Asphalt Shingle Market Outlook from 2024 to 2034

The worldwide asphalt shingle market size reached USD 8626.5 million in 2023. Over the forecast period, the value is anticipated to rise at 3.8% CAGR. The industry is predicted to increase from USD 9187.2 million in 2024 to USD 13340.1 million in 2034.

The asphalt shingle market is a vital part of the global construction industry, with significant growth in recent years. This growth is attributed to technological advancements, changing consumer preferences, and a rising focus on sustainability. Asphalt shingles are renowned for high durability, cost-effectiveness, and low installation and maintenance costs, making these popular among budget-conscious consumers and property developers.

Attributes Description
Estimated Global Asphalt Shingle Market Size (2024E) USD 9187.2 million
Projected Global Asphalt Shingle Market Value (2034F) USD 13340.1 million
Value-based CAGR (2024 to 2034) 3.8%

Asphalt shingles are expected to experience growth in emerging countries, particularly in the residential and non-residential sectors, due to improved fire and wind resistance, low cost, and various textures and colors. The development of high-durability and strong shingles, as well as modern roofing systems with fire resistance and leak barriers, is also fueling growth.

The asphalt shingle sector is experiencing a surge in demand for eco-friendly roofing solutions due to growing environmental awareness. Manufacturers are incorporating recycled materials into their production processes and offering energy-efficient designs to reduce heating and cooling costs.

Technological advancements have also driven innovation, with manufacturers developing advanced manufacturing techniques and coatings to improve durability, energy efficiency, and ease of installation.

The growth is also driven by evolving consumer preferences and architectural trends. For instance, Henry Company, headquartered in the United States, introduced Henry® 812 RoofSaver™ Clear Sealer, a cost-effective shingle replacement solution that extends shingles' lifespan and minimizes granule loss.

Modern homeowners and architects are drawn to the wide range of colors, styles, and textures available in asphalt shingles, allowing for greater design flexibility. Contemporary architectural styles, such as minimalist and industrial designs, have also sparked demand for sleek and versatile roofing materials. The market continues to thrive due to high durability, cost-effectiveness, sustainability, and technological advancements.

Key companies are focusing on advanced product development techniques, customer understanding, and a well-established production process to gain a competitive advantage. Leading companies are also expected to enhance presence through a comprehensive product portfolio and quality service provision.

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Key Industry Highlights

Growth Factors Influencing the Asphalt Shingle Market

Integration of technology into shingle manufacturing and installation processes is becoming more prevalent. This includes the use of advanced materials, coatings, and manufacturing techniques to improve product performance and longevity.

Technologies such as drones and satellite imaging are being utilized for roof inspections and measurements, improving accuracy and efficiency. Digitalization of sales and marketing channels is reshaping how asphalt shingles are marketed and sold. Manufacturers are increasingly leveraging online platforms and digital tools to reach consumers, provide product information, and facilitate purchases.

Growing Demand for Environmentally Friendly Roofing Materials

Demand for eco-friendly roofing materials is increasing, prompting manufacturers to innovate with higher recycled content, enhanced energy efficiency, and sustainable manufacturing processes.

Investing in research and development to create eco-friendly shingles is set to help companies differentiate themselves in the market and attract environmentally conscious consumers. Continuous innovation in product design, performance, and aesthetics presents opportunities for manufacturers to differentiate their shingles from competitors.

Collaborating with Stakeholders to Bolster Sales

Rising demand for roofing materials, including asphalt shingles, presents opportunities for manufacturers to develop a presence in international markets. Industry research investment, partnering with local distributors, and product customization aid companies in entering and escalating within new markets effectively.

Manufacturers are expected to grow reach and influence by collaborating with other stakeholders in the construction industry, including homebuilders, architects, and contractors. Strategic partnerships for innovative roofing solutions, joint marketing, and industry professional training are set to enhance brand presence and boost sales.

Labor Shortages and Installation Challenges to Impede Growth

Asphalt shingle production relies on raw materials like asphalt, fiberglass, and mineral granules, which are set to be volatile due to factors like oil prices, supply chain disruptions, and geopolitical tensions.

Price increases are projected to squeeze profit margins for manufacturers, affecting competitiveness and affordability. Labor shortages and construction industry challenges are set to cause delays, higher costs, and improper installation practices, compromising the performance and longevity of asphalt shingle roofs.

2019 to 2023 Global Asphalt Shingle Sales Analysis Compared to Demand Forecast for 2024 to 2034

The asphalt shingle sector grew at a CAGR of 2.5% from 2019 and 2023. The market reached USD 8626.5 million in 2023. The industry has evolved, with the transition from organic to fiberglass-based shingles during 2019 and 2023.

