Asphalt Shingles Market To Boom at USD 11.2 Bn by 2034

Overview

New York, NY – June 03, 2025 – The Global Asphalt Shingles Market is projected to grow significantly, reaching USD 11.2 billion by 2034, up from USD 7.8 billion in 2024, with a steady CAGR of 3.7% from 2025 to 2034.

In 2024, Architectural asphalt shingles commanded a leading 44.2% share of the global asphalt shingles market. Their popularity stems from superior aesthetic appeal, enhanced durability, and excellent weather resistance, making them a top choice for both residential and commercial roofing. Fiberglass asphalt shingles dominated the market in 2024, holding a 78.5% share. Their widespread use is due to their exceptional durability, lightweight design, and affordability, making them ideal for diverse roofing applications.

Retrofit installations led the market in 2024 with a 67.4% share, driven by the global surge in home renovation projects. Retrofitting offers a cost-effective and efficient alternative to full roof replacements, appealing to homeowners seeking upgrades without major structural changes. The Residential sector held a commanding 78.1% market share in 2024, driven by strong demand in the housing industry. Asphalt shingles are favored for their affordability, aesthetic versatility, and weather-resistant properties, making them ideal for residential roofing.

Key Takeaways

• Global Asphalt Shingles Market is expected to be worth around USD 11.2 billion by 2034, up from USD 7.8 billion in 2024, and grow at a CAGR of 3.7% from 2025 to 2034.
• Architectural asphalt shingles dominate the market with a 44.2% share, driven by aesthetic appeal.
• Fiberglass shingles, accounting for 78.5%, are preferred for their lightweight structure and enhanced durability.
• Retrofit installations hold a substantial 67.4% market share, benefiting from rising renovation activities globally.
• The residential sector leads the asphalt shingles market with a commanding 78.1% share, fueling demand.
• North America’s Asphalt Shingles Market, valued at USD 3.9 billion, captures a 49.8% share.

How Growth is Impacting the Economy

• The Asphalt Shingles Market’s growth significantly influences the global economy by fueling job creation and industrial activity. The market’s expansion, driven by urbanization and infrastructure development, supports construction sector employment, particularly in North America and Asia-Pacific. In 2024, North America’s USD 3.9 billion market share highlights its economic contribution through residential and re-roofing projects.
• Rising demand for sustainable, energy-efficient shingles boosts manufacturing and innovation, stimulating investments in R&D and production facilities. This growth also enhances supply chains, benefiting raw material suppliers and distributors. However, fluctuating raw material costs and environmental regulations pose challenges, potentially increasing production expenses. The market’s trajectory supports economic stability by meeting housing demands and fostering eco-friendly construction practices, aligning with global sustainability goals.

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Strategies for Businesses

• Businesses in the asphalt shingles market should focus on innovation, sustainability, and market expansion. Developing eco-friendly products, such as shingles with recycled materials or heat-reflective coatings, aligns with consumer demand and regulatory standards. Investing in advanced manufacturing technologies can enhance product durability and reduce costs.
• Expanding into high-growth regions like Asia-Pacific, driven by urbanization, offers significant opportunities. Strategic partnerships and acquisitions, as seen with IKO’s purchase of Axter’s waterproofing division, can strengthen market presence. Additionally, leveraging digital marketing and robust distribution networks can enhance customer reach and brand loyalty, ensuring competitiveness in a dynamic market.

Report Scope

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Key Market Segments

By Product Type Analysis

• In 2024, Architectural asphalt shingles commanded a leading 44.2% share of the global asphalt shingles market. Their popularity stems from superior aesthetic appeal, enhanced durability, and excellent weather resistance, making them a top choice for both residential and commercial roofing. The growing demand for visually striking yet cost-effective roofing solutions has fueled their adoption in various construction projects. Advancements in manufacturing have further strengthened this segment, offering shingles with improved impact resistance and extended lifespans. The architectural shingles segment is poised for continued growth, driven by ongoing construction and a preference for functional, attractive roofing options.

