Developing
Residential Building Activity Will Spur More Demand for Asphalt Shingles
ASTM International's stringent
regulations to encourage the use of sustainable building materials are
projected to increase asphalt shingles adoption significantly. The construction
industry has seen modest growth as a result of rising urbanisation, with an
increase in the number of new residential structures and remodelling/renovation
projects. This has fostered the growth of the asphalt shingle industry. The
rise in residential roofing across the global market is propelling the asphalt
shingles market, owing to a preference for environmentally friendly and
long-lasting building techniques. When compared to similar products such as
cedar, redwood slate, southern oak, and tiles, asphalt shingles are more
durable, waterproof, cost-effective, easy to maintain, and weather resistant. The
current construction value is roughly US$ 125 Bn, according to the BC
Construction Association (BCCA), and has risen by 11% as of November 2021. As a
result of innovation and advanced technology permitting easy installation, the
surge in building activity will raise demand for asphalt shingles throughout
the forecast period.
Cost-effectiveness
and Simple Replacing Capabilities Sustaining the Application of Asphalt
Shingles
The global construction sector's
expansion is proving to be the primary element driving the global asphalt
shingles market's growth. The Asia Pacific region is expected to have a rise in
construction investment over the forecast period due to increased
urbanization. Asphalt shingles are increasingly being used in conjunction with
other components including leak barriers, ventilation, and breathable membranes
to help prevent water absorption and ice damming from snow. As a
consequence, the considerable increase in the durability and weather resistance
performance of asphalt shingles is expected to contribute significantly to
their increasing utilisation and, as a result, boost the market during the
forecast period. These items offer higher performance qualities and the
traditional look of high-quality wood because they comprise two layers of
bonded material that provide increased durability, customizable options in
terms of different colours, and elaborate cutting. Because of increasing
urbanisation and globalisation, there will be a surge in demand for luxury
residential and commercial structures such as residential villas, offices,
lodges, and institutes, creating prospects for growth.
According to the Asphalt Roofing
Manufacturers Association ARMA, the growth of Fiberglass in 2021 will be 10%
higher than in 2020. As a result of the rise in the roofing sector throughout
the forecast period, there will be an increase in the production of raw
materials for asphalt shingles.
Increasing Utilisation of Environmentally-Friendly
Materials for Roofing for Residential and Commercial Properties
The global asphalt shingles
market is anticipated to grow at a rapid pace throughout the forecast period
due to factors such as rising demand for roofing materials at reasonable
prices, eco-friendly characteristics, and visually pleasing designs. The
development of high-performance laminated asphalt shingles, as well as the
rising acceptance of eco-friendly materials for commercial and residential
infrastructure roofing, are likely to drive the target market's expansion
throughout the forecast period. Asphalt shingles give both aesthetic appeal and
protection at a low cost. Furthermore, they are inexpensive, lightweight,
simple to install, and simple to replace when damaged. Demand for asphalt
shingles is likely to increase in the near future as spending on residential
building and renovation increases. The outbreak of many severe weather events
in the United States increased demand for asphalt shingles, resulting in
significant demand for re-roofing. However, the availability of alternative
goods such as clay tiles, metal, slate, and cedar shake may restrict demand for
asphalt products and limit the target market's growth throughout the forecast
period.
Asphalt Shingles Market Segmentation
The global asphalt shingles
market is segmented on the basis of product type, composition and end-users.
On the basis of Product Type:
·
Heavy Laminates
·
Laminates
·
Strip
On the basis
of Composition:
·
Fiberglass Asphalt Shingles
·
Organic Asphalt Shingles
On the basis
of End-Users:
·
New Construction
·
Re-roofing
Negative Influence
of COVID-19 on Asphalt Shingle Market
Prolonged lockdowns brought on by
COVID 19 were observed all around the world; as a result, the building industry
has been affected and asphalt shingle sales have fallen. Moreover, the imports
and exports of raw materials have decreased as a result of supply chain
disruption. Globally, wholesalers or in-store sales are the major ways that
asphalt shingles are distributed. Governments were obliged to implement a lockdown
as a result of COVID 19, which made the product difficult to obtain and
distribute. Due in large part to its extensive use in the US, North America is
the largest market for asphalt shingles. However, it is predicted that
consumers who are motivated to spend more online as a result of the lockdown
would lessen the loss to the producers of asphalt shingles. While unlike
in-store purchasing, online shopping does not let customers to physically touch
the object before making a purchase, it does enable timely delivery of the
product for building.
