Explosive Growth Forecasted for the Asphalt Shingles Market, Reaching a Whopping USD 11.2 Billion by 2034
Asphalt Shingles Market: Mixed Trends and Promising Growth
The global Asphalt Shingles Market is experiencing a mix of trends, with growth projections varying by region and product segment. While the broader asphalt market shows steady growth, the shingles market displays regional differences.
Market Growth and Regional Trends
Europe has shown steady growth in the Asphalt Shingles Market, driven by residential expansion and renovations in Germany and the UK. Conversely, the U.S. market has faced challenges, with asphalt shingle shipments declining by 4.3% year-over-year in Q2 2025. However, Canadian shipments have surged, indicating stronger market conditions there.
The global asphalt market, including both roads and roofing, was valued at approximately USD 168 billion in 2024 and is projected to reach USD 175.5 billion in 2025, with expectations of further growth to over USD 247 billion by 2033.
Product Innovations
Asphalt shingles primarily come in organic and fiberglass types, with additives enhancing durability, waterproofing, and environmental resistance becoming increasingly important. Notable product innovations include Building Products of Canada Corp's BP Mystique 42 AR shingles, featuring advanced algae resistance and a 130 mph wind warranty. Atlas Roofing has launched Pinnacle Pristine solar-reflective shingles, and Duro-Last Roofing developed Cool Zone asphalt shingles, enhancing thermal performance for hotter climates.
End-use Sectors
The residential sector holds the largest market share, but commercial roofing is facing softness in some regions. GAF Materials Corporation has launched Timberline HDZ shingles, featuring LayerLock technology for better wind resistance. In the residential sector, retrofit installations led the market in 2024 with a 67.4% share, and architectural asphalt shingles commanded a 44.2% share of the global market.
Installation Methods
Standard installation methods for asphalt shingles include nailing to a wood deck with underlayment layers. However, no new advanced installation techniques have been reported recently.
Regional Analysis
- U.S.: Declining shingle shipments and weakness in residential and commercial roofing.
- Canada: Strong growth in roofing shingle shipments.
- Global: Asphalt market growing robustly, driven by infrastructure and additives innovation.
Opportunities and Challenges
Developing eco-friendly products and investing in advanced manufacturing technologies can enhance competitiveness in the market. Expanding into high-growth regions like Asia-Pacific offers significant opportunities for businesses. Rising demand for sustainable, energy-efficient shingles boosts manufacturing and innovation in the industry.
Notable Developments
- Henry Company LLC expanded its Blueskin roofing underlayment for better moisture protection under asphalt shingles.
- The Global Asphalt Shingles Market is projected to reach USD 11.2 billion by 2034, with a CAGR of 3.7% from 2025 to 2034.
- In 2024, the residential sector held a 78.1% market share, and North America captured a 49.8% share, valued at USD 3.9 billion.
In summary, while the global asphalt market shows promising growth, particularly fueled by additives and infrastructure projects, the asphalt shingle roofing market is regionally divergent with declines in the U.S. but growth in Canada. Product innovations focus on additives improving performance. End-use is mainly residential with commercial segment downturns in some regions. Developing eco-friendly products and expanding into high-growth regions can provide opportunities for businesses in the asphalt shingles market.
- The global Asphalt Shingles Market, which encompasses the fashion-and-beauty sector with its technological advancements in shingle materials, is expected to reach USD 11.2 billion by 2034.
- Despite the steady growth of the global asphalt market, the food-and-drink industry might find opportunities by partnering with roofing companies for sustainable and energy-efficient restaurant operations.
- In the personal-finance realm, smart investments in businesses associated with the home-and-garden sector and the Asphalt Shingles Market could yield promising returns, considering the industry's growth projections.
- Amid the robust expansion of the Asphalt Shingles Market in various regions, consumer lifestyle choices are evolving, favoring sustainable and energy-efficient products like eco-friendly shingles.
- The sports-betting market can leverage the success of American football, such as NFL and NCAAs, to predict potential growth trends within the asphalt shingles industry.
- With advancements in gadgets and technology, asphalt shingles may soon integrate solar panels or wearable technology for monitoring roof condition, opening up a new niche in the market.
- As the travel industry recovers post-pandemic, investments in enhancing the infrastructure of properties for sustainable and energy-efficient accommodations could offer a viable business model for the asphalt shingles market.
- With the growing attention towards sports, such as football, the Asphalt Shingles Market can potentially cater to stadium construction or renovations, owing to the material's durability and weather resistance.
- As the Asphalt Shingles Market diversifies its product portfolio and expansion into high-growth regions, finance and business opportunities in the fashion-and-beauty, food-and-drink, home-and-garden, personal-finance, gadgets, travel, and sports sectors become intertwined, promising a dynamic and interconnected market landscape.