Fiberglass shingles offer greater durability, fire resistance, and dimensional stability, leading to their widespread adoption. Manufacturers have introduced various innovations to improve weather resistance, aesthetics, and energy efficiency features to meet evolving consumer demands and regulatory requirements.

Economic conditions, environmental awareness, and regulatory changes impacted demand, with recessions causing decline and growth periods increasing sales. Environmental awareness has led to a shift towards more sustainable roofing materials, with manufacturers developing products that meet or exceed energy efficiency and environmental standards.

Market consolidation has led to increased competition and innovation, with larger manufacturers acquiring smaller competitors. Consumer preferences for aesthetics and customization have led to manufacturers growing product lines to include a wide range of colors, textures, and architectural styles.

Technological advancements in manufacturing have allowed manufacturers to improve product quality, consistency, and efficiency, with computerized production processes enabling greater customization of shingle designs. By 2034, the industry is projected to surge at 3.8% CAGR. The industry is predicted to reach a value of USD 13340.1 million in 2034.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Market Concentration

Key tier 1 companies are experiencing growth due to industrialization, infrastructure development, and construction activities. Demand for sustainable solutions and high-quality raw materials fuels innovation and product development. Emerging sectors, particularly Asia-Pacific and Latin America, offer future opportunities.

Partnerships, acquisitions, and strategic alliances enable companies to grow their reach and enhance their competitive edge in the evolving landscape. Prominent companies within Tier 1 include GAF Materials Corporation, CertainTeed (Saint-Gobain), Owens Corning, Atlas Roofing Corporation, and IKO Industries Ltd.

Tier 2 companies are experiencing growth due to niche expertise, specialized product offerings, and agility in responding to demands. They focus on specific applications or regional sectors, gaining a competitive advantage.

Key trends fueling growth include sustainable solutions, technological innovations, and diversification in industries like cosmetics and pharmaceuticals. Prominent companies in Tier 2 include TAMKO Building Products LLC, Malarkey Roofing Products, BP Canada (Building Products of Canada Corp.), PABCO Roofing Products, and Henry Company.

Tier 3 companies are experiencing growth due to their niche sector specialization, agility, and cost-effective solutions, but require more resources, regulatory compliance, regional development, and strategic partnerships for future growth. Tier 3 companies, including Polyglass USA, Inc., Tarco Roofing, IKO Southeast, IKO Midwest, and Bitumar Inc.

Comparative Market Overview

The sector is likely to be impacted by the peer or tangential markets in the chemical and materials division. These include other types of sectors, such as the europium and the chloromethane industry. Analysis of these related industries can provide deep insights that may help develop unique differentiating strategies to pursue growth and opportunity in the sector.

Europium Industry Assessment:

The europium industry is likely to be impacted by environmental concerns and regulations related to rare earth mining and processing.

Efforts to reduce environmental impact are set to change production practices and supply dynamics. Technological innovations in materials science, chemistry, and engineering lead to new applications and manufacturing processes, potentially driving future growth and development.

Attributes Description
Related Market Europium Market
CAGR (2024 to 2034) 5.4%
Growth Factor Europium is used in photovoltaic cell production for solar panels, enhancing efficiency and increasing demand due to the global focus on renewable energy sources.
Opportunity Europium compounds are utilized in medical imaging techniques like MRI and fluorescent labeling, with demand expected to rise as the healthcare sector develops.
Key Trend Europium-based phosphors gaining traction in electronics and display technologies, benefiting from rising global demand, especially in emerging industries.

Chloromethane Industry Assessment:

Chloromethane is a key feedstock in refrigerants like chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs). However, CFCs are being phased out due to ozone-depleting properties, while HCFCs are still used in some systems.

The shift towards lower-GWP refrigerants like hydrofluorocarbons and natural refrigerants is set to affect demand for chloromethane. Manufacturers are implementing strict safety measures, advanced technologies, and training programs to minimize occupational exposure and promote safety awareness among workers.

Attributes Description
Related Market Chloromethane Market
CAGR (2024 to 2034) 5.2%
Growth Factor The trend towards bio-based production of chloromethane is increasing, utilizing renewable feedstocks like biomass or waste streams, offering environmental benefits.
Opportunity Chloromethane, a vital intermediate in chemical production, is experiencing increased demand in the construction, automotive, and agriculture industries.
Key Trend Chloromethane emissions are being reduced due to stringent environmental regulations, causing manufacturers to adopt cleaner technologies and develop alternative processes.

