Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 8.62 Billion | USD 12.12 Billion | 3.85% | 2023 |
The global asphalt shingles market size was worth around USD 8.62 billion in 2023 and is predicted to grow to around USD 12.12 billion by 2032 with a compound annual growth rate (CAGR) of roughly 3.85% between 2024 and 2032.
Asphalt shingles are roofing solutions or systems. An asphalt shingle roof is primarily made of asphalt shingles along with other roofing materials. Asphalt shingle roofs consist of tar, fiberglass, and asphalt granules placed on fiberglass mats. From the outside, a viewer can specifically see asphalt shingles; however, the components placed underneath are critically important. The main components of asphalt roofs include drip edge, roof decking, roof vents, ice & water shield, underlayment, pipe boots, roof flashing, and drip edge. Asphalt shingle roofing can survive a lifespan if maintained well. Practically, they can survive for 80% of the maximum lifespan guaranteed by the contractor and material providers. The market for asphalt shingles is the highest in North America due to the simple installation procedure and relatively low cost of investment. Currently, asphalt shingles are available in several shapes, sizes, and textures and they are designed to prevent repetitive patterns in the final shingle appearance. They are mainly used in areas where the temperature and weather are consistently either cool or warm since exposure to harsh and changing weather can cause serious damage. The recycling quality of waste asphalt shingles adds to the overall advantages offered by the product.
The growing demand for unique housing and roofing solutions will drive the market demand rate
The global asphalt shingles market is projected to grow due to the rising demand for unique housing and roofing solutions across the globe. Asphalt shingles have found wide acceptance in the residential sector since they are used during the construction of housing facilities. Asphalt shingle roofing is popular in several parts of the world due to the benefits associated with the material. For instance, asphalt shingles have a high return on investment (ROI) as they can survive for a long time. Additionally, as compared to other forms of construction materials such as tiles and metals, asphalt shingles cost less. In addition to this, the relatively low cost and simplicity of installing asphalt shingles make them heavily popular among end-consumers. The increasing construction of residential properties globally especially in the form of standalone houses will create extensive demand for asphalt shingles during the projection period.
Increased focus on achieving energy efficiency in buildings will generate demand for asphalt shingles
One of the primary features of asphalt shingles is delivering energy efficiency. These solutions are coated with reflective materials and are hence known to deliver exceptional energy-trapping traits. Additionally, they have reduced heat absorption quality which further improves the energy efficiency quotient of a building, especially during extremely warm weather. The global power & energy industry delivers a large portion of the overall output to the building industry. Additionally, the growing population, surging urbanization, and overall increased consumption of electricity across commercial and residential buildings, have resulted in tremendous pressure on the energy sector. Moreover, the rising uncertainty over non-renewable fuels such as petrol, coal, and diesel that are essential for power generation will further impose the use of energy-efficient building and construction materials such as the products available in the global asphalt shingles industry.
Several performance issues associated with asphalt shingles will restrict the market expansion rate
The global market for asphalt shingles is projected to be restricted due to several performance issues associated with asphalt shingles. For instance, one of the most common problems that users may face is in the form of blistering caused due to moisture being trapped in the shingles and expanding leading to surface breakage. This can cause spot creation. The survey indicates that blistering happens in high-temperature areas or seasons. In addition to this, curling is another form of performance issue and it occurs during the end of the overall lifecycle of the material. Curling can also occur due to improper installation. These factors are likely to limit the industry’s adoption rate.
Asphalt Shingles Market: Opportunities
Growing launch of new solutions in the market with enhanced features will generate extensive growth opportunities
The global asphalt shingles market is projected to generate excellent growth opportunities during the projection period driven by several factors. One of the primary ways in which the market players can reach a broader range of audience is in the form of launching new solutions that offer improved performance and cost factors. In February 2021, TAMKO Building Products, a commercial company supplying construction and building materials, announced the launch of two novel professional shingles thus encouraging significant growth in the roofing sector. The company launched the Heritage Proline™ series of Premium Architectural Shingles consisting of Heritage Proline™ series of Premium Architectural Shingles and Titan XT™. These products are meant to perform even in harsh temperatures and extreme weather conditions. In June 2023, IKO, a leading provider of waterproofing, roofing, and insulation solutions, announced its investment in the construction of a new manufacturing facility in the Florida region of the US. The construction site will be built on an investment of USD 270 million and will extend over 300,000 square feet.
