Asphalt Shingles Market Growth Analysis | 2023-2028

Market Insights

The asphalt shingles market was estimated at USD 6.63 billion in 2022 and is likely to grow at a CAGR of 3.98% during 2023-2028 to reach USD 8.39 billion in 2028.

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Market Dynamics

Introduction

Asphalt shingles are the types of walls or roof shingles that use asphalt for the purpose of waterproofing. The asphalt shingles market is segmented based on product type into dimensional shingles, high-performance laminated shingles, and three-tab shingles. Based on the application type, the market is segmented into residential and commercial applications.

Market Drivers

The major factors driving the growth of the asphalt shingles market are:

• The expanding application ranges.
• Technological advancements.
• A surge in demand from the Asia-Pacific region.

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Key Players

Some of the major suppliers of asphalt shingles are:

• CertainTeed Corporation
• Owens Corning
• TAMKO Building Products Inc.
• IKO Industries Ltd.
• Atlas Roofing Corporation
• Tarco
• GAF Materials Corporation
• Malarkey Roofing Products
• PABCO Roofing Products
• Siplast Inc.
• Henry Company LLC
• Polyglass U.S.A.
• Building Products of Canada Corp.
• NBP International Inc.
• Shibam Ventures.

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Product Type

Based on the product type, the market is segmented as dimensional shingles, high-performance laminated shingles, and three-tab shingles. The dimensional shingles type dominated the market in 2022 and is expected to maintain its position during the forecast period. Increasing construction activities across the globe is the prime factor driving the growth of dimensional shingles.

By Application Type

Based on the application type, the asphalt shingles market is segmented as residential and commercial. The residential segment is expected to remain the largest application of the market owing to rapid urbanization, increasing disposable income of consumers, and significant economic growth in the Asia-Pacific region.

Regional Insights

In terms of regions, North America is estimated to be the largest market for asphalt shingles during the forecast period. The USA and Canada are the largest consumers of asphalt shingles in the region. Significant investment towards re-roofing and a higher penetration rate is the major factors driving the growth of the market in the region. Asia-Pacific is expected to witness the highest growth owing to a huge consumer base and significant economic development in the region. Europe, the Middle East & Africa, and Latin America are also expected to witness a healthy demand for asphalt shingles during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects asphalt shingles market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The asphalt shingles market is segmented into the following categories:

By Product Type

• Dimensional Shingles
• High-Performance Laminated Shingles
• Three-Tab Shingles

By Application Type

• Residential
• Commercial

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].