Rapid urbanization combined with growing inclination of builders towards advanced, high quality roofing systems will drive asphalt shingles market expansion across the global construction sector. The industry has apparently witnessed an upsurge in deployment of asphalt shingles, attributed to several benefits of the material including strength, durability, heat reflectivity, and waterproofing properties. Stringent protocols by regulatory bodies such as ASTM International to encourage the use of ecological and sustainable construction materials is expected to fuel product demand.
U.S. Asphalt Shingles Market Size, By Product, 2018 & 2025, (Million Square Meters)
Asphalt shingles are being widely used to build decorative residential as well as commercial architectural structures featuring enhanced aesthetic elements. Moreover, the product finds extensive application in roofing systems throughout hurricane prone zones owing to its robust weather enduring capability and is known to withstand strong winds, snowfall, and hailstorms. Growing customer awareness paired with predictable climatic conditions in various regions will positively influence global asphalt shingles industry size.
Apart from excellent durability and robustness, asphalt shingles are cost-effective systems that require very little maintenance. In addition, these products are being manufactured to resemble conventional and expensive materials like cedar, southern pine, redwood, slate or tiles while offering additional benefits. Consumers have a variety of options to pick from since asphalt shingles come in different colors, shapes, materials, and thickness. Their compatibility with diverse architectural designs, customizable nature and ability to be blended with artistic aspects to provide a minimalistic appearance will endorse asphalt shingles market share worldwide.
Over half of the world population now resides in urban areas and according to UNESCO, global urbanization has accelerated rapidly over the past 40 years. The urban population around the world is now rising at a rate of 60 million people per year, which is about three times the increase in the rural population. Reportedly, the tally of cities with 10 million or more residents seems to be increasing briskly. Undoubtedly, growing urbanization will lead to the proliferation of construction sector, in turn fueling asphalt shingles industry trends over the forecast period.
A key factor driving the consumption of building materials is globalization, which has created a substantial impact on communities, with people and ideas influencing construction techniques worldwide. Constantly rising purchasing power of consumers have allowed to opt for modern and varied type of building designs for their private residencies, allowing the penetration of asphalt shingles that can be obtained in desired colors. The capability to provide different aesthetic and functional properties to distinct parts of a building will certainly catapult asphalt shingles market outlook in the near future.
High-performance laminated asphalt shingles have been become one of the most widely used roofing solutions in recent times. Depending upon the installation and choice of shingles, most of the high-performance laminated shingles have a lifespan of more than three decades. These are available in a variety of colors and designs to complement any structure, which makes it a popular choice amongst people and for vast residential complexes. Moreover, these shingles are about 75% less expensive as compared to actual wood shakes, which will further expand the asphalt shingles market forecast.
Demand for roofing shingles in the U.S. will escalate gradually, spurred by the rise in expenditure on residential building construction. Rising housing starts, especially in terms of single-family houses, will boost the demand for asphalt shingles as builders and constructors choose these products due to their affordable prices and ease of installation.
U.S. population is projected to reach over 345 million by 2025, a nearly 5% increase from 2018 numbers. The residential re-roofing sector will also witness an upsurge in demands for the product as residents will look to replace older worn out roofs along with other important structural components.
Asphalt shingles market from commercial applications can be expected to register considerable gains on account of the growing manufacturing activities in the Asia-Pacific belt, creating higher demand for the material. These is accelerating development of a variety of industrial infrastructure properties such as logistic houses, factories and warehouses in the region. Increasing construction and renovation remodeling activities for old houses in European countries, attributed to rapid urbanization and rising disposable income, will bring in added revenues.
Owing to considerable increase in residential and industrial construction activities using reliable, cost-effective materials, demand for asphalt shingles is expected to rise notably over the projected period. Industry players are coming up with new and innovative roofing systems to expand their portfolio and ready themselves for probable green building regulations in the future. Reports estimate that global asphalt shingles market will reach annual revenues of over USD 9.5 billion by 2025.