Asphalt Shingles Market Research Report, By Type (Heavy laminates, Laminates, Strip), Material (Fiberglass, and Organic), Application (New construction, Renovation/Remodeling) and Region — Global Forecast till 2023
Market Synopsis: Global Asphalt Shingles Market
The moderate growth in the construction sector has been witnessed with the increasing number of new residential building and remodeling/renovation projects owing to the rapid urbanization. This has driven the growth of the asphalt shingles market. Construction sector has always been an important indicator while studying the economic growth of any economy. Emerging trends including product and material innovation, investments, and others have a direct impact on the dynamics of the construction industry.
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Asphalt shingles, a wall or roof shingle employs asphalt for waterproofing. These are used widely as covers for roof, are cost-effective when compared to other types, and easy to install. Such advantages fuel the overall demand of such shingles in the new construction and renovation, especially in the developed markets of North America and Europe. The extreme climate conditions in these regions have led to the adoption of asphalt shingles along with the need for aesthetics in the roofing system in the construction market.
The global asphalt shingles market is expected to witness a CAGR of around 5.8%, to reach at market size of over USD 8 billion over the forecast period.
Global Asphalt Shingles Market: Regional Analysis
The global asphalt shingles have been segmented into regions of North America, Europe, Asia-pacific, and Rest of the world (RoW). North America and Europe accounted for the larger share in the overall asphalt shingles market followed by Asia-Pacific, in 2017, which will continue with its dominance by 2023. This is attributed to the adverse climate conditions in the regions of North America and Europe, along with increasing investments in R&D for advanced materials in these countries. Asia-Pacific region holds a sizeable share in the market after North America and Europe. The region has witnessed increasing number of construction projects backed by strong investment inflows in the commercial as well as residential construction in the countries such as China and India. This is expected to fuel the demand for asphalt shingles in the Asia-Pacific region in coming time.
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Global Asphalt Shingles Market: Segmentation
The global asphalt shingles market has been segmented on the basis of type, material, and Application. On the basis of type, the market has been classified into heavy laminates, laminates, and strip. Material segment is further sub-segmented into fiberglass, and organic. Application segment is classified into new construction, and renovation/remodelling.
Based on type, the market has been bifurcated into heavy laminates, laminates, and strip. Strip asphalt shingles account for the fastest growing segment. The reason is attributed to the light weight and cost-effectiveness associated with it when compared to other asphalt shingles. These are made from one layer of asphalt and have a flat appearance like a slate.
Based on material, the segment is further classified into fiberglass, and organic. The fiberglass accounted for the largest market share in 2017 and is expected to showcase similar growth pattern in the forecast period. The fiberglass material offers properties such as lighter in weight, extra fire resistance, and more durability. The fiberglass stands out to be more durable due to the core, that offer additional level of flexibility.
Based on Application, the segment is classified into new construction, and renovation/remodelling. The renovation/remodelling segment was the dominant segment in 2017. The reason is attributed to the increased spending in the residential as well commercial spaces on remodeling and repair works. This in turn has generated lot of demand for asphalt shingles in the both the residential and commercial segment.
Key players include Owens Corning (US), Certain Teed Corporation (US), IKO Industries, Ltd. (Canada), TAMKO Building Products, Inc. (US), Tarco, Inc. (US), Siplast, Inc. (US), Henry Company LLC (US), Malarkey Roofing Products (Portland), Polyglass U.S.A., Inc. (US), and Atlas Roofing Corporation (US). The global asphalt shingles market is highly competitive with many players, across the globe. The players adopted various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include new product developments in terms of advanced material, mergers, and acquisitions, along with strategic partnerships, and collaborations.
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