Asphalt Shingles Market Size

Asphalt Shingles Market Size

Asphalt Shingles Market size exceeded USD 7 billion in 2018 and is projected to grow at more than 3.8% CAGR through 2025.  Rising demand for advanced roofing systems owing to changing consumer inclination towards ecological & sustainable construction methods is likely to stimulate the industry growth.

The roofing material is durable in nature and offers good heat reflectivity which will fuel market demand. Stringent regulations by ASTM International to encourage the use of sustainable building materials is expected to propel product penetration.

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Rapid globalization and changing consumer perceptions towards high quality products. Supportive government initiatives to develop modern megacities, increase in residential & commercial construction activities ranging from housing, industries, schools, universities, museums, and libraries. Apart from durability & waterproofing properties, these products are used to construct decorative residential and commercial building structures with improved aesthetics.

In the U.S., over 70% of expenditures in roofing market are for the re-roofing applications in both residential as well as commercial buildings. Asphalt shingles have been used in roofing application owing to its strong weathering performance with respect to wind, snow, hailstorms, and high winds. They are widely used in hurricane prone regions owing to its competitive characteristics against metal roofing applications with respect to durability, economic feasibility, and performance which will drive the asphalt shingles market revenue.
 

Increasing demand from new residential construction activities primarily single-family housing structures in U.S. and Canada will boost the market expansion. Asphalt shingles are cost effective, easy to maintain, and highly durable. Various shingles are produced to resemble materials like redwood, cedar, southern pine, slate or tiles while providing more benefits than these other materials.
 

COVID 19 caused long-lasting lockdowns which was witnessed across the globe this factor has hampered the construction business which in turn declined the sales of asphalt shingles. Moreover, disturbance in supply chain has also reduced the imports and exports of raw materials. Asphalt shingles are mainly sold through in-store shopping or through wholesalers across the globe. Owing to COVID 19, governments were forced to imposed lockdown due to this, availability and distribution of the product became a challenge.
 

North America is the major asphalt shingles market especially owing to its high usage in US. Owing to COVID 19 US is one of the worst hit country in world this factor has impacted the sales of asphalt shingles. However, increasing online shopping among consumers impelled by lockdown is anticipated to reduce the loss of the asphalt shingles manufacturers. Online shopping may not help the consumers to touch the product themselves before buying unlike in-store shopping but at least would help to fetch the product for the construction on time.