Asphalt Shingles Market in Canada worth over $1.85 Bn by 2027

Canada Asphalt Shingles Market size is set to surpass USD 1.85 billion by 2027; according to a new research report by Global Market Insights Inc.
 

Changing consumer inclination toward environmentally sustainable architecture, rise in residential renovation activities with respect to strength, and aesthetics will stimulate the countries asphalt shingles industry growth. Its economic nature, minimalistic, and clean features is likely to foster market demand. High rate of employment, high disposable income and increasing focus of house ownership will stimulate the market share for Canada asphalt shingles market.
 

Furthermore, increasing demand for bungalows and luxury construction primarily due to higher standard of living provides market opportunity for high performance laminated shingles in Canada. Its superior aesthetic properties & combability with different construction styles such as modern, Victorian, Georgian, and ranch styles will drive the market revenue.
 

The residential sector is expected to witness a significant growth picked-up by a single-family housing structure in Canada. The population growth, strong economic conditions, and rise in the household construction along with low mortgage rates have a positive impact on the new residential building construction industry in the country.
 

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Favorable government policies to increase availability of affordable housing to all citizens and financial incentives to fuel energy efficient retrofits in existing buildings represent excellent opportunities for Canada asphalt shingles market growth. The stringent lockdowns resulting from the COVID-19 pandemic in early 2020 led to the increasing adoption of remote work practices which will significantly boost the demand for residential properties in the suburbs of major cities, which is spurring the demand for asphalt shingles in the short to medium term.
 

Increasing government investment in construction sector to augment demand in commercial application

Canada asphalt shingles market from commercial segment is projected to gain traction with the CAGR of around 3% through 2027. Asphalt shingles are well-suited for commercial roofing applications pertaining to their ability to cover large areas with relative ease and low maintenance requirements.
 

The development of multiple high-value projects in Montreal resulted in a 2.6% rise in investment in Quebec province to USD 315 million in March 2021. Major investments in the commercial construction sector in the province include secondary school renovations in Montreal and the construction of a new elementary school is also attributing towards the market statistics. 
 

Additionally, the increasing renovation trends across the Canadian provinces on account of change in climatic conditions, changing perception toward sustainability, and ecological construction methods will foster the market growth form commercial re-roofing segment. Its ability to withstand extreme temperatures, wind resistance, and economic nature will boost the market share.
 

Moreover, increasing number of manufacturing facilities in Canada is set to propel product demand. Rapid growth in e-commerce industry has resulted in surging demand for storage, which has resulted in increasing the number of warehouses in the country. The increasing demand for high-quality products owing to the rising consumer consciousness toward high-quality products will foster the market growth. 
 

Browse key industry insights spread across 390 pages with 501 market data tables and 32 figures & charts from the report, “Canada Asphalt Shingles Market Size By Product (Dimensional Shingles, High Performance Laminated Shingles, Three-Tab Shingles), By Application (Residential {New-residential, Residential Re-roofing}, Commercial {New Commercial, Commercial Re-Roofing}), Commercial By Building Type (Office, Retail & Lodging, Industrial, Institutional), Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/canada-asphalt-shingles-market
 

Rising demand for living spaces and modernization with high quality of product creates lucrative growth opportunities for high performance laminated shingles

High performance laminated shingles segment is anticipated to observe exponential growth with above 5 % CAGR through 2027. The rising demand for living spaces and modernization with respect to durability, ability to withstand external & alternating environmental triggers, such as snow, hailstorm, heavy wind, heatstroke, and contamination due to biological attackers such as algae, will enhance the market growth. Changing consumer inclination toward high-quality products is further fuel the segment demand.
 

“As per industry forecast high-performance laminated shingles market segment is stipulated to surpass USD 155 Mn by 2027, as high-performance laminated shingles are coated with fire-resistant granules which primarily use multiple layers of fiberglass and have a stronger base.”
 

Quebec asphalt shingles market is gaining traction led by growing sales of residential properties during the COVID-19 pandemic

Quebec market is forecast to exceed USD 430 million by 2027 driven by increasing sales across all residential properties. The Montreal metropolitan Area witnessed a tremendous increase in residential sales from July 2020, resulting in November sales being greater by 32%. The province has witnessed substantial demand for single-family homes while that for rental units and condominiums was not adversely affected by the pandemic.
 

Favorable government policies to bolster construction sector in Quebec to generate employment and boost economy is projected to offer market opportunities for companies. However, growth in residential construction in the region primarily impelled by steady economic growth and growing population is influencing the demand.
 

Key players in Canada asphalt shingles market are continuously engaged in several activities such as research development, mergers, and acquisitions. Asphalt shingles has wider acceptance from application segments including both residential, commercial, such as offices, industries and institutional buildings and operated by several major market players thereby increasing competitive pressure.
 

Some of the key industry players are Tamko Building Products, GAF Materials, Malarkey Roofing Products, PABCO Building Products LLC, Siplast Inc, Henry Company, Polyglass USA, NBP International, and others.