The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

 

 

As per The Business Research Company’s Asphalt Shingles Global Market Report 2023, the asphalt shingles market is expected to show significant growth in the forecast period.

 

 

The asphalt shingles market has experienced a steady upward trajectory, growing from $7.01 billion in 2023 to a projected $7.31 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 4.3%. Looking ahead, the market is expected to continue its growth, reaching $8.46 billion in 2028 at a CAGR of 3.7%. This growth is fueled by various factors in both the historic and forecast periods.

 

 

Historic Growth Drivers

• Housing Construction Boom: An increased demand for housing construction activities has contributed significantly to the market’s growth.
• Suburbanization Trends: The shift towards suburban living has led to a surge in construction, further boosting the demand for asphalt shingles.
• Durability and Cost-Effectiveness: The preference for durable and cost-effective roofing solutions has played a pivotal role in market expansion.
• Renovation and Replacement: Ongoing renovation and replacement projects have sustained market growth.

 

 

Forecast Growth Drivers

• Sustainability and Green Building: Growing environmental consciousness is driving the adoption of sustainable and eco-friendly roofing materials.
• Extreme Weather Events: The rise in extreme weather events is increasing the demand for resilient roofing solutions.
• Residential and Commercial Construction: Continuous growth in both residential and commercial construction activities is a major contributor.
• Solar-Ready Shingles: The integration of solar-ready shingles aligns with the increasing focus on renewable energy sources.

 

 

Surging Construction Demand Fuels Growth

The increasing demand for construction activities is a key catalyst for the asphalt shingles market’s upward trajectory. Construction activities involve the assembly of buildings or infrastructure, and asphalt shingles are a popular roofing material in such projects. According to a report by Oxford Economics, global construction output is expected to increase by 42% from 2020 to 2030, reaching $15.2 trillion. This surge in construction activities is a significant driver for the asphalt shingles market.

 

 

Key Players

Major players in the asphalt shingles market, including Sika AG, Owens Corning Inc., and Carlisle Companies Inc., are actively contributing to market growth. These industry leaders are driving innovation and shaping the market landscape.

 

 

Request A Sample Of The Global Asphalt Shingles Market Report 2023:
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Leading Companies Drive Innovation

Major companies in the asphalt shingles market are focusing on innovation to meet evolving customer demands. One notable innovation is the introduction of laminated shingles, also known as architectural or dimensional shingles. These shingles enhance aesthetics and durability compared to traditional three-tab asphalt shingles.

 

 

Technological Advancements

• Cool Roofing: Reflective laminated shingles, such as Atlas Roofing Corporation’s Pinnacle, are designed to deflect solar radiation, reducing heat transfer and enhancing energy efficiency.
• Architectural Shingle Designs: Innovations like architectural shingle designs provide both aesthetic appeal and improved durability.
• Smart Roofing: Integration of smart technologies is becoming a trend, offering enhanced functionality and monitoring capabilities.

 

 

Holcim’s Strategic Move in the US Market

In March 2022, Holcim, a Switzerland-based building materials company, made a significant move by acquiring Malarkey Roofing Products for $1.35 billion. This strategic acquisition aimed to strengthen Holcim’s presence in the US residential roofing market, aligning with its 2025 strategy. Malarkey Roofing Products, a US-based manufacturing company, specializes in residential roofing materials, including shingles and ice and water barriers.

 

 

Market Segmentation and Regional Insights

The asphalt shingles market is segmented based on product type, composition, and application.

1. Product Type:
   • Dimensional Shingles
   • High-Performance Laminated Shingles
   • Three-Tab Shingles
2. Composition:
   • Organic Asphalt Shingles
   • Fiberglass Asphalt Shingles
3. Application:
   • Residential
   • Commercial

 

 

Regional Insights:

• North America led the asphalt shingles market in 2023.
• Asia-Pacific is anticipated to be the fastest-growing region in the forecast period.

 

View More On The Asphalt Shingles Market Report 2023 – https://www.thebusinessresearchcompany.com/report/asphalt-shingles-global-market-report

 

 

The Asphalt Shingles Global Market Report 2023  provides an in-depth analysis on the asphalt shingles market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the asphalt shingles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

 

View More Related Reports –

Asphalt, Lubricating Oil And Grease Global Market Report 2023

Asphalt Additives Global Market Report 2023

Asphalt Pavers Global Market Report 2023

 

 

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