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Country-wise Insights

The following table shows the estimated growth rates of the leading markets. The United States is anticipated to remain at the forefront in North America, with a CAGR of 2.1% through 2034. The table below shows the estimated growth rates of the key countries. China, Japan, and India are set to record high CAGRs of 4.3%, 1.6%, and 5.7%, respectively, through 2034.

Countries CAGR 2024 to 2034
United States 2.1%
United Kingdom 1.5%
China 4.3%
Japan 1.6%
India 5.7%

Focus on Eco-friendly Roofing Materials Creates New Opportunities in the United States

Demand for sustainable and eco-friendly roofing materials is on the rise, leading manufacturers to develop asphalt shingles with recycled content and energy-efficient features. Cool roof technology, which reflects sunlight to reduce heat absorption, is gaining popularity as homeowners seek to lower energy costs.

Manufacturers are also innovating to offer shingles with enhanced durability, weather resistance, and aesthetic appeal. Architectural shingles mimic the look of natural materials, and manufacturers are growing color palettes and design options to gain traction.

In the United States, digitalization and online sales transform asphalt shingle marketing, leveraging platforms and social media for consumer outreach and sales facilitation. Manufacturers are creating resilient shingles, designed for areas susceptible to hurricanes, tornadoes, and severe storms, capable of enduring environmental challenges.

Rising Improvement in Installation Techniques to Fuel Sales in Japan

Manufacturers are focusing on distribution and growth to capitalize on the growing demand for asphalt shingles in Japan. Key companies are growing their networks, partnering with local distributors, and using online platforms to reach a wider audience.

Price sensitivity and affordability are key factors for manufacturers to appeal to a broad range of consumers. Energy efficiency is a key consideration for homeowners and builders, with cool roof shingles meeting ENERGY STAR requirements in high demand.

Manufacturers are investing in research and development to improve energy performance and meet regulatory requirements. Additionally, improvements in installation techniques and labor efficiency are driving changes in the industry.

Roofing contractors are adopting innovative methods to streamline the process and improve quality. Prefabricated components and modular roofing systems are also gaining popularity for ease of installation and labor savings.

China’s Growing Construction Sector Pushing Demand

China's rapid urbanization and construction boom have led to a surge in demand for roofing materials, particularly asphalt shingles. The country's infrastructure projects, urban redevelopment initiatives, and housing construction are driving growth.

As China's economy matures and consumer preferences evolve, there's a growing demand for high-quality construction materials, including roofing products. Homeowners and developers are increasingly opting for durable, aesthetically pleasing solutions like asphalt shingles, offering superior performance and longevity.

The country is also focusing on energy efficiency and sustainability, with manufacturers developing shingles with enhanced energy-saving features. Government regulations boost eco-friendly roofing demand in the industry by prioritizing energy efficiency, green building, and sustainability. Key manufacturers are investing in research and development to innovate and improve shingles, meeting the evolving needs.

Category-wise Insights

The section below analyzes the leading segment of the market. In terms of product type, the architectural shingle segment is estimated to account for a share of 53.6% in 2024. Further, based on end-use, the residential segment is anticipated to follow by holding a share of 75.4% in 2024.

Architectural Shingle Demand to Rise Amid Aesthetic Appearance and High Durability

Segment Architectural Shingles (Product Type)
Value Share (2024) 53.6%

Architectural shingles are a popular choice for homeowners due to sophisticated appearance and durability. They are made from multiple layers of asphalt and fiberglass, providing better protection against wind, impact, and weather damage.

Architectural shingles come in a variety of styles, colors, and textures, allowing homeowners to customize roofs to match architectural preferences. As awareness of architectural shingles grows among homeowners, contractors, and builders, manufacturers and contractors promote their benefits through marketing campaigns and product demonstrations.

The segment is often positioned as premium roofing products due to higher quality and aesthetic appeal, leading to increased demand for these products. The ability to command higher prices and profit margins has incentivized industry players to promote and install these products more extensively.

Increasing Population Growth to Create New Opportunities for Residential End-use

Segment Residential (End-use)
Value Share (2024) 75.4%

The residential housing market's growth, driven by factors like rising population, urbanization, and economic development, fuels demand for asphalt shingles. Renovation and remodeling projects also contribute to demand, as homeowners often replace or upgrade their roofs to improve aesthetics, and energy efficiency, or address structural issues.

As the existing housing stock ages, there is a growing need for roof replacement and maintenance, making asphalt shingles a popular choice for updating and modernizing aging roofs. Consumer preferences and aesthetics also play a significant role in fueling sales.

