Asphalt Shingles Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 – 2034
The Global Asphalt Shingles Market was valued at USD 8.8 billion in 2024 and is expected to grow at a CAGR of 4% from 2025 to 2034. A surge in residential construction activities worldwide, especially in developing regions, along with robust demand in North America, is driving market expansion. The ongoing trend of urbanization has spurred the construction of new homes and renovation projects, increasing the demand for durable and cost-effective roofing solutions. Asphalt shingles have become a preferred choice for homeowners and builders due to their affordability, versatility, and ease of installation. Their ability to offer a balance of aesthetic appeal and functionality further boosts their adoption in residential projects.
The popularity of asphalt shingles can be attributed to their cost-effectiveness and ease of application, making them an ideal solution for residential construction. Homeowners often opt for these shingles when upgrading older roofs due to their reliability and budget-friendly nature. Compared to other roofing materials like slate, metal, or clay tiles, asphalt shingles provide a practical solution for achieving performance and visual appeal at a lower cost.
In terms of product type, architectural asphalt shingles accounted for approximately USD 4 billion in revenue in 2024 and are projected to grow at a CAGR of around 4.4% through 2034. These shingles stand out for their premium design and textured appearance, mimicking more expensive roofing materials while providing enhanced durability. Their ability to withstand severe weather conditions makes them a reliable choice for homeowners seeking long-lasting roofing materials with aesthetic benefits.
By composition, fiberglass shingles dominated the market in 2024, capturing about 61% of the total share. This segment is expected to grow at a CAGR of 4.3% from 2025 to 2034. Fiberglass shingles are valued for their lightweight yet robust nature, offering excellent protection against extreme weather. These shingles resist curling and warping, ensuring durability over time. Many fiberglass shingles also feature reflective coatings, which help minimize heat absorption and improve energy efficiency—a crucial advantage in regions with warmer climates.
The United States held a significant share of around 82% in the North America asphalt shingles industry in 2024. The region benefits from a strong residential construction sector and the need for roofing materials that can endure diverse weather conditions. Asphalt shingles are particularly effective in cold regions as they offer durability and flexibility to handle freezing temperatures and heavy snow. The widespread adoption of these shingles across various regions highlights their versatility and performance advantages.
The popularity of asphalt shingles can be attributed to their cost-effectiveness and ease of application, making them an ideal solution for residential construction. Homeowners often opt for these shingles when upgrading older roofs due to their reliability and budget-friendly nature. Compared to other roofing materials like slate, metal, or clay tiles, asphalt shingles provide a practical solution for achieving performance and visual appeal at a lower cost.
In terms of product type, architectural asphalt shingles accounted for approximately USD 4 billion in revenue in 2024 and are projected to grow at a CAGR of around 4.4% through 2034. These shingles stand out for their premium design and textured appearance, mimicking more expensive roofing materials while providing enhanced durability. Their ability to withstand severe weather conditions makes them a reliable choice for homeowners seeking long-lasting roofing materials with aesthetic benefits.
By composition, fiberglass shingles dominated the market in 2024, capturing about 61% of the total share. This segment is expected to grow at a CAGR of 4.3% from 2025 to 2034. Fiberglass shingles are valued for their lightweight yet robust nature, offering excellent protection against extreme weather. These shingles resist curling and warping, ensuring durability over time. Many fiberglass shingles also feature reflective coatings, which help minimize heat absorption and improve energy efficiency—a crucial advantage in regions with warmer climates.
The United States held a significant share of around 82% in the North America asphalt shingles industry in 2024. The region benefits from a strong residential construction sector and the need for roofing materials that can endure diverse weather conditions. Asphalt shingles are particularly effective in cold regions as they offer durability and flexibility to handle freezing temperatures and heavy snow. The widespread adoption of these shingles across various regions highlights their versatility and performance advantages.
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations.
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2034
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis.
