Asphalt Shingles Market Analysis

Asphalt Shingles Market Analysis

Three-tab shingles segment crossed USD 450 million revenue in 2018. Increasing construction & renovation activities on account of rising disposable income, changing consumer perceptions on aesthetic qualities, and economical nature will support industry growth. Increase in consumer inclination to buy private property in India, China, and Malaysia owing to rise in nuclear families and disposable income, will influence market demand as they are a cost-effective alternative to other roofing materials.
 

High-performance laminated shingles market revenue is set to register growth rate of about 4% through 2025. These products offer premium performance characteristic and give the traditional appearance of high-quality wood as they have two layers of bonded material which gives it more durability, customization features with respect to various colours, and ornate cuts. Increasing demand for luxury residential & commercial properties such as residential villas, office, lodges, and institutes owing to rapid urbanization, and globalization will create growth opportunities.  
 

Asphalt shingles market size from commercial applications is forecast to observe 2.5% CAGR till 2025. Rising manufacturing activities in India, Thailand, and South Korea will increase the product demand for various industrial architectures spaces such as factories, logistic houses, and warehouses which is positively impacting the market growth.
 

North America, driven by Canada and the U.S. asphalt shingles market size is estimated to grow at 2% up to 2025. Growing consumer consciousness towards high quality products, and weatherability owing to harsh climatic conditions is poised to fuel the overall market. Rise in single family housing starts in U.S. is projected to have positive impact on regional market growth.
 

European market demand is predicted to surpass USD 250 million by 2025. Rising construction & renovation activities in eastern European countries such as Hungary, Slovenia, and Czech Republic owing to rapid urbanization, and increasing disposable income is boosting the market share. Asphalt shingles are compatible with modern, and classical European architectural styles such as Baroque, Tudor, and Romanesque which to augment regional market demand.
 

Asia Pacific market is slated to witness highest growth of around 8.5% with rising construction spending in residential construction and renovation activities. Increasing consumer inclination to own private residential property & business spaces such as offices, and shops will spur market expansion. Durability, availability in vertical & horizontal designs, flexibility, and clean aesthetic features compatible with various architectural forms will foster regional demand.