Global Asphalt Shingles Market: Introduction
Asphalt shingles are the most common roofing materials used in different construction projects across the world. They are commonly used as roof-covering on single homes, small residential projects, and row houses. Asphalt shingles are mostly used to protect homes from thunderstorms, fire, algae and moss growth, and hailstorms. Asphalt shingles effectively reflect heat waves in summer and reduce the need for air-conditioning by keeping homes cool. They are available in a wide array of colors and textures. They are increasingly being used to enhance the aesthetic appeal of homes.
Global Asphalt Shingles Market: Trends & Developments
Asphalt shingles provide aesthetic appeal and protection with a small investment. Moreover, these are cost effective, light in weight, easy to install, and easy to replace when damaged. With the increase in spending on residential construction and renovation, the demand for asphalt shingles is projected to increase in the near future. Demand for asphalt shingles in the U.S. surged in 2018, due to outbreak of multiple severe weather events, generating significant demand for re-roofing.
Global Asphalt Shingles Market: Segmentation
Based on type, the global asphalt shingles market can be segmented into fiberglass asphalt shingles and organic asphalt shingles. Organic asphalt shingles contain 45% higher asphalt per square meter than fiberglass asphalt shingles, which makes them heavier than the latter. Though organic asphalt shingles are eco-friendly, they are prone to fire hazards and hence, they are not as widely used as fiberglass asphalt shingles. Fiberglass asphalt shingles are made of a base layer of glass fiber-reinforced mat, which makes them resistant to tearing and splitting. Fiberglass asphalt shingles are light in weight, easy to install, fireproof, and less expensive than organic asphalt shingles.
Global Asphalt Shingles Market: Regional Outlook
Based on region, the global asphalt shingles market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Demand for asphalt shingles in non-residential and residential sectors is expected to increase in the next few years, due to industrial development in Asia Pacific and new construction projects being initiated in the region. Development and renovation of SEZs, IT parks, airports, and residential projects in developing economies, such as India, China, and Indonesia, is projected to drive the demand for roofing materials including asphalt shingles in Asia Pacific during the forecast period. In the U.S., a large number of old buildings and homes have older three-tab shingles that do not comply with the current building codes. The increasing demand for fiberglass asphalt shingles as a substitute for non-compliant, older, three-tab shingles in the U.S. is driving the market for asphalt shingles in the country. Middle East & Africa (MEA) is likely to remain the least lucrative market for asphalt shingles across the globe during the forecast period.
Global Asphalt Shingles Market: Key Players
Key players operating in the global asphalt shingles market are TAMKO Building Products, Inc., Atlas Roofing Corporation, Henry Company, Siplast, Inc., Polyglass S.p.A, Malarkey Roofing, IKO Industries, Ltd., CertainTeed, Owens Corning, Tarco, Inc., PABCO, Building Products, LLC, GAF U.S., Braas Monier Building Group, IcoPal ApS, Building Products of Canada, and GCP Applied Technologies Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.