Asphalt Shingles Market Report

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.

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.

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.

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.