Stratview Research has published a new report on the Asphalt Shingles Market, segmented by Product Type (Dimensional Shingles, High-Performance Laminated Shingles, and Three-Tab Shingles), by Application Type (Residential {New Residential and Residential Re-Roofing} and Commercial [by Type {New Commercial and Commercial Re-Roofing} by Building Type {Office, Retail & Lodging, Industrial, and Institutional}]), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players.
Market Highlights
The asphalt shingles market was estimated at USD 6.63 billion in 2022 and is likely to grow at a CAGR of 3.98% during 2023-2028 to reach USD 8.39 billion in 2028.
Asphalt shingles are the types of walls or roof shingles that use asphalt for the purpose of waterproofing. The asphalt shingles market is segmented based on product type into dimensional shingles, high-performance laminated shingles, and three-tab shingles. Based on the application type, the market is segmented into residential and commercial applications.
Market Dynamics
The prime factors that are driving the asphalt shingles market are-
- The expanding application ranges.
- Technological advancements.
- A surge in demand from the Asia-Pacific region.
Segmentation –
This report studies the Asphalt Shingles Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on the product type, the market is segmented as dimensional shingles, high-performance laminated shingles, and three-tab shingles. The dimensional shingles type dominated the market in 2022 and is expected to maintain its position during the forecast period. Increasing construction activities across the globe is the prime factor driving the growth of dimensional shingles.
Based on the application type, the asphalt shingles market is segmented as residential and commercial. The residential segment is expected to remain the larger application of the market owing to rapid urbanization, increasing disposable income of consumers, and significant economic growth in the Asia-Pacific region.
In terms of regions, North America is estimated to be the largest market for asphalt shingles during the forecast period. The USA and Canada are the largest consumers of asphalt shingles in the region. Significant investment towards re-roofing and a higher penetration rate is the major factor driving the growth of the market in the region. Asia-Pacific is expected to witness the highest growth owing to a huge consumer base and significant economic development in the region. Europe, The Middle East & Africa, and Latin America are also expected to witness a healthy demand for asphalt shingles during the forecast period.
Following are the key players in the Asphalt Shingles Market:
- CertainTeed Corporation
- Owens Corning
- TAMKO Building Products Inc.
- IKO Industries Ltd.
- Atlas Roofing Corporation
- Tarco
- GAF Materials Corporation
- Malarkey Roofing Products
- PABCO Roofing Products
- Siplast Inc.
- Henry Company LLC
- Polyglass U.S.A.
- Building Products of Canada Corp.
- NBP International Inc.
- Shibam Ventures.
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