Asphalt Shingles Market Size

Asphalt Shingles Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The asphalt shingle market is booming, and it’s expected to reach $8.5 billion by 2035. The compound annual growth rate (CAGR) for the period 2025 to 2035 is 3.63%. The expansion is attributed to several factors, including a growing demand for residential roofing, advances in manufacturing technology, and a growing focus on energy-efficient building materials. As urbanization continues to increase, the need for durable and cost-effective roofing solutions is becoming more evident, which is also driving market growth. Strategic moves by some of the major players in the asphalt shingle market, such as GAF, Owens Corning, and CertainTeed, have bolstered their positions. These companies are investing in new product development and are introducing shingles with enhanced features and better performance. The asphalt shingle market is also benefitting from the expansion of distribution networks and the establishment of strategic alliances. These strategic moves not only help companies stay ahead of the competition but also align them with consumers’ changing preferences for sustainable and high-performance roofing solutions.

Regional Market Size

Regional Deep Dive

The asphalt shingles market is characterized by a high demand for asphalt shingles in various regions, driven by the growing construction activities and the need for durable roofing solutions. North America is the most dominant region in the market, with asphalt shingles being widely used for residential roofing. Europe is characterized by the shift towards eco-friendly materials and innovations in shingle technology. The Asia-Pacific region is characterized by rapid urbanization, which has led to a surge in housing projects, further driving the demand for asphalt shingles. The Middle East and Africa are characterized by growth in the market, which is driven by the growing construction activities. Latin America is gradually adopting asphalt shingles as a cost-effective roofing solution, influenced by changing preferences and economic factors.

North America

• The North American market is dominated by the presence of large manufacturers like GAF, Owens Corning and CertainTeed, which are constantly innovating with energy-saving and sustainable products.
• Several states have enacted legislation promoting the use of cool roofing materials, which has led to an increased demand for asphalt shingles that reflect heat.
• The trend to home improvement, especially since the COVID-19 pandemic, has greatly increased the asphalt shingle market, as people seek a durable and attractive roof covering.

Europe

• Besides, the asphalt shingles are gaining ground in Europe, especially in Germany, where the BMI group and Icopal are the leading companies in the development of environmentally friendly asphalt shingles that meet strict regulations.
• The Green Deal of the European Union and various national initiatives are pushing the use of energy-efficient building materials. This is expected to drive innovation in asphalt shingle technology.
• The taste for the roofs of the old countries, such as France and Italy, is reflected in the design and marketing of the shingles.

Asia-Pacific

• India and China, where the population is rapidly increasing, are building many new houses. The resulting demand for roofing materials is largely met by asphalt shingles, which are more economical than other types of roofing.
• Atlas Roofing and Malarkey Roofing Products are expanding their activities in the region, with the introduction of products tailored to local climatic conditions and the preferences of local consumers.
• The development of the asphalt shingle market is also being influenced by the Government’s efforts to improve the housing structure, with a focus on projects aimed at the construction of low-cost housing in urban areas.

MEA

• The Middle East and Africa region is experiencing a building boom, especially in the Gulf Cooperation Council (GCC) countries, where companies such as Saudi Aramco are investing heavily in building projects.
• Regulations encouraging the construction of sustainable buildings are encouraging the use of asphalt shingles, especially in urban areas where energy conservation is a priority.
• Culture, the preference for old-fashioned roofs, is gradually changing, as the advantages of modern asphalt shingles are becoming more and more known.

Latin America

• Latin America is experiencing a growth in the construction sector, resulting from increasing investment in the construction of private and public buildings. Companies such as Lamosa are expanding their range of products, and are now able to offer a wider range of asphalt shingles.
• Economic factors, such as the rising purchasing power of the population and changing preferences, have led to the increased acceptance of asphalt shingles as a roofing material.
• Government programs for improving the housing conditions also help to increase the market, as they often include modern roofing materials.

Did You Know?

“The most common material used for roofs in the United States is asphalt shingles.” — National Roofing Contractors Association (NRCA)

Segmental Market Size

The asphalt shingle market is stable and driven by the need for residential roofs. The growth of the market is driven by the growing demand for home renovation and the increasing popularity of cost-effective roofing. The regulations that encourage the use of energy-efficient building materials also increase the demand for asphalt shingles, which can be designed to meet these standards.

The asphalt shingles are now used to a large extent. The leading firms, such as GAF and Owens Corning, with their innovations and wide distribution, are the best known. Their main use is in the roofing of private houses, where asphalt shingles are especially recommended for their good appearance and their long life. Also, as a result of the trend towards greater concern for the environment, the manufacturers have developed eco-friendly products. They are a good investment, and they have a good future. The development of asphalt shingles is being shaped by technological progress, and new methods of production and improved formulations are making them a more competitive product.

Future Outlook

From 2024 to 2035, the asphalt shingle market is expected to grow steadily, with a CAGR of 3.63%. The growth is driven by the strong demand for residential roofing solutions, which is mainly due to the increasing number of new houses being built. The penetration of asphalt shingles in the roofing market is expected to increase significantly, especially in emerging economies where the pace of construction is accelerating.

And the technology will continue to change. The development of energy-saving asphalt shingles with a low carbon footprint will further increase the product's value. Government initiatives to promote sustainable building and energy-efficient materials will also help to maintain demand for high-quality asphalt shingles. Architectural shingles are also becoming increasingly popular, and the trend towards integrating smart technology into the roof system will provide new opportunities for market players. The asphalt shingle industry will adapt to these changes and remain flexible, able to take advantage of changing customer preferences and changing regulatory frameworks.