Global Asphalt Roofing Shingles Market Overview
The Asphalt Roofing Shingles Market Size was estimated at 14.65 (USD Billion) in 2022.The Asphalt Roofing Shingles Industry is expected to grow from 15.24(USD Billion) in 2023 to 21.8 (USD Billion) by 2032. The Asphalt Roofing Shingles Market CAGR (growth rate) is expected to be around 4.06% during the forecast period (2024 - 2032).
Key Asphalt Roofing Shingles Market Trends Highlighted
The asphalt roofing shingles market is poised for steady growth, driven by increasing construction activities in residential and commercial sectors. The demand for asphalt roofing shingles is expected to rise due to their durability, cost-effectiveness, and ease of installation.Key market drivers include the growing preference for sustainable roofing materials, increasing disposable income in emerging economies, and government incentives for energy-efficient buildings. Opportunities for exploration lie in the development of innovative shingle designs, eco-friendly materials, and improved fire resistance.Recent trends indicate a shift towards architectural shingles with enhanced aesthetics and premium materials. Smart shingles integrated with sensors and monitoring systems are also gaining traction. The market is expected to remain competitive, with established players focusing on product differentiation and strategic acquisitions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Asphalt Roofing Shingles Market Drivers
Rising Demand for Sustainable Building Materials
The world is rapidly becoming more aware of the impact on the environment connected with the usage of traditional materials for construction beforehand. The rising demand for sustainable alternatives leads to the extensive employment of asphalt roofing shingles by both house owners and construction companies. Not only are asphalt roofing shingles made from recycled materials, but they are also recyclable, which is extremely convenient. In addition to this, asphalt roofing shingles are highly energy-efficient, reducing the cooling cost during summer and heating cost during winter, respectively.As such, the Asphalt Roofing Shingles Market Industry will clearly benefit from the abovementioned current trend.
Increasing Popularity of Asphalt Roofing Shingles in Developing Countries
Developing countries are showing increasing interest in the use of asphalt roofing shingles. There are many reasons for this trend. It is relatively inexpensive to install and maintain a roof made out of asphalt shingles. Furthermore, it is durable and long-lasting. In addition, there are many possible styles and colors that attract new clients. For this reason, developing countries will have a much greater development of the Asphalt Roofing Shingles Market Industry in the next few years.
Technological Advancements in Asphalt Roofing Shingles
The Asphalt Roofing Shingles Market Industry is also benefiting from a number of technological advancements. These advancements are leading to the development of new and improved asphalt roofing shingles that are more durable, more energy-efficient, and more aesthetically pleasing. For example, some manufacturers are now producing asphalt roofing shingles with solar cells built in, which can help to reduce energy costs. Other manufacturers are developing asphalt roofing shingles that are made from recycled materials, which can help to reduce environmental impact.
Asphalt Roofing Shingles Market Segment Insights
Asphalt Roofing Shingles Market Substrate Insights
The Asphalt Roofing Shingles Market is segmented by Substrate into Organic, Fiberglass, and Metal. Organic substrates are made from cellulose fibers, which are derived from wood pulp or recycled paper. They are the most common type of substrate used in asphalt roofing shingles and are known for their low cost and good durability.
Fiberglass substrates are made from glass fibers, which are embedded in a resin binder. They are more expensive than organic substrates but are also more durable and fire-resistant. Metal substrates are made from aluminum or steel and are the most expensive type of substrate used in asphalt roofing shingles.They are also the most durable and fire-resistant and are often used in commercial and industrial applications. In 2023, the organic substrate segment is expected to account for the largest share of the Asphalt Roofing Shingles Market revenue, at approximately 55%. The fiberglass substrate segment is expected to grow at the highest CAGR over the forecast period, from 2023 to 2032, at approximately 4.5%. The metal substrate segment is expected to account for the smallest share of the Asphalt Roofing Shingles Market revenue, at approximately 10% in 2023.The growth of the fiberglass substrate segment is being driven by the increasing demand for durable and fire-resistant roofing materials. Fiberglass substrates are also lightweight and easy to install, which makes them a popular choice for both residential and commercial applications. The growth of the metal substrate segment is being driven by the increasing demand for roofing materials that are resistant to fire, wind, and hail. The growth of the market is being driven by the increasing demand for asphalt roofing shingles in both residential and commercial applications.Asphalt roofing shingles are durable, affordable, and easy to install, which makes them a popular choice for homeowners and businesses alike.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Asphalt Roofing Shingles Market Style Insights
The Asphalt Roofing Shingles Market is segmented by Style into Three: Architectural, and Luxury. The Architectural segment held the largest market share in 2023 and is expected to continue its dominance over the forecast period. Architectural shingles are popular due to their aesthetic appeal, durability, and wind resistance.
The Three-tab segment is also expected to witness significant growth during the forecast period due to its affordability and ease of installation. The Luxury segment is expected to grow at a faster pace compared to the other segments due to the increasing demand for premium roofing materials.
Asphalt Roofing Shingles Market Grade Insights
The Asphalt Roofing Shingles Market is segmented by Grade into Economy, Standard, and Premium. The Premium Grade segment is projected to register the highest market growth during the forecast period, owing to the increasing demand for high-quality and durable roofing materials. In 2024, the Premium Grade segment is estimated to account for approximately 40% of the Asphalt Roofing Shingles Market revenue. The Standard Grade segment is expected to hold a significant market share during the forecast period, driven by its affordability and wide acceptance in residential roofing applications.The Economy Grade segment is expected to witness moderate growth due to its limited performance and durability compared to the other grades.
Asphalt Roofing Shingles Market Weight Insights
The weight of asphalt roofing shingles is a key factor in determining their performance and cost. Lightweight shingles are typically made of fiberglass or organic materials and weigh less than 100 pounds per square. They are easy to install and less expensive than heavier shingles, but they may not be as durable. Medium-weight shingles are made of a combination of fiberglass and asphalt and weigh between 100 and 150 pounds per square. They offer a good balance of durability and cost, and they are a popular choice for residential applications. Heavyweight shingles are made of a thick layer of asphalt and weigh more than 150 pounds per square.They are the most durable type of shingle, but they are also the most expensive and difficult to install. The Asphalt Roofing Shingles Market is segmented by weight into three categories: lightweight, medium-weight, and heavyweight. The lightweight segment is expected to account for the largest share of the market in 2023, with a revenue of $5.2 billion. The medium-weight segment is expected to grow at a CAGR of 4.2% from 2023 to 2032, reaching a revenue of $6.5 billion by 2032. The heavyweight segment is expected to grow at a CAGR of 3.8% from 2023 to 2032, reaching a revenue of $7.1 billion by 2032.
Asphalt Roofing Shingles Market Slope Insights
The asphalt roofing shingles market is segmented by slope into low-slope, mid-slope, and high-slope. Among these, the low-slope segment held the largest market share in 2023, accounting for over 40% of the revenue. This dominance is attributed to the increasing adoption of low-slope roofing systems in commercial and industrial buildings, owing to their cost-effectiveness, durability, and energy efficiency. The mid-slope segment is expected to witness significant growth during the forecast period, driven by the rising popularity of pitched roofs in residential and multi-family housing projects.High-slope roofing systems are primarily used in regions with heavy snowfall or rainfall, and this segment is anticipated to exhibit stable growth over the coming years.
Asphalt Roofing Shingles Market Regional Insights
In the Asphalt Roofing Shingles Market, segmentation by region plays a crucial role in understanding market dynamics and growth potential. North America holds a prominent share, driven by increasing residential and commercial construction activities and a growing preference for sustainable roofing solutions.
Europe is another significant market, with Germany and France leading the demand for asphalt roofing shingles due to their durability and cost-effectiveness. APAC, particularly China and India, is projected to witness exponential growth in the coming years due to rapid urbanization and government initiatives promoting infrastructure development.South America and MEA are emerging markets with immense potential, as increasing disposable income and expanding construction sectors drive demand for high-quality roofing solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Asphalt Roofing Shingles Market Key Players And Competitive Insights
Most participants in the Asphalt Roofing Shingles Market industry spend on R and improve the range of their products to get ahead in competition. The focus of such organizations is on the development of innovative products that will suit the changing needs of the customers, be stronger, more energy-efficient, and environmentally friendlier. Leaders of the Asphalt Roofing Shingles Market industry also invest in improving their distribution networks and attracting new distributors and contractors to expand their markets. The industry is highly competitive, and certain players, such as GAF Materials Corporation, Owens Corning, and CertainTeed, are fighting for market leadership.
CertainTeed is one of the leaders in the Asphalt Roofing Shingles Market focused on the North American market. The company offers a great variety of asphalt roofing shingles, from the standard three-tab shingles to architectural shingles and luxury shingles. Products of CertainTeed are known for durability, reliability, and aesthetics since the firm achieves highly sophisticated coloration of its shingles. The company has a powerful distribution network that covers North America and employs a large number of in-house sales representatives who have great expertise in roofing. Overall, the company is known for being a reliable partner with an excellent level of customer service.
