Asphalt Shingles Global Market Opportunities and Strategies to 2033

This report describes and explains the asphalt shingles market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global asphalt shingles market reached a value of nearly $6.9 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.1% since 2018. The market is expected to grow from $6.9 billion in 2023 to $8.5 billion in 2028 at a rate of 4.2%. The market is then expected to grow at a CAGR of 4.7% from 2028 and reach $10.7 billion in 2033.

Growth in the historic period resulted from the expansion in residential construction projects, increased adoption of aesthetic roofing designs, growing infrastructure investments and growing utilization of green building standards. Factors that negatively affected growth in the historic period were supply chain challenges and regulatory compliance.

Going forward, increasing inclination toward home remodeling and renovations, rising global temperatures and government initiatives promoting residential energy efficiency will drive the growth. Factor that could hinder the growth of the asphalt shingles market in the future include skilled labor shortages in the roofing industry.

The asphalt shingles market is segmented by product type into dimensional/architectural shingles, luxury shingles and three-tab/strip shingles. The dimensional/architectural shingles market was the largest segment of the asphalt shingles market segmented by product type, accounting for 65.2% or $4.5 billion of the total in 2023. Going forward, the luxury shingles segment is expected to be the fastest growing segment in the asphalt shingles market segmented by product type, at a CAGR of 4.7% during 2023-2028.

The asphalt shingles market is segmented by composition into organic asphalt shingles and fiberglass asphalt shingles. The fiberglass asphalt shingles market was the largest segment of the asphalt shingles market segmented by composition, accounting for 73.7% or $5.1 billion of the total in 2023. Going forward, the fiberglass asphalt shingles segment is expected to be the fastest growing segment in the asphalt shingles market segmented by composition, at a CAGR of 4.4% during 2023-2028.

The asphalt shingles market is segmented by application into residential and commercial. The residential market was the largest segment of the asphalt shingles market segmented by application, accounting for 74.9% or $5.2 billion of the total in 2023. Going forward, the commercial segment is expected to be the fastest growing segment in the asphalt shingles market segmented by application, at a CAGR of 5% during 2023-2028.

North America was the largest region in the asphalt shingles market, accounting for 33.4% or $2.3 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the asphalt shingles market will be Asia Pacific and North America where growth will be at CAGRs of 5.2% and 4.8% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 4.1% and 3.4% respectively.

The global asphalt shingles market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 14.51% of the total market in 2022. Owens Corning Inc was the largest competitor with a 4.37% share of the market, followed by IKO Industries Ltd with 2.13%, Certain Teed Corporation with 2.03%, BMI Group with 1.94%, Atlas Roofing Corporation with 1.31%, TAMKO Building Products Inc with 1.02%, GAF Materials Corporation with 0.75%, Building Products Of Canada Corp with 0.33%, PABCO Roofing Products LLC with 0.32% and Malarkey Roofing Products Co with 0.31%.

The top opportunities in the asphalt shingles market segmented by product type will arise in the dimensional/architectural shingles segment, which will gain $1 billion of global annual sales by 2028. The top opportunities in the asphalt shingles market segmented by composition will arise in the fiberglass asphalt shingles segment, which will gain $1.2 billion of global annual sales by 2028. The top opportunities in the asphalt shingles market segmented by application will arise in the residential segment, which will gain $1.1 billion of global annual sales by 2028. The asphalt shingles market size will gain the most in the USA at $480.3 million.

Market-trend-based strategies for the asphalt shingles market include focus on implementing asphalt shingle recycling initiatives to drive sustainability, focus on strategic integration of advanced technologies for sustainability and competitive edge, focus on strategic partnerships and collaborations among market players, focus on innovative algae-resistant shingles to enhance performance and focus on growing investments in manufacturing facilities to drive growth and innovation.

Player-adopted strategies in the asphalt shingles market include focus on partnerships with asphalt shingles recycling companies for the production of new shingles containing recycled content, focus on strengthening its business capabilities through investment in manufacturing facilities, focus on strengthening its business capabilities through mergers and acquisitions and focus on strengthening its business capabilities through product launches.

To take advantage of the opportunities, the analyst recommends the asphalt shingles companies to focus on advancing asphalt shingle recycling, focus on technologically advanced asphalt shingles with dual functionality, focus on technological innovations, focus on strategic investment in manufacturing facilities, focus on luxury asphalt shingles segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for distribution expansion, provide competitively priced offerings, participate in trade shows and events, prioritize digital marketing channels, emphasize educational content and thought leadership and focus on targeting commercial end-users.