Asphalt Shingles Market Synopsis
Market Research Future (MRFR), studied thoroughly the impact of COVID-19 on the global asphalt shingles market 2020. As per MRFR study, the global asphalt shingles market size is likely to rise at 5.8% CAGR across the assessment period. MRFR study reveals that the worldwide global asphalt shingles market value can touch USD 8 Bn in the review period. The expansion of the market can be heavily impacted by the pandemic.
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The moderate rise of the construction field and increasing in number of residential buildings can underpin the expansion of the asphalt shingles market in the years to come. The rise in remodelling or renovation projects due to rapid urbanization can support the expansion of the asphalt shingles market across the assessment period. Emerging trends in the construction sector and knowledge about different products and materials, can favor the expansion of the world market in the years to come. The large scale utility of asphalt shingles for waterproofing. The rise in need for roofing and cost-effective solutions can impel the expansion of the world market.
Market Segmentation
The world market of global asphalt shingles is segmented by Application, type, and material. The type based segments of the market are laminates, heavy laminates, and strip. Strip asphalt shingles segment is expected to rise at a high pace in the years to come. The major factors that can be attributed to the expansion of the asphalt shingles market in the years to come. Other factor that can promote the expansion of the market is the growing awareness about light weightiness and cost-effectiveness of asphalt shingles.
The material based segments of the asphalt shingles market are organic and fiberglass. The fiberglass segment of the market can gain high revenue for the market in the years to come. The increase in the need for fiberglass material due to its benefit, such as extra fire resistance, lighter in weight, and more durability can bolster the expansion or the market.
The Application based segments of the asphalt shingles market are renovation or remodelling and new construction. The renovation or remodelling segment can win high profit for the market as the rise in utility of asphalt shingles for residential and commercial spaces for remodelling works can underpin the expansion of the market in the years to come.
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Regional Analysis
MRFR regional study of the world asphalt shingles market reveals that the market in North America can rise at a high pace in the years to come. It is due to the rise in construction activities in Europe the asphalt shingles market is expected to grow rapidly. The asphalt shingles market share in Asia Pacific in can dominate in the global market through the assessment period. The extensive R&D projects and change in climate conditions across APAC regions are expected to rise at the highest CAGR through the years to come. The growing count of construction projects and large investment inflows for commercial and residential constructions in China and India can promote the expansion of the asphalt shingles market.
Key players
MRFR observed reputed players in the world of asphalt shingles market growth. They are; Certain Teed Corporation (US), Tarco, Inc. (US), Polyglass U.S.A., Inc. (US), Siplast, Inc. (US), Owens Corning (US), TAMKO Building Products, Inc. (US), Malarkey Roofing Products (Portland), IKO Industries, Ltd. (Canada), Henry Company LLC (US), and Atlas Roofing Corporation (US). Strategies and other factors that are expected to drive the market are elaborated in the report. These key players are contributing largely to the expansion of the world asphalt shingles market in the years to come.
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