Residential applications to drive asphalt shingles market share
Rapid surge in urban migration and the subsequent growth of residential complexes is estimated to drive asphalt shingles market in coming years. Seeking better financial growth opportunities, a large chunk of the world’s rural population is increasingly migrating to urban areas, especially metropolitan cities. This population shift is creating immense demand for the global construction sector, especially the residential segment, fueling asphalt shingles industry share.
U.S. Asphalt Shingles Market Size, By Product, 2018 & 2025, (Million Square Meters)
Given that economic prosperity is the primary motivating factor that is compelling people to migrate to urban areas, a majority of migrants are on extremely tight budgets until they attain stability in their venture. For this very reason, at first instance, migrants search for affordable accommodation.
The global asphalt shingles industry capitalizes on the migration trend to bring in business growth. In fact, the ideal growth conditions of asphalt shingles market go hand-in-hand with the unique housing demands created by urban migration. According to Sentry Roof Services, LLC., asphalt shingles are extremely affordable and do not require any major preparatory work or additional structural support to be installed; further increasing their affordability.
Asphalt shingles have been around for more than 100 years. According to Home Advisor Pro, the roofing solution dominates the world’s steep-slope roofing industry and accounts for more than 80% of all residential roofs. Shifting trend toward reroofing for durability, waterproofing, and economic benefits is slated to augment asphalt shingles industry size.
The low lifespan of asphalt shingles – an average of 12 to 20 years was considered as a major hindrance that obstructed industry outlook. However, with prominent trends of construction & demolition recycling, asphalt shingles industry is slated to witness a plethora of application opportunities including implementation in road repairs.
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The asphalt shingles recycling trend is slated to witness a renewed momentum in the coming years. As per reliable studies, recycled asphalt shingles (RAS) used in hot-mix asphalt to pave roads helps to enhance the pavement’s performance by lowering instances of cracking and rutting. The benefits associated with the recycling of these materials will further fuel the industry expansion.
Currently, many asphalt shingles recyclers are generating revenue in terms of gate charge by accepting old shingles. According to the Balance Small Business, more than two million tons of old asphalt shingles were repurposed to be utilized in payment across the U.S. back in 2015, saving approximately $2.6 billion in taxpayers’ money. Several after-use benefits associated with asphalt shingles will further strengthen market trends. The escalating pace of asphalt mixing plants market size also provides substantial proof that the demand for asphalt shingles is on a rise.
Use of old asphalt shingles in manufacturing new roofing solutions also curtails environmental concerns as more than 20% of recycled products can be used to create new products without adversely impacting production while facilitating substantial energy savings. The accelerating growth rate of asphalt-based roofing underlayment market aptly proves the aforesaid.
A study conducted by Home Advisor Pro discovered that asphalt shingles are the lightest roofing solutions available in the market today. Standard concrete roofing shingles weigh somewhere between 9.5 to 12 pounds per sq. foot whereas asphalt shingles only weigh somewhere between 2.5 to 4 pounds per sq. foot. In regard to this, increasing preference for minimalistic aesthetic properties among the people is estimated to enhance asphalt shingles market share. Moreover, these materials are less likely to have any detrimental effect on the building’s structural integrity in the long run, promoting market expansion further.
Regionally, the U.S. asphalt shingles market is anticipated to witness significant business growth over the study period. The use of these materials in housing development projects such as tract houses and in tandem with the material’s demand in maintenance and reinstallation activities will foster market growth through 2025.
In terms of revenue, a research report by Global Market Insights, Inc., estimates the worldwide asphalt shingles market share to surpass annual remunerations of $9.5 billion by 2025.
Author Name : Akshay Kedari