Asphalt Shingles Market : Global Industry Analysis and Forecast 2023-2029

Asphalt Shingles market was valued at US$ 6.61 Bn. in 2022 and is expected to reach US$ 7.92 Bn. by 2029, at a CAGR of 2.6% during the forecast period.

Asphalt shingles have been utilized as a roofing material in construction projects globally. The asphalt shingles are used to protect roof or slope roping from wind damages, algae and fire. It keeps homes cool, reduce the need for air conditions as in summer it reflect heat waves effectively. The adoption of these asphalt shingles is most in hurricane prone regions as they are more economical than metal and tile. Government stringent building codes and standards have led to increasing demands for asphalt shingle market.

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A comprehensive market evaluation is included in the report. It does so by verifiable forecasts of in-depth qualitative viewpoints, historical facts, and market size. The predictions featured in the study have been derived using established research methodologies and assumptions. The research report therefore serves as a repository of analysis and knowledge on all aspects of the market, including regional markets, technologies, styles and applications.
Asphalt Shingles market Dynamics
Rising demand for advanced roofing systems

The globalization and consumers rising disposable income has led to increasing demand for high quality of products. The asphalt shingles has the properties such as waterproofing and durability which has motivated many engineers, architecture and Residential Sectorial contractor for the adoption of asphalt shingles. To improve the aesthetics in commercial and residential building is the new trend driving the market growth.

Government stringent regulation for environment sustainability and fluctuation in raw material prices
Environmental sustainability and alleviated cost of raw materials may restrain the market growth. Other factors such as water management and carbon dioxide emissions during constructions & building projects is the major challenge for construction industry. Slowdown in construction projects may reduce the demand for asphalts shingles products.

Supportive government initiatives to develop megacities

The government supportive policies for the development of smart cities have create many lucrative opportunities for the global asphalt shingles manufactures. Rising construction activities ranging from universities, libraries, schools and museums have boost the asphalt shingles products. Increasing FDI investment in building and construction industry have made a positive impact on the market growth.
Asphalt Shingles market Segment Analysis
By product type, fiberglass asphalt shingles is expected to dominate among these segment with market share of xx% in the forecast period. The growth is attributed to increasing construction activities globally.

Residential segment dominated the market in 2022, and is expected to maintain its position during the forecast period.

By Application type, the residential segment is dominant in 2022, and it is expected to keep its dominance during forecast period with a market share of xx%. The increasing FDI investment in Research & development of Residential Sector products is driving the market growth in these segment.
Asphalt Shingles market Regional Insights:
North America accounting for xx% market share in 2022, of the global market. The Asphalt Roofing Manufacturers Association (ARMA) of the asphalt roofing industry have conducted various programs and training in US for adoption of asphalt shingles on roofing. The global climatic changes has led to increasing hurricanes for instance in 2022 season yielded 18 named storms, six of which became hurricane. In US, the growth is attributed to substitute for fiberglass asphalt as a three-tab shingles and non-compliant

Asia pacific are forecasted to be the fastest growing segment during the forecast period 2023-2029

The Asia pacific are estimated to grow at a CAGR of xx%. The growth is mainly attributable to rapid pace in urbanization and renovations of airports, SEZs and IT parts in countries like India, China and Indonesia is expected to drive the market growth. Government supportive policies and increasing FDI investment in Residential Sector industry have made a positive impact on the market growth.

The objective of the report is to present a comprehensive analysis of the Global Turf Protection Chemicals Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Turf Protection Chemicals Market dynamics, structure by analyzing the market segments and project Global Turf Protection Chemicals Market Clear representation of competitive analysis of key players by price, financial position, By Detection and equipment portfolio, growth strategies, and regional presence in the Global Turf Protection Chemicals Market make the report investor’s guide.
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Asphalt Shingles Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.61 Bn.


Forecast Period 2023 to 2029 CAGR:
2.6%
Market Size in 2029:
US $ 7.92 Bn.


 Segments Covered:
by Product
Fiberglass asphalt shingles
Organic asphalt shingles


by Application
Residential Sector
Commercial Sector


by Material
Fiberglass
Organic



Asphalt Shingles Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
 Asphalt Shingles Market Key Players
1 Atlas Roofing Corporation
2 CertainTeed Corporation
3 Henry Company LLC
4 IKO Industries, Ltd.
5 Malarkey Roofing Products
6 Owens Corning
7 Polyglass U.S.A., Inc.
8 Siplast, Inc.
9 TAMKO Building Products, Inc.
10 Tarco, Inc.

Frequently Asked Questions:

1. Which region has the largest share in Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Market?
Ans: The Global Asphalt Shingles Market is growing at a CAGR of 2.6% during forecasting period 2023-2029.

3. What is scope of the market report?
Ans: Global Asphalt Shingles Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. What is the study period of this market?
Ans: The Global Asphalt Shingles Market is studied from 2022 to 2029.