In recent years, stakeholders have continued to invest in the asphalt shingle market because manufacturers prefer these products because of their low cost, affordability, ease of installation and reliability. Emerging construction activities mainly in the residential and non-residential sectors have had a positive impact on the industry’s prospects.
It is worth noting that recycled asphalt has become an important selling point, and suppliers hope to profit from the many advantages of asphalt shingle roofing. Recycled shingles are used for pothole repair, asphalt pavement, practical cutting of bridges, cold repair of new roofs, driveways, parking lots and bridges, etc.
In the context of the surge in demand in the residential and commercial sectors, reroofing applications are expected to account for the largest share of the asphalt shingle market. The damage and wear caused by hurricanes and other natural disasters show the importance of asphalt shingles. In addition, it is said that reroofing derails the growth of microorganisms and fungi and can withstand the effects of ultraviolet rays, rain and snow. Despite this, in 2018, residential reroofing applications exceeded $4.5 billion.
Although high-performance laminates and three-piece boards will continue to attract investors, the trend of size boards is aimed at increasing the market revenue of asphalt boards in the subsequent period. Dimensional shingles, also known as laminated shingles or construction shingles, can properly protect against moisture and decorate the aesthetic value of the roof.
The durability and ease of use of size shingles prove that they have become the first choice for high-end housings. Indeed, the revenue share of North American size bituminous ribbon tile roofing materials in 2018 exceeded 65%.
Residential building applications will become the main source of income for asphalt shingle manufacturers. Some advantages such as low cost, high performance and beautiful roof materials have been confirmed. Due to the type of residence, the volume share of asphalt shingles exceeds 85%. The environmental protection characteristics of asphalt after scrapping make asphalt roof shingles popular among end users.
The North American bituminous shingle market may dominate the industry landscape, as the region is expected to see increasing demand for reroofing and advanced products such as dimensional shingles and high-performance laminated shingles. Industry insiders hint that bad weather and increasing construction activities have played a role in promoting the demand for asphalt shingles in the area. The market share of North American asphalt shingles is fixed at over 80%, and the region is likely to dominate in the next five years.
The unprecedented construction activities in residential and commercial spaces in emerging economies such as India and China have triggered demand for asphalt shingle roofs in the Asia-Pacific region. The traction of asphalt shingles in China, South Korea, Thailand and India has increased substantially, reflecting the projected growth rate of asphalt shingles in the Asia-Pacific region to exceed 8.5% by 2025.
The asphalt shingle market shows a commercial structure, and companies such as GAF, Owens Corning, TAMKO, certain Teed Corporation and IKO seem to control a large market share. Therefore, the asphalt shingle market is highly integrated with leading companies in the United States. At the same time, it is expected that stakeholders will launch innovative products based on advanced technology to enter Asia Pacific and Eastern Europe.