Global Asphalt Shingles Market to Surpass 8551.14 Million by 2030 Driven by Increasing Demand for Cost-Effective Roofing Solutions
SkyQuest projects that the global asphalt shingles market will attain a value of USD 8551.14 million by 2030, with a CAGR of 2.9% during the forecast period (2023-2030). The global asphalt shingles market is a thriving and pivotal sector within the broader construction industry, fueled by an ever-increasing global demand for efficient and cost-effective roofing solutions. Asphalt shingles, crafted from a composite blend of asphalt and fiberglass, present a compelling package of attributes.
Westford USA, Feb. 12, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the fundamental purpose of the global asphalt shingles market is to address the escalating demand for roofing materials that offer both durability and longevity while withstanding diverse and often harsh weather conditions. Asphalt shingles fulfill this crucial role by providing outstanding protection against rain, wind, and UV radiation.
Browse in-depth TOC on the “Asphalt Shingles Market”
- Pages – 157
- Tables – 89
- Figures – 76
The global asphalt shingles market is experiencing a significant boost due to the rapid urbanization and infrastructure development witnessed in emerging economies. This surge in construction activities has led to a substantial demand for new residential and commercial buildings, creating a conducive environment for market growth.
Prominent Players in Global Asphalt Shingles Market
- Owens Corning
- GAF
- CertainTeed Corporation
- IKO Industries Ltd.
- TAMKO Building Products, Inc.
- Atlas Roofing Corporation
- Malarkey Roofing Products
- PABCO Roofing Products
- Siplast
- BP Roofing
- Monier Group
- Braas Monier Building Group
- Carlisle Companies Inc.
- Firestone Building Products
- Soprema Group
- Wienerberger AG
- BMI Group
- Sika AG
- Saint-Gobain
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Residential Segment to Dominate Market due to Increase in Foreign Direct Investment
Residential segment has firmly established its dominance in the global asphalt shingles market, and is anticipated to continue throughout the forecast period. This enduring supremacy can be attributed to several factors, with one of the key drivers being the notable increase in Foreign Direct Investment (FDI) allocated to research and development initiatives within the residential sector.
The market in North America has firmly established its dominance in the global asphalt shingles market, holding a significant market share, primarily driven by the robust demand for asphalt shingles within the residential construction sector. The continent’s preference for asphalt shingles as a roofing material is a testament to their durability, weather resistance, and aesthetic appeal.
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Architectural Shingles Segment to Witness Significant Growth due to Heightened Durability
Architectural shingles stand out as the largest and most prominent global asphalt shingles market segment. These shingles have gained significant traction and preference among homeowners and builders due to their exceptional attributes. Architectural shingles are prized for their heightened durability, which allows them to withstand harsh weather conditions effectively and maintain their structural integrity over an extended lifespan.
Regional market in Asia Pacific is rapidly emerging as the fastest-growing sector within the global asphalt shingles market. This notable growth can be attributed to factors such as the rapid urbanization process in many regional countries.
A comprehensive analysis of the major players in the global Asphalt Shingles market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Global Asphalt Shingles Market
- In 2023, GAF Materials Corporation made a significant announcement, unveiling a new line of asphalt shingles specifically engineered to enhance energy efficiency. These innovative shingles incorporate a specialized coating designed to reflect heat, a feature that holds the potential to reduce energy costs for homeowners and businesses alike substantially. This development aligns with the growing global focus on sustainable and eco-friendly construction solutions, positioning GAF as a key player in addressing the demand for energy-efficient roofing materials.
- In 2023, Owens Corning took a strategic step by announcing the establishment of a new manufacturing plant in Mexico. This state-of-the-art facility will be dedicated to producing asphalt shingles, catering to the burgeoning demand within the market.
Key Questions Answered in the Global Asphalt Shingles Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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