roofing Systems Inc., Canroof Corporation Inc., TARCO Roofing Materials Inc., SaintGobain SA, DECRA Roofing Systems Inc., PABCO Building Products LLC, Ruberoid Team AG, Premier Building Systems.

The asphalt shingles market report table of contents includes: