A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global asphalt shingles market. Presenting exclusive insights into the market from 2017 to 2022, the report projects that the market will witness notable growth during the forecast. Asphalt shingles are highly popular roofing materials that use asphalt, a highly viscous liquid or semi-solid form of petroleum, for waterproofing on single homes, small residential projects, and row houses. Adopting asphalt shingles for the roof covering provides protection against thunderstorms, algae, fire, and moss growth. The growth of the market is primarily attributed to the increasing demand for affordable and environment-friendly roofing materials, coupled with the development of high-performance laminated asphalt shingles. Furthermore, manufacturers are increasingly adopting eco-friendly materials, on the back of rising concerns regarding climate change, and this is expected to fuel the market growth in the forthcoming years.
Rising Environmental Concerns Opens Revenue Opportunities in Residential and Commercial Sector
Over the years, consumer spending on residential and commercial infrastructure has significantly increased, opening opportunities for renovations. On this premise, the asphalt shingles market is expected to receive significant impetus from both residential and commercial sectors. The adoption of asphalt shingles is predominantly driven by their affordability, lightweight, ease in installation, cost-effectiveness, and easy replaceability. Moreover, the availability of environment-friendly and aesthetically attractive asphalt shingles will continue to surge the demand in renovation activities. Owing to rising environmental concerns, players are now using eco-friendly materials for roofing purposes, and this is expected to boost market growth. Moreover, the availability of a wide range of product offerings, from low-grade to high-grade, diverse styles and colors, are finding usage in the residential sector. Likewise, the ability of asphalt shingles to offer protection against numerous natural calamities, coupled with their durability and strength, is shifting consumer preference towards them. Besides, asphalt shingles reflect heat waves in summer and lessen the need for air-conditioning, further propelling the demand. On the other hand, the availability of alternative products, such as clay tiles, metal, slate, and cedar are likely to restrain the swift growth of the market.
North America and Europe Reign Supremacy Over Global Market
North America and Europe cumulatively lead the global asphalt shingles market, with the former holding the majority of market share. North America will remain the dominant region, on the back of changing weather conditions, which propel the need for proper roofing. Moreover, high levels of disposable incomes and increased investment in R&D are also significantly continuing to market growth. Along similar lines, the Asia Pacific region is expected to register remarkable growth, backed by increased construction and renovation activities in the residential sector. In addition, the focus on product innovation to improve the aesthetics of buildings will catalyze market growth.