The U.S. asphalt shingles market is anticipated to witness significant business growth over the study period. The use of these materials in housing development projects such as tract houses and in tandem with the material’s demand in maintenance and reinstallation activities will foster market growth through 2025.
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The global asphalt shingles industry capitalizes on the migration trend to bring in business growth. In fact, the ideal growth conditions of asphalt shingles market go hand-in-hand with the unique housing demands created by urban migration. According to Sentry Roof Services, LLC., asphalt shingles are extremely affordable and do not require any major preparatory work or additional structural support to be installed; further increasing their affordability.
Rapid surge in urban migration and the subsequent growth of residential complexes is estimated to drive asphalt shingles market in coming years. Seeking better financial growth opportunities, a large chunk of the world’s rural population is increasingly migrating to urban areas, especially metropolitan cities. This population shift is creating immense demand for the global construction sector, especially the residential segment, fueling asphalt shingles industry share.
The asphalt shingles recycling trend is slated to witness a renewed momentum in the coming years. As per reliable studies, recycled asphalt shingles (RAS) used in hot-mix asphalt to pave roads helps to enhance the pavement’s performance by lowering instances of cracking and rutting. The benefits associated with the recycling of these materials will further fuel the industry expansion.
A study conducted by Home Advisor Pro discovered that asphalt shingles are the lightest roofing solutions available in the market today. Standard concrete roofing shingles weigh somewhere between 9.5 to 12 pounds per sq. foot whereas asphalt shingles only weigh somewhere between 2.5 to 4 pounds per sq. foot. In regard to this, increasing preference for minimalistic aesthetic properties among the people is estimated to enhance asphalt shingles market share. Moreover, these materials are less likely to have any detrimental effect on the building’s structural integrity in the long run, promoting market expansion further.
Currently, many asphalt shingles recyclers are generating revenue in terms of gate charge by accepting old shingles. According to the Balance Small Business, more than two million tons of old asphalt shingles were repurposed to be utilized in payment across the U.S. back in 2015, saving approximately $2.6 billion in taxpayers’ money. Several after-use benefits associated with asphalt shingles will further strengthen market trends. The escalating pace of asphalt mixing plants market size also provides substantial proof that the demand for asphalt shingles is on a rise.
Global asphalt shingles market share is highly consolidated with majority of the market players located in the U.S. offering wide range of product verities across the globe. Owens Corning, CertainTeed Corporation, GAF, TAMKO and IKO are among key market players operating in the industry. Manufacturers in Eastern Europe and Asia Pacific regions are entering the market with innovative products and technology which is projected to rise competitive environment over the projected timeframe.
Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...
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