Growing development of new housing solutions in emerging nations will lead to significant growth avenues
Emerging regions such as India, China, and Africa are developing nations witnessing a considerable rise in infrastructure development projects and the overall urbanization rate. These factors have led to an increased investment in the construction of affordable housing solutions. The changes in customer expectations resulting in greater demand for efficient and aesthetically pleasing houses will provide the global asphalt shingles market players more opportunities to expand in advancing nations.
Alternative roofing solutions to challenge the market expansion rate
The asphalt shingles industry is projected to be challenged due to the availability and popularity of alternative roofing solutions. Some of the most popular solutions include synthetic roofing, metal roofing, concrete tiles, green roofing, and polyvinyl chloride (PVC) roofing. Each solution offers specific benefits thus leading to segmentation in the consumer group.
The global asphalt shingles market is segmented based on end-user, product type, composition, and region.
Based on the end-user, the global market segments are commercial and residential. In 2023, the highest growth was witnessed in the residential segment. The growing use of asphalt shingles roofing solutions during the construction and remodeling of residential homes is fueling the segment expansion rate. Asphalt shingles offer excellent energy-saving properties and are relatively more affordable as compared to other roofing technologies. Moreover, asphalt shingles have a significant performance lifespan thus causing higher demand in the market. 3-tab shingles have a lifespan of 15 to 20 years.
Based on product type, the global asphalt shingles industry is divided into strip shingles, three-tab shingles, laminated asphalt shingles, architectural shingles, and luxury shingles.
Based on the composition, the global market divisions are organic and fiberglass. In 2023, the highest demand was observed in the fiberglass segment due to greater performance attributes of fiberglass-based asphalt shingles as compared to organic counterparts. The former variants offer higher dimensional stability, fire resistance, and durability. The demand for organic or fiberglass asphalt shingles is mainly influenced by regional regulations and availability of the roofing solutions. The maximum temperature range for fiberglass asphalt shingles is around 170°F to 200°F.
Report Attributes | Report Details |
---|---|
Report Name | Asphalt Shingles Market |
Market Size in 2023 | USD 8.62 Billion |
Market Forecast in 2032 | USD 12.12 Billion |
Growth Rate | CAGR of 3.85% |
Number of Pages | 226 |
Key Companies Covered | TAMKO, Owens Construction, Malarkey Roofing Products, CertainTeed, Interlock Roofing, PABCO Roofing Products, Tarco Roofing, Atlas Roofing, Matériaux de Construction BP Canada, GAF, EcoStar, Owens Corning, Tesoro Woods, IKO, BP (Building Products of Canada), and others. |
Segments Covered | By End-User, By Product Type, By Composition, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America will lead with the highest growth rate during the projection period
The global asphalt shingles market will be driven by North America. As per official estimates, more than 74% of residential homes in the US have asphalt shingles installations. In addition to this, the leading producers of asphalt shingles are located in the US region thus contributing to North America’s dominance in the global industry. In May 2024, GAF, one of the world’s most dominant players in the industry, launched a new solar shingle factory in the Texas region. The facility is spread across 450,000 square feet and will help the company increase its total output capacity by 500%. Additionally, the regional market is finding assistance from other supporting companies. In April 2023, US-based GoNano, a leading provider of state-of-the-art nanotechnology designers aiming to improve the shelf life of asphalt shingles, announced the launch of Revive. The product is a revolutionary nanoparticle-based roof protection spray that can be used for reviving old shingles. In March 2023, Atlas Roofing launched a new product in the premium Pinnacle offerings consisting of asphalt shingles. The technology-driven solution is designed to reflect the sun’s radiation thus significantly reducing heat intensity penetrating the homes.
The global asphalt shingles market is led by players like:
By End-User
By Product Type
By Composition
FrequentlyAsked Questions
Asphalt shingles are roofing solutions or systems. An asphalt shingle roof is primarily made of asphalt shingles along with other roofing materials.
The global asphalt shingles market is projected to grow due to the rising demand for unique housing and roofing solutions across the globe.
According to study, the global asphalt shingles market size was worth around USD 8.62 billion in 2023 and is predicted to grow to around USD 12.12 billion by 2032.
The CAGR value of asphalt shingles market is expected to be around 3.85% during 2024-2032.
The global asphalt shingles market will be driven by North America.
The global asphalt shingles market is led by players like TAMKO, Owens Construction, Malarkey Roofing Products, CertainTeed, Interlock Roofing, PABCO Roofing Products, Tarco Roofing, Atlas Roofing, Matériaux de Construction BP Canada, GAF, EcoStar, Owens Corning, Tesoro Woods, IKO and BP (Building Products of Canada).
The report explores crucial aspects of the asphalt shingles market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.
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