Owens Corning is another leader in the Asphalt Roofing Shingles Market that offers a wide range of such products, with its patented TruDefinition Duration Series Shingles being the most popular. Products of Owens Corning are distinguished by a high level of resistance to strong weather conditions and overall longevity. The firm has powerful production capabilities and a strong distribution network. The firm is also known for providing environmentally friendly asphalt roofing shingles.
Key Companies in the Asphalt Roofing Shingles Market Include
Pabco Roofing Products
GAF
Owens Corning
Malarkey Roofing Products
CertainTeed
Westlake Chemical Corporation
Firestone Building Products
Carlisle Companies Incorporated
Boral Limited
Johns Manville
BP America Production Company
IKO Roofing
TAMKO Building Products
Atlas Roofing Corporation
Asphalt Roofing Shingles Market Industry Developments
The asphalt roofing shingles market is projected to reach USD 21.8 billion by 2032, exhibiting a CAGR of 4.06% during the forecast period. Increasing demand for sustainable and energy-efficient roofing solutions, coupled with rising construction activities, particularly in developing regions, is driving market growth.
Government initiatives promoting green building practices and energy conservation further contribute to the demand for asphalt roofing shingles. Technological advancements, such as the development of impact-resistant and fire-resistant shingles, are also expected to bolster market growth. Major players in the market include CertainTeed, GAF, Owens Corning, and IKO. Recent developments include the launch of new product lines with improved durability and aesthetics, as well as strategic partnerships and acquisitions to expand market reach.
Asphalt Roofing Shingles Market Segmentation Insights
Asphalt Roofing Shingles Market Substrate Outlook
Organic
Fiberglass
Metal
Asphalt Roofing Shingles Market Style Outlook
Three-tab
Architectural
Luxury
Asphalt Roofing Shingles Market Grade Outlook
Economy
Standard
Premium
Asphalt Roofing Shingles Market Weight Outlook
Lightweight
Medium-weight
Heavyweight
Asphalt Roofing Shingles Market Slope Outlook
Low-slope
Mid-slope
High-slope
Asphalt Roofing Shingles Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 14.65(USD Billion) |
| Market Size 2023 | 15.24(USD Billion) |
| Market Size 2032 | 21.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.06% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Pabco Roofing Products, GAF, Owens Corning, Malarkey Roofing Products, CertainTeed, Westlake Chemical Corporation, Firestone Building Products, Carlisle Companies Incorporated, Boral Limited, Johns Manville, BP America Production Company, IKO Roofing, TAMKO Building Products, Atlas Roofing Corporation |
| Segments Covered | Substrate, Style, Grade, Weight, Slope, Regional |
| Key Market Opportunities | Improved durability and longevityIncreased energy efficiencyEnhanced aesthetic appealSustainable and eco-friendly materialsGrowing demand in emerging markets |
| Key Market Dynamics | 1 Rising urbanization2 Increasing demand for sustainable roofing solutions3 Growing disposable income4 Technological advancements5 Government incentives for efficient roofing |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Asphalt Roofing Shingles Market is expected to reach USD 21.8 billion by 2032, growing at a CAGR of 4.06% from 2024 to 2032.
North of Asphalt Roofing Shingles, accounting for over 40% America is the largest consumer of the market.
The key growth drivers of the Asphalt Roofing Shingles Market include increasing demand for residential and commercial construction, rising disposable income, and growing awareness of energy efficiency.
The key competitors in the Asphalt Roofing Shingles Market include CertainTeed, GAF, Owens Corning, and IKO.
Asphalt Roofing Shingles are primarily used in residential and commercial buildings for roofing applications.
The Asphalt Roofing Shingles Market faces several challenges, including environmental concerns, rising raw material costs, and competition from alternative roofing materials.
The key trends in the Asphalt Roofing Shingles Market include increasing demand for sustainable and eco-friendly products, growing popularity of architectural shingles, and advancements in manufacturing technology.
The Asphalt Roofing Shingles Market is expected to continue to grow in the coming years, driven by rising construction activities, increasing demand for energy-efficient roofing solutions, and growing consumer preference for durable and aesthetically-pleasing roofing materials.
Opportunities for growth in the Asphalt Roofing Shingles Market include expanding into emerging markets, investing in research and development, and developing new and innovative products that meet the evolving needs of consumers.
When choosing an Asphalt Roofing Shingle, key factors to consider include durability, energy efficiency, aesthetic appeal, and cost.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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