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.
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