Asphalt Shingles Market Insights
The Global Asphalt Shingles Market is estimated to witness a high CAGR during the forecast period. Asphalt shingles are considered the most common roofing materials which are extensively used in several construction projects globally. These roofing materials are engineered to resist high winds, impacts, and degradation caused by exposure to the natural elements. Asphalt shingles reflect heat waves in summer and reduce temperature, the need for air-conditioning by keeping the houses cool. The growth of the asphalt shingles market is anticipated to increase with the growth of the construction industry. Asphalt shingles are available in a wide array of colors and textures. These shingles are used to enhance the aesthetic appeal of homes. Rising demand for advanced roofing techniques owing to changing consumer inclination towards ecological & sustainable construction methods is driving the market for asphalt shingles during the forecast period. Rapid globalization and changing consumer perceptions towards high-quality products is expected to propel the market growth.
Asphalt Shingles Market: By Product
The global asphalt shingles market is segmented into dimensional shingles, three-tab shingles and high performance laminated shingles on the basis of product. Dimensional shingles are also known as architectural or laminated shingles or asphalt shingles with a twist. These shingles offer more protection from wind and hail and are able to withstand 120 mph winds. Dimensional shingles have a longer lifespan of 40 years compared to the single layer asphalt shingles (20 years). Three-tab shingles are the most commonly used type for installation in lower-value homes, such as rental properties, and lease properties. They can withstand strong and high winds with an intensity of up to 60 mph. High-performance laminated shingles offer premium performance characteristic and give the traditional appearance of high-quality wood. Three-tab shingles segment was expected to hold the significant market share in the global asphalt shingles market during the forecast period. The durability, economic feasibility, and performance are the major factors driving the market the asphalt singles market over the forecast period.
Asphalt Shingles Market: By Application
On the basis of application, the global asphalt shingles market can be classified into commercial and residential. The commercial segment is further divided into new commercial and commercial re-roofing. The commercial segment is expected to hold the significant market share over the forecast period owing to rising infrastructure development in the form of recreational areas, educational institutions, offices, and healthcare centers, among others. The residential segment is further divided into new residential and residential re-roofing. Growing replacement, remodeling, and renovation of existing roofs are also expected to boost the growth opportunities to the market. Increasing natural calamities are expected to drive the renovation and construction activities, thereby propelling the asphalt shingles market. Tax reform may boost residential roofing activities in U.S., thereby driving the market demand. Rising population, rapid urbanization are the major factors driving the market for asphalt shingles.
Asphalt Shingles Market: By Building Type
On the basis of application, the global asphalt shingles market can be classified into industrial, retail & lodging, offices, and institutional. Rapid urbanization and industrialization in developing countries such as China, Mexico, and Japan are expected to drive the industrial segment. Adoption of new trends like architecture, engineering, and design of hotels, shopping malls, retail shops are driving the market. The industrial segment is expected to hold a significant market share during the forecast period.
Asphalt Shingles Market: By Region
North America region dominated the global market. Increasing renovation activities of old office building in North America region is expected to drive the market over the forecast period. Growing construction of manufacturing plants, ware houses, logistics companies in major metro cities in APAC and MEA region is also propelling the market.
Asphalt Shingles: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase. The key end-users of the markets are NARISCO, Ric-Man Construction, and Damingo among others.
Asphalt Shingles: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Asphalt Shingles: Share & Competitor Analysis
Some of the key players operating in the Asphalt Shingles Market are TAMKO Building Products, Inc., Atlas Roofing Corporation, Henry Company, Siplast, Inc., Polyglass S.p.A, Malarkey Roofing, IKO Industries, Ltd., CertainTeed, Owens Corning, Tarco, Inc., PABCO, Building Products, LLC, GAF U.S., Braas Monier Building Group, IcoPal ApS, Building Products of Canada, and GCP Applied Technologies Inc among others.
In February 2019, GAF introduced non-halogen polyisocyanurate insulation, EnergyGuar NH Polyiso insulation Board
In February 2018, Pabco Roofing Products introduced a new product featuring Algae Defender
In November 2018, Malarkey Roofing Introduced Smog-reducing granules to roofing shingles