Asphalt shingles offer a favorable balance of cost and performance, with excellent value in terms of durability, weather resistance, and ease of installation. Continuous advancements in technology and product innovation further contribute to the growth of residential end-use.

Competition Outlook

Owens Corning, TAMKO Building Products Inc., IKO Industries Ltd, Atlas Roofing Corporation, GAF Materials Corporation, and Malarkey Roofing Products are the key players in the asphalt shingle industry.

Leading companies and manufacturers in the landscape compete based on economies of scale, reducing resource consumption and integrating across the value chain. Key companies aim to increase sales through product development and production through capacity additions.

The market is expected to continue growing due to increasing product penetration and favorable economic conditions, pouring capacity, and product demand. The industry is undergoing fierce competition, with key companies investing heavily in research and development to improve the performance and functionality of new shingles.

Leading companies are developing asphalt shingles with superior properties, extended durability, and environmental consciousness. Companies are also working on shingles with improved environmental profiles, aligning with broader sustainability goals. This focus on innovation and material science is ensuring long-lasting utilization in the market.

Industry Updates

  • In 2023, GAF Materials Corporation, headquartered in the United States, introduced a new line of energy-efficient shingles, featuring a heat-reflecting coating that significantly reduces energy costs.
  • In 2023, Owens Corning, a United States-based company, inaugurated a new manufacturing plant in Mexico, specializing in the production of asphalt shingles.
  • In 2023, CertainTeed Corporation, headquartered in the United States, introduced a new line of durable asphalt shingles, crafted with a special resin that enhances resistance to damage from hail and other weather events.
  • In 2023, Malarkey Roofing Products, a United States-based company, introduced a new line of environmentally friendly shingles, made from recycled materials and manufactured using a process that reduces emissions.
  • In 2023, Tamko Building Products, headquartered in the United States, introduced a new line of affordable shingles, using a lower-cost resin, while maintaining the same quality standards as other asphalt shingles.

Leading Asphalt Shingle Brands

  • Owens Corning
  • TAMKO Building Products Inc.
  • IKO Industries Ltd
  • Atlas Roofing Corporation
  • GAF Materials Corporation
  • Malarkey Roofing Products
  • PABCO Roofing Products
  • Siplast Inc.
  • Henry Company LLC
  • Building Products of Canada Corp.

Key Segments of Market Report

By Product Type:

As per product type, the industry has been categorized into laminates asphalt shingles, three-tab shingles, strip shingles, luxury shingles, and architectural shingles.

By Composition:

Based on composition, the sector has been segmented into fiberglass and organic.

By End-use:

The category is split into residential and commercial.

By Region:

As per region, the industry is divided into North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.

Frequently Asked Questions

What is the future of asphalt shingles?

The sector is set to witness a CAGR of 3.8% by 2034.

What was the worth of the market from 2019 to 2023?

The sector witnessed a CAGR of 2.5% from 2019 to 2023.

How big is the asphalt shingle industry?

In 2034, the sector is anticipated to reach USD 13340.1 million.

Who are the leading manufacturers?

Owens Corning, TAMKO Building Products Inc., and IKO Industries Ltd.

Is there a market for asphalt shingles?

The sector is set to reach USD 9187.2 million by 2024.

Which product type would lead the industry?

Architectural shingles segment is estimated to lead.

Table of Content

1. Executive Summary

2. Industry Introduction, including Taxonomy and Market Definition

3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments

4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections

5. Pricing Analysis

6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    6.1. Product Type

    6.2. Composition

    6.3. End Use

7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type

    7.1. Laminates Asphalt Shingles

    7.2. Three-tab Shingles

    7.3. Strip Shingles

    7.4. Luxury Shingles

    7.5. Architectural Shingles

8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Composition

    8.1. Fiberglass

    8.2. Organic

9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use

    9.1. Residential

    9.2. Commercial

10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    10.1. North America

    10.2. Latin America

    10.3. Western Europe

    10.4. South Asia

    10.5. East Asia

    10.6. Eastern Europe

    10.7. Middle East and Africa

11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

14. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

17. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

18. Sales Forecast 2024 to 2034 by Product Type, Composition, and End Use for 30 Countries

19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard

20. Company Profile

    20.1. Owens Corning

    20.2. TAMKO Building Products Inc.

    20.3. IKO Industries Ltd

    20.4. Atlas Roofing Corporation

    20.5. GAF Materials Corporation

    20.6. Malarkey Roofing Products

    20.7. PABCO Roofing Products

    20.8. Siplast Inc.

    20.9. Henry Company LLC

    20.10. Building Products of Canada Corp.

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