October 21, 2020, New York, New York (GLOBE NEWSWIRE)-As the population shifts from rural to urban areas, the rise of urbanization will drive the demand for asphalt shingles for roofs due to its toughness and waterproof properties.
Market size-USD 7.186.7 billion in 2019, market growth-compound annual growth rate of 3.8%, market trend-high demand in developing countries.
According to the latest report of the report and data, by 2027, the global asphalt shingles market is expected to reach 9.722.4 billion US dollars. The increase in the disposable income of nuclear energy households, coupled with the need to purchase private land and government support for housing construction plans, will promote the growth of the asphalt shingle market. In addition, clean, streamlined aesthetics and the availability of various colors, cuts, styles and forms drive market demand. It is estimated that during the forecast period, consumer demand for high-performance laminates may exceed $1.1 billion. Millennials are increasingly inclined to own their homes in Eastern European economies such as Romania, Slovenia, Serbia and Bulgaria, which has led to an increase in renovation and construction activities that will promote market growth.
High-performance laminated asphalt shingles are luxury items and are commonly used in a variety of applications including duplexes, villas, townhouses and bungalows. They are made of more reliable multi-layer bottom cushions, giving them longevity, beautiful appearance and streamlined appearance, thereby increasing market share. Asphalt shingles can withstand high-intensity storms, heavy fog, snow icing, icing and fire, thereby providing residential and commercial buildings with higher safety than concrete, wood or ceramic roofing materials.
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The development of asphalt shingles complies with ASTM standards for fire and wind protection. In addition, because of the versatility and functionality of strip floors, they are widely used on roofs, which further improves their adaptability, and are favored by homeowners due to their low maintenance. Leading companies operate based on economies of scale, thereby reducing excessive energy use. However, for the few participants working in the region, this is difficult to achieve. Therefore, key stakeholders stay aligned in the supply chain and help reduce production costs. Market capacity and product demand may continue to grow, as the market is expected to be driven by higher product penetration and favorable economic conditions.
As the COVID-19 crisis intensifies, manufacturers are increasingly adjusting their practices and purchasing strategies to meet the needs of the market-based pandemic, which has created a demand for asphalt shingles. As manufacturers and their suppliers respond to growing customer demand, there will be many positive and negative surprises in the coming months. In an unfavorable global environment, some regions appear to be vulnerable to an export-dependent economy. When some manufacturers close or cut production due to lack of downstream demand, the impact of this pandemic will reshape the global market for asphalt shingles. In order to prevent the spread of the virus, governments of various countries have stopped the export of certain products as a precaution. Under such circumstances, the market conditions in the Asia-Pacific region have been unstable, cyclical collapse, and difficult to stabilize.
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For the purposes of this report, “Reports and Data” has segmented the global asphalt shingle market based on products, ingredients, applications and regions:
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