According to the latest research study by Global Market Insights, Inc, the global asphalt shingles market is expected to record 3.8% CAGR during the forecast period 2019-2025
Selbyville, DE -- (SBWIRE) -- 04/07/2020 -- North America accounted for over 80% of the overall asphalt shingles market share. Re-roofing applications for both residential and commercial markets accounted for the largest share in asphalt shingles market worldwide. Damage caused by wear & tear as well as hurricanes and storms have major impact on increasing demand for asphalt shingles from re-roofing application segments.
According to the latest research, the global asphalt shingles market size is anticipated to touch the $9.5 billion mark by 2025.
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Increasing building construction activities, primarily growing single family housing starts in North America is expected to spur demand for roofing materials over the forecast period. New building construction activities in both, residential and non-residential markets, is expected to drive significant gains in asphalt shingles market growth.
Asphalt shingle recycling is convenient, economically viable and saves valuable resources from being wasted into landfills. Asphalt shingles, post end-of-life are commonly recycled into pavement, which offset requirement for new asphalt and aggregates. Growing consumer awareness related to positive environmental contribution of asphalt shingles even after end-of-life have major impact driving the product demand over the projected period.
Market Growth Drivers -
North America: Growing demand from residential construction industry
Asia Pacific: Rising building construction spending
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Dimensional asphalt shingles roofing materials in North America accounted for over 65% of revenue share in 2018. These shingles have become increasingly popular for higher end housing owing to its higher performance characteristics. Dimensional shingles are manufactured by laminating two or even three layers into a single unit thereby improving its performance characteristics.
Residential building types accounted for over 85% of volume share in asphalt shingles application segment owing to growing consumer demand for high performance, low cost and aesthetically improved roofing materials. The residential re-roofing applications accounted for over USD 4.5 billion in 2018 primarily driven by widespread roofing damage due to unfavorable weather conditions such as storms and hurricanes.
Asia Pacific asphalt shingles market demand may witness significant gains at over 8.5% owing to strong growth in residential as well as commercial building construction activities in the region. Rising disposable income, growing urbanization and increasing construction spending of the consumers in the developing economies in the region including China, India, South Korea and Thailand is projected to drive the asphalt shingles demand.
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Global asphalt shingles market share is highly consolidated with majority of the market players located in the U.S. offering wide range of product verities across the globe. Owens Corning, CertainTeed Corporation, GAF, TAMKO and IKO are among key market players operating in the industry. Manufacturers in Eastern Europe and Asia Pacific regions are entering the market with innovative products and technology which is projected to rise competitive environment over the projected timeframe.
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