Asphalt Shingles Market | Business Scope for the Forecast period 2025
Category: #business  By Rahul Varpe  Date: 2020-10-14
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Asphalt Shingles Market | Business Scope for the Forecast period 2025

The recent years have witnessed stakeholders continuing to infuse investments in asphalt shingles market as manufacturers prefer these products on account of their low cost, affordability, ease of installation, and reliability. Burgeoning building construction activities primarily in residential and non-residential sectors have had positive influence on the industry outlook.

Notably, recycled asphalt has become a prominent selling point with suppliers looking to cash in on the myriad upsides of asphalt shingles roofing. Recycled shingles are being used in pothole patch, asphalt pavement, bridges utility cuts, new roofing, cold patch for driveways, parking lots and bridges, among several others.

Re-roofing application is poised to account for lion’s share in asphalt shingles market against the backdrop of surged demand from both residential and commercial sectors. Havoc wrecked by hurricanes and other natural disasters, along with wear & tear has signified the importance of asphalt shingles. Moreover, re-roofing is said to derail the growth of microbe and fungi and withstand the repercussions of UV light, rain and snow. Nonetheless, residential re-roofing application was pegged at over US$ 4.5 billion in 2018.

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Report predicts asphalt shingles market size to surpass US$ 9.5 billion by 2025.

While high performance laminated shingles and three-tab shingles will continue to attract investors, trend for dimensional shingles is geared to bolster asphalt shingles market revenue in the ensuing period. Dimensional shingles, also known as laminated shingles or architectural shingles, are aptly armored against moisture and embellishes the aesthetic value of the roof.

Durability and easy availability of dimensional shingles are testimony to the fact that they have become the go-to-shingles for higher end housing. Indeed, dimensional asphalt shingles roofing materials in North America registered more than 65% revenue share in 2018.

Residential building application will be a primary revenue generating source for manufacturers of asphalt shingle roofing. Some of the upsides such as low cost, high performance and aesthetically pleasing roofing materials have substantiated asphalt shingles volume shares of over 85% stemming from residential building types. Environmentally friendly attributes of asphalt post end-of-life have made asphalt roofing shingles highly sought-after among end users.

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North America asphalt shingles market is likely to reign supreme in the industry landscape as the region is slated to witness increased demand for re-roofing and advance products such as dimensional shingles and high performance laminated shingles. Industry sources allude hostile weathers and rising construction activities to play a catalyst role in boosting demand for asphalt shingle roof in the region. North America asphalt shingles market share was pegged at over 80% and the region is likely to rule the roost in the next half a decade.

Unprecedented construction activities in residential and commercial spaces in emerging economies such as India and China have triggered demand for asphalt shingle roofing in APAC. Traction for asphalt shingles in China, South Korea, Thailand, and India has risen substantially, reflecting in the projected growth rate of APAC asphalt shingles accounting for over 8.5% through 2025.

Asphalt shingles market exhibits a commercial structure where companies such as GAF, Owens Corning, TAMKO, Certain Teed Corporation and IKO, among others seemingly control large market share. Accordingly, asphalt shingles market is highly consolidated with leading players located in the U.S. Meanwhile, stakeholders are expected to make inroads in Asia Pacific and Eastern Europe with roll outs of innovative products underpinned by advanced technology.

 

 

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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