By Composition Analysis

• Fiberglass asphalt shingles dominated the market in 2024, holding a 78.5% share. Their widespread use is due to their exceptional durability, lightweight design, and affordability, making them ideal for diverse roofing applications. Fiberglass shingles excel in resisting moisture, fire, and harsh weather, earning favor in both residential and commercial sectors. Their energy-efficient properties, including better thermal insulation, align with the demand for sustainable roofing solutions, reducing energy costs. Available in various colors and textures, fiberglass shingles cater to diverse aesthetic preferences. Their dominance is expected to continue, supported by performance, cost-effectiveness, and eco-friendly attributes.

By Installation Analysis

• Retrofit installations led the market in 2024 with a 67.4% share, driven by the global surge in home renovation projects. Retrofitting offers a cost-effective and efficient alternative to full roof replacements, appealing to homeowners seeking upgrades without major structural changes. Increased weather-related damage has further boosted retrofitting demand. Advanced asphalt shingles designed for quick installation and minimal disruption enhance this segment’s appeal. Supportive government policies promoting energy-efficient and sustainable roofing solutions also drive growth. The retrofit segment’s dominance reflects its alignment with consumer needs for affordable, eco-conscious, and practical roofing upgrades.

By End Use Analysis

• The residential sector held a commanding 78.1% market share in 2024, driven by strong demand in the housing industry. Asphalt shingles are favored for their affordability, aesthetic versatility, and weather-resistant properties, making them ideal for residential roofing. The rise in home renovation and remodeling, particularly in urban and suburban areas, has significantly increased their adoption. With diverse designs, colors, and textures, asphalt shingles enhance curb appeal while ensuring durability. The growth of single-family housing and the need for resilient roofing amid extreme weather conditions further solidify the residential segment’s dominance in the market.

Regional Analysis

• Asia-Pacific led the global asphalt shingles market with a commanding 53.8% share, driven by rapid urbanization, extensive construction, and infrastructure development. The region’s demand for affordable, durable roofing solutions like asphalt shingles continues to surge, particularly in countries like China and India.
• North America followed with a 49.8% share, generating USD 3.9 billion, fueled by robust home renovation and re-roofing activities in the U.S. and Canada, where aesthetically pleasing, weather-resistant shingles are preferred. Europe shows steady growth, driven by residential expansion and renovations in Germany and the UK.
• Latin America and the Middle East & Africa exhibit moderate growth, supported by infrastructure projects and rising awareness of reliable roofing solutions. Asia-Pacific’s dominance is expected to persist, propelled by ongoing large-scale residential and commercial developments.

Recent Developments

1. Atlas Roofing Corporation

• Atlas Roofing launched Pinnacle Pristine solar-reflective shingles, improving energy efficiency by reducing heat absorption. The product aligns with green building trends, offering durability and aesthetic appeal. They also expanded manufacturing capacity to meet rising demand.

2. Building Products of Canada Corp (BP Canada)

• BP Canada introduced BP Mystique 42 AR shingles with advanced algae resistance and a 130 mph wind warranty. The company focuses on sustainable production, using recycled materials in shingle manufacturing.

3. Duro-Last Roofing

• Duro-Last developed Cool Zone asphalt shingles, enhancing thermal performance for hotter climates. Their focus on reducing urban heat islands strengthens their market position in commercial roofing.

4. GAF Materials Corporation

• GAF launched Timberline HDZ shingles, featuring LayerLock technology for better wind resistance. They also partnered with Tesla Solar Roof, integrating solar-ready roofing solutions.

5. Henry Company LLC

• Henry expanded its Blueskin roofing underlayment for better moisture protection under asphalt shingles. Their focus on waterproofing solutions supports long-term roof performance.

Conclusion

The Asphalt Shingles Market’s growth to USD 11.2 billion by 2034 underscores its vital role in global construction. Driven by urbanization, sustainability trends, and cost-effectiveness, it supports economic growth through job creation and innovation. Businesses must prioritize eco-friendly products and strategic expansions to capitalize on opportunities, particularly in Asia-Pacific. Despite challenges like raw material cost fluctuations, the market’s resilience and adaptability ensure a promising future, aligning with global demands for durable, energy-efficient roofing solutions.

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