FOAMULAR NGX is a new product
range from Owens Corning (Next Generation Extruded). The patented blowing agent
in this new range of extruded polystyrene (XPS) foam products reduces global
warming potential (GWP) by 90% while maintaining product performance.
IKO announced that it has reached
a contract with the SMAC group to acquire the waterproofing membrane business
of Axter. The acquisition of AXTER's waterproofing membrane sector will
strengthen its already dominant position in the European waterproofing and
insulation market.
Saint-Gobain reported that
Continental Building Products received shareholder approval to be purchased by
Saint-Gobain and that the Hart-Scott-Rodino Act waiting period had elapsed,
meeting the regulatory approval conditions under the merger agreement.
The global asphalt shingles market is concentrated, with key
industry participants like as CertainTeed Corporation, Owens Corning, GAF
Materials, Henry Company, Polyglass U.S.A., Tarco, IKO Industries, Atlas
Roofing Corporation, PABCO Roofing Products, NBP International, and Shibam
Ventures.
North America Harsh
Climatic Conditions Is Expected to Propel the Market
North America is the largest
asphalt shingle market, owing to its widespread use in the United States. Growing
consumer awareness of high-quality products and weatherability as a consequence
of harsh climatic conditions is expected to propel the entire industry. The
increase in single-family housing starts in the United States is expected to
have a beneficial influence on regional market growth. The Asphalt Roofing
Manufacturers Association (ARMA) provides building and code officials with
current asphalt roofing materials (fibreglass and organic) and practises. The
asphalt roofing industry is committed to collaborating with regulatory agencies
and affiliated trade groups to make progress. ARMA is delighted to have a role
in promoting asphalt roofing in the building industry. As a result, growth in
the construction industry and demand for asphalt shingles are expected in the
North American market.
Rising building and renovation
operations in eastern European nations such as Hungary, Slovenia, and the Czech
Republic are expanding market share due to fast urbanisation and rising
disposable income. Asphalt shingles are suitable with both modern and
traditional European architectural styles such as Baroque, Tudor, and
Romanesque, which might help to boost regional market demand.
With increased construction
spending in residential building and renovation activities, the Asia Pacific
market is expected to grow at the fastest rate. The growing consumer demand to
own private residential property as well as business spaces such as offices and
shops will drive market growth. Durability, availability in vertical and
horizontal designs, adaptability, and clean aesthetic elements that are
suitable with a wide range of architectural forms will drive regional demand.
The report provides a detailed
overview of the asphalt shingles market insights in regions including North
America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and
Africa. The country-specific assessment for asphalt shingles market has been
offered for all regional market share, along with forecasts, market scope
estimates, price point assessment, and impact analysis of prominent countries
and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates
are also incorporated for every country and region, to provide a detailed view
of the asphalt shingles market. These Y-o-Y projections on regional and
country-level markets brighten the political, economic and business environment
outlook, which are anticipated to have a substantial impact on the growth of
the asphalt shingles market. Some key country and region included in the asphalt
shingles market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Asphalt Shingles Market Research Report
Covers In-depth Analysis on:
·
Asphalt shingles market segments
·
Asphalt shingles market dynamics
·
Asphalt shingles market value and share analysis
·
Recent trends, restraints, opportunities in asphalt
shingles market
·
Companies & competition involved asphalt
shingles market
·
Latest technologies in asphalt shingles market
·
Supply chain and value chain asphalt shingles
market
·
Asphalt shingles market sales and distribution
strategies
Asphalt Shingles Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Asphalt shingles industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on asphalt shingles market forecast
by countries
·
Essential information to enhance market position
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