Canada Asphalt Shingles Market Analysis

Canada Asphalt Shingles Market Analysis

Dimensional asphalt shingles market in Canada is projected to reach USD 1,240 million by 2027 owing to growing demand for roofing materials in luxury homes that resemble cedar shingles with the performance of asphalt. These products are relatively stylish as compared to their counterpart products with an enhanced aesthetic appeal. Rising efforts of the shingle manufacturers to offer range of dimensional shingle designs in various styles such as Victorian, dramatic and rugged offers ample growth opportunities. These products offer an attractive three-dimensional look on account of the presence of two layers of bonded shingle material with random notches.
 

Furthermore, the market for dimensional shingles will increase due to the rise in construction and renovation activities led by high disposable income, rising spending power, and changing consumer perception toward ecological construction methods, and sustainable construction activities. Rising investment of consumers in private properties and luxurious houses is poised to drive dimensional shingles market in the country.
 

Rising investment of consumers on private properties and luxurious houses is likely to enhance dimensional shingles market from residential segment with around 3.5% CAGR through 2027. Favorable macroeconomic circumstances are boosting property values, in turn, increasing the demand for residential properties, thus increasing the demand for asphalt shingles. In April 2021, The Federal government of Canada announced USD 1.5 billion plan to boost green building in the country.
 

These initiatives by the government are propelling asphalt shingles market growth in Canada. Furthermore, high disposable income of the consumers will boost the market share for residential roofing shingles impelled by its clean features, ability to withstand extreme temperatures, and combability with different types of architectural roofing designs will augment market share.
 

Asphalt roofing shingles help enhance the longevity of various building structures, enhance their aesthetic appeal and offer protection from adverse weather conditions which should stimulate product adoption in the region. The coronavirus outbreak affected the market moderately with accelerated housing demand registered in the period primarily fuelled by substantial cuts in mortgage rates. Individuals with mid-range and higher incomes were relatively unaffected by the pandemic impelled by rapid recovery in incomes and remote work opportunities.
 

Three-tab shingles market in Canada surpassed around USD 90 million in 2020. The rising residential and commercial construction activities in Canada will spur the market for 3-Tab asphalt shingles propelled by their economical nature as they are cost effective than laminated and dimensional shingles. They are preferred among residential rental properties & low-value homes, thus fostering the market growth. Moreover, rising trend of green and sustainable roofing for construction is spurring the demand for 3-Tab shingles.
 

Rising inclination among consumers to design and own private property will support the market for asphalt shingles from new residential application. The government of Canada offers homeownership incentives, tax credits and other benefits to encourage customers to buy own properties and houses the rising demand for high-quality products and growing consumer consciousness and environmental degradation is also fuelling demand. Declining home prices particularly in Western Canada until the onset of the coronavirus pandemic significantly boosted the affordability of housing units.
 

Canada asphalt shingles market from commercial re-roofing building application is estimated to witness over USD 350 million by 2027. Increasing government subsidies allowing consumers to meet their upfront costs arising from green constructions, and the availability of construction guidelines for sustainable building construction should boost the energy efficient home sector and trigger the demand for asphalt shingles from building type of application.
 

Increasing awareness regarding climate change has influenced regulators and builders to reduce the carbon footprint of industrial and commercial construction. Office buildings in the country account for 18% of the domestic electricity consumption and residential buildings comprise 33%, which indicates ample opportunities for energy savings. LEED (Leadership in Energy and Environmental Design) is among the most widely adopted rating systems for green buildings globally. As of March 2020, Canada registered about 635 LEED-registered multi-family residential projects, which is an indicator of ample product demand.
 

Canada asphalt shingles market size form Ontario provincial to exceed above USD 780 million by 2027 driven by high saving rates, low mortgage rates, uneven & persistent impact of the coronavirus pandemic which has boosted the demand for expensive residential properties. While the stringent lockdowns and competition between home buyers boosted home prices from 2020 onwards, the growing likelihood of price decline in 2022. The sales of housing units in Ontario were more than 225,000 units in 2020 which represents healthy growth potential for asphalt shingles.
 

The steady growth of Ontario’s roofing industry led by efforts by contractors to combine conventional materials with alternatives, steady business activity and ongoing condominium construction projects in urban centers.