The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Asphalt Shingles Market.
It was estimated prior to this unanticipated outbreak Asphalt Shingles Market will reach CAGR of 4.0 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Asphalt Shingles Market Insights
Asphalt Shingles market is likely to witness a CAGR of 4.0% during the forecast period. The prime factors that are driving the asphalt shingles market are the expanding application range, technological advancements, and surge in demand from the Asia-Pacific region.
Market Share Analysis
Asphalt Shingles Market Share: By Product Type
Based on the product type, the market is segmented as dimensional shingles, high-performance laminated shingles, and three-tab shingles. Dimensional shingles type dominated the market in 2019, and is expected to maintain its position during the forecast period. Increasing construction activities across the globe is the prime factor driving the growth of dimensional shingles.
Asphalt Shingles Market Share: By Application Type
Based on the application type, the asphalt shingles market is segmented as residential and commercial. The residential segment is expected to remain the larger application of the market owing to rapid urbanization, increasing disposable income of consumers, and significant economic growth in the Asia-Pacific region.
Asphalt Shingles Market Share: By Region
In terms of regions, North America is estimated to be the largest market for asphalt shingles during the forecast period. The USA and Canada are the largest consumers of asphalt shingles in the region. Significant investment towards re-roofing and higher penetration rate is the major factor driving the growth of the market in the region. Asia-Pacific is expected to witness the highest growth owing to huge consumer base and significant economic development in the region. Europe, The Middle East & Africa, and Latin America are also expected to witness a healthy demand for asphalt shingles during the forecast period.
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