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Asphalt Shingles Market is expected to gain huge demand in North America by 2025

Author : Rahul Varpe | Published Date : 2019-10-04 

The latest report on Asphalt Shingles market collated by Global Market Insights delivers facts and numbers regarding the market size, geographical landscape and profit forecast of the Asphalt Shingles market. In addition, the report focuses on major obstacles and the latest growth plans adopted by leading companies in this business.        

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North America accounted for over 80% of the overall asphalt shingles market share. Re-roofing applications for both residential and commercial markets accounted for the largest share in asphalt shingles industry worldwide. Damage caused by wear & tear as well as hurricanes and storms have major impact on increasing demand for asphalt shingles from re-roofing application segments.

Increasing building construction activities, primarily growing single family housing starts in North America is expected to spur demand for roofing materials over the forecast period. New building construction activities in both, residential and non-residential markets, is expected to drive significant gains in asphalt shingles market growth.

Asia Pacific asphalt shingles market demand may witness significant gains at over 8.5% owing to strong growth in residential as well as commercial building construction activities in the region. Rising disposable income, growing urbanization and increasing construction spending of the consumers in the developing economies in the region including China, India, South Korea and Thailand is projected to drive the asphalt shingles demand. Asphalt Shingles Market may exceed USD 9.5 billion by 2025; according to a new research report.

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Residential building types accounted for over 85% of volume share in asphalt shingles application segment owing to growing consumer demand for high performance, low cost and aesthetically improved roofing materials. The residential re-roofing applications accounted for over USD 4.5 billion in 2018 primarily driven by widespread roofing damage due to unfavorable weather conditions such as storms and hurricanes.

Asphalt shingle recycling is convenient, economically viable and saves valuable resources from being wasted into landfills. Asphalt shingles, post end-of-life are commonly recycled into pavement, which offset requirement for new asphalt and aggregates. Growing consumer awareness related to positive environmental contribution of asphalt shingles even after end-of-life have major impact driving the product asphalt shingles market over the projected period.

Global asphalt shingles market share is highly consolidated with majority of the market players located in the U.S. offering wide range of product verities across the globe.

  • Owens Corning
  • CertainTeed Corporation
  • GAF
  • TAMKO
  • IKO

Manufacturers in Eastern Europe and Asia Pacific regions are entering the asphalt shingles market with innovative products and technology which is projected to rise competitive environment over the projected timeframe.

Related News: https://www.marketwatch.com/press-release/stationary-air-compressor-market-trends-analysis-to-2024-food-beverage-segment-to-register-a-cagr-of-3-2019-10-04

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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 online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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