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing construction activities
3.6.1.2 Increasing demand for roofing solutions
3.6.2 Industry pitfalls & challenges
3.6.2.1 Market saturation and intense competition
3.6.2.2 Sustainability concerns
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PRODUCT TYPE, 2021-2034 (USD BILLION) (THOUSAND TONS)
5.1 Key trends
5.2 Architectural asphalt shingles
5.3 Three-tab asphalt shingles
5.4 Strip shingles
5.5 Luxury shingles
5.6 Others (laminated shingles, etc.)
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY COMPOSITION, 2021-2034 (USD BILLION) (THOUSAND TONS)
6.1 Key trends
6.2 Fiberglass
6.3 Organic
6.4 Others (bitumen, etc.)
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY PRICING, 2021-2034 (USD BILLION) (THOUSAND TONS)
7.1 Key trends
7.2 Economy
7.3 Luxury/premium
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY INSTALLATION, 2021-2034 (USD BILLION) (THOUSAND TONS)
8.1 Key trends
8.2 New construction
8.3 Retrofit
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021-2034 (USD BILLION) (THOUSAND TONS)
9.1 Key trends
9.2 Residential
9.2.1 Single-family homes
9.2.2 Multi-family housing
9.2.3 Townhouses
9.3 Commercial
9.3.1 Office buildings
9.3.2 Retail spaces
9.3.3 Institutional structures
9.3.4 Others (hospital, etc.)
9.4 Industrial
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2034 (USD BILLION) (THOUSAND TONS)
10.1 Key trends
10.2 Direct
10.3 Indirect
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2034 (USD BILLION) (THOUSAND TONS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 Russia
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Australia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.6 MEA
11.6.1 UAE
11.6.2 Saudi Arabia
11.6.3 South Africa
CHAPTER 12 COMPANY PROFILES
12.1 Atlas Roofing Corporation
12.2 Boral Limited
12.3 Bridgestone
12.4 Duro-Last Roofing
12.5 GAF Materials Corporation
12.6 IKO Industries
12.7 Johns Manville
12.8 Malarkey Roofing Products
12.9 Owens Corning
12.10 Owosso Motor Company
12.11 Pabco Roofing Products
12.12 Saint-Gobain
12.13 Soprema
12.14 Tamko Building Products
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations.
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2034
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis.
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing construction activities
3.6.1.2 Increasing demand for roofing solutions
3.6.2 Industry pitfalls & challenges
3.6.2.1 Market saturation and intense competition
3.6.2.2 Sustainability concerns
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PRODUCT TYPE, 2021-2034 (USD BILLION) (THOUSAND TONS)
5.1 Key trends
5.2 Architectural asphalt shingles
5.3 Three-tab asphalt shingles
5.4 Strip shingles
5.5 Luxury shingles
5.6 Others (laminated shingles, etc.)
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY COMPOSITION, 2021-2034 (USD BILLION) (THOUSAND TONS)
6.1 Key trends
6.2 Fiberglass
6.3 Organic
6.4 Others (bitumen, etc.)
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY PRICING, 2021-2034 (USD BILLION) (THOUSAND TONS)
7.1 Key trends
7.2 Economy
7.3 Luxury/premium
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY INSTALLATION, 2021-2034 (USD BILLION) (THOUSAND TONS)
8.1 Key trends
8.2 New construction
8.3 Retrofit
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021-2034 (USD BILLION) (THOUSAND TONS)
9.1 Key trends
9.2 Residential
9.2.1 Single-family homes
9.2.2 Multi-family housing
9.2.3 Townhouses
9.3 Commercial
9.3.1 Office buildings
9.3.2 Retail spaces
9.3.3 Institutional structures
9.3.4 Others (hospital, etc.)
9.4 Industrial
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2034 (USD BILLION) (THOUSAND TONS)
10.1 Key trends
10.2 Direct
10.3 Indirect
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2034 (USD BILLION) (THOUSAND TONS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 Russia
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Australia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.6 MEA
11.6.1 UAE
11.6.2 Saudi Arabia
11.6.3 South Africa
CHAPTER 12 COMPANY PROFILES
12.1 Atlas Roofing Corporation
12.2 Boral Limited
12.3 Bridgestone
12.4 Duro-Last Roofing
12.5 GAF Materials Corporation
12.6 IKO Industries
12.7 Johns Manville
12.8 Malarkey Roofing Products
12.9 Owens Corning
12.10 Owosso Motor Company
12.11 Pabco Roofing Products
12.12 Saint-Gobain
12.13 Soprema
12.14 Tamko Building Products
