Explosive Growth projected for Asphalt Shingle Market, reaching a staggering USD 11.2 billion by 2034.
The asphalt shingles market has been a significant driver of economic growth, particularly in the Asia-Pacific region where it holds a commanding 53.8% share. According to recent reports, the market is projected to reach USD 11.2 billion by 2034, growing at a CAGR of 3.7% from 2025 to 2034.
Two main types of asphalt shingles dominate the market: fiberglass and organic. Fiberglass shingles, which have a woven fiberglass mat base coated with waterproof asphalt and topped with ceramic granules for UV protection, are increasingly preferred due to their lighter weight, thinner profile, improved fire resistance, longer warranties, and reduced environmental impact. On the other hand, organic shingles, consisting of a recycled felt paper base saturated with asphalt and coated with adhesive asphalt containing ceramic granules, are thicker, heavier, and contain about 40% more asphalt.
Asphalt shingles are popular due to their affordability, versatility, and ease of installation compared to alternatives like wood, tile, metal, or slate. This ease reduces labor costs and installation time, supporting widespread use in both residential and commercial construction. Compliance with evolving building codes in various regions also sustains demand.
Primarily used in residential roofing, asphalt shingles are also finding increased use in commercial and light industrial buildings, driven by expansion in construction activities globally. Architectural asphalt shingles, such as CertainTeed’s Landmark series, offer enhanced durability, aesthetics, and warranty benefits, appealing to higher-end residential sectors.
In 2024, the residential sector held a commanding 78.1% market share, driven by strong demand in the housing industry. Retrofit installations, designed for quick installation and minimal disruption, led the market with a 67.4% share, driven by the global surge in home renovation projects.
The expansion of the asphalt shingles market promotes economic activity through raw material production (fiberglass, asphalt), manufacturing, construction labor, and distribution networks. It supports affordable housing development worldwide, particularly in regions where cost-effective and durable roofing solutions are essential. Manufacturer innovations, such as longer-lasting, fire-resistant products with warranty coverage, increase product lifecycle and reduce maintenance costs, improving economic efficiency.
Europe is showing steady growth in the asphalt shingles market, driven by residential expansion and renovations. Notable players in the market include Atlas Roofing Corporation, Duro-Last Roofing, Henry Company LLC, Building Products of Canada Corp (BP Canada), GAF Materials Corporation, and CertainTeed. Businesses in the asphalt shingles market should focus on innovation, sustainability, and market expansion to capitalise on this growing trend.
In summary, product innovation in fiberglass shingles, cost-effectiveness, ease of installation, and growing residential construction demand are the main drivers of asphalt shingles market growth, which significantly contributes to the global economy by fostering affordability and durability in roofing solutions across diverse geographies.
[1] Asphalt Roofing Manufacturers Association [2] International Code Council [3] CertainTeed Corporation [4] National Association of Home Builders [5] National Roofing Contractors Association
- In light of the significant growth and global impact of the asphalt shingles market, it's essential for those interested in education and self-development to stay informed about general news related to the industry, such as manufacturer innovations, market trends, and compliance with building codes.
- Meanwhile, for sports enthusiasts, it might be interesting to know that the rapid expansion of the asphalt shingles market also extends to the sports industry, as these roofing materials are increasingly used in stadium construction, contributing to the creation of world-class facilities for various sports events.
