Market Watch is a leading American authority on business news, and receives close to thirty million unique visitors a month. It published a shingle report confirming the ongoing popularity of asphalt shingles as an affordable, reliable roofing solution.
The global market for this enduring product will exceed US $9.5 billion by 2025. This is according to Market Study Report LLC, which provides data for an extensive range of products. Market Watch confirms the North American market accounts for 80% of all asphalt roofing shingle sales.
Why This Robust, Long-Lasting Product Is Popular
The authoritative Market Watch report says the sustained demand is due to excellent performance at an affordable cost, plus the ‘aesthetically rich’ appearance of architectural ones that makes the finished product particularly pleasant to look at, and attractive to people shopping for homes.
Recent adverse weather conditions, perhaps owing to global warming have damaged roofs in many towns and cities. Asphalt shingles continue to be in high demand for re-roofing projects, suggesting those customers believe they are trustworthy, reliable, and robust too.
Residential re-roofing projects accounted for over US$4.5 billion revenues in 2018 of which are large proportion should have been asphalt shingles in terms of their ongoing popularity.
New Single Family Construction Is Also On the Move
Market Watch anticipates the shift to single family accommodation in North America will continue spinning off into new homes. This will add a fresh dimension to local demand for asphalt shingles, and bolster the growth trajectory.
Three-dimensional shingles, that is layers of single ones already represent 65% of North American shingle revenue, and are increasingly popular for high value construction.
This Will Have Advantages for Roof Recycling Too
Asphalt shingles recycle readily into asphalt for sidewalks. This saves on landfill, while avoiding the need to extract new material at a cost to the environment. Market Watch says North Americans are increasingly aware of this benefit and this is influencing their purchasing decisions.
Looking Into the Future for Asphalt Shingles
A high proportion of global asphalt shingles are in North America as we mentioned. However, there are signs of steady penetration in China, India, South Korea, and Thailand as rapid urbanization continues on the back of new-found wealth. Eastern Europe is showing growing interest too.
The global market for asphalt roofing shingles is therefore trending positively. That’s likely to be because homeowners recognize the product as affordable, long-lasting and naturally good to look at too.