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What is the Expected Growth Rate of the Asphalt Shingles Market from 2024 to 2033?

The asphalt shingles market size has grown steadily, expected to increase from $7.01 billion in 2023 to $7.31 billion in 2024, with a CAGR of 4.3%. The growth is attributed to the housing construction boom, suburbanization trends, durability and cost-effectiveness, and renovation and replacement.

The asphalt shingles market is expected to grow steadily, reaching $8.46 billion by 2028 at a CAGR of 3.7%. Growth is driven by sustainability and green building initiatives, extreme weather events, and residential and commercial construction, including solar-ready shingles. Trends include technological advancements, cool roofing, architectural shingle designs, and smart roofing.

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The increasing demand for construction activities is set to drive growth in the asphalt shingles market. Asphalt shingles, popular roofing materials, are widely used in construction, providing aesthetic and functional enhancements to buildings. For instance, Oxford Economics reported in October 2021 that global construction output reached $10.7 trillion in 2020, with expectations to rise by 42% or $4.5 trillion, reaching $15.2 trillion by 2030. This demand for construction activities is, therefore, boosting the asphalt shingles market.

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

Major companies in the asphalt shingles market are innovating with products such as laminated shingles to meet consumer needs. In March 2023, Atlas Roofing Corporation launched Pinnacle, a line of architectural shingles designed to deflect solar radiation from roofs. These shingles lower cooling needs and improve energy efficiency in homes, particularly in regions requiring year-round cooling, offering a cool-roofing solution that helps reduce indoor air temperatures.

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

The Asphalt Shingles Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the asphalt shingles market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Asphalt Shingles Market Include

1. Asphalt Shingles Market Executive Summary

2. Asphalt Shingles Market Segments

3. Asphalt Shingles Market Size And Template Market Growth Rate

4. Key Asphalt Shingles Market Trends

5. Major Asphalt Shingles Market Drivers

……

25. Key Mergers And Acquisitions In The Asphalt Shingles Market

26. Top Asphalt Shingles Companies

27. Asphalt Shingles Market Opportunities And Strategies

28. Asphalt Shingles Market, Conclusions And Recommendations

29. Appendix

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