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| A08045 | Pages: NA | Jul 2022 | 508 Views | | |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Asphalt Shingles Market
Request Now !An asphalt shingle is a wall/roof shingle that uses asphalt for waterproofing. Asphalt shingles are mostly used as roofing covers. These are very simple to install as well. Asphalt shingles basically come in two types viz. fiberglass and organic.
Asphalt shingles are the most common roofing materials used in different construction projects across the world. They are commonly used as roof-covering on single homes, small residential projects, and row houses. Asphalt shingles are mostly used to protect homes from thunderstorms, fire, algae and moss growth, and hailstorms. Asphalt shingles effectively reflect heat waves in summer and reduce the need for air-conditioning by keeping homes cool. They are available in a wide array of colors and textures. They are increasingly being used to enhance the aesthetic appeal of homes. There are a variety of shingles available that rank from low-grade to high-grade. Asphalt shingle is the most preferred choice of the consumer and allows it to install on structures owing to unique properties which helps it to withstand with high wind, fire, and other climatic conditions. It is available in various options as in range of style, and colors with advancements as compare to other roofing products. There are various benefits of asphalt shingles such as cost-effectiveness nature, durability, and energy saving capabilities has further enhanced demand for the target product.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2020–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value (US$ Millions) |
Segments covered | Type, Application, End-user industry, and Region |
Geographies covered | North America (US and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, and the Rest of Asia Pacific), LAMEA (Latin America, Middle East, and Africa) |
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Covid -19 impact on industry -
COVID-19 pandemic has shut-down the production of various products in the Asphalt shingles market industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of asphalt shingles market significantly from last few months, as is likely to continue during 2020.
COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19
The main purpose of this Asphalt shingles is protection of roofs , protection from heat waves .moreover, it is used to prevent thermal insulation and its high demand is the reason that act as its driving factor.
The global asphalt shingles market is expected to register a significant growth rate over the forecast period owing to factors such as growing demand for roofing materials along with affordable price, environment friendly properties, and aesthetically attractive designs. Development of high-performance laminated asphalt shingles and increasing adoption of eco-friendly materials for roofing of commercial and residential infrastructures, is also expected to increase the growth of the target market during the forecast period.. Asphalt shingles provide aesthetic appeal and protection with very less expenditure. Moreover, these are cost effective, light in weight, easy to install, and easy to replace when damaged. As there is increase in spending on residential construction and renovation, the demand for asphalt shingles is expected to increase in the near future. Demand for asphalt shingles in the U.S. surged in 2018, due to outbreak of multiple severe weather events, generating significant demand for re-roofing. However, availability of other alternatives products including clay tiles, metal, slate, and cedar shake may hamper demand for asphalt products and restrain growth of the target market during the forecast period.
A broad range of roofing materials are available in the market on the basis of economic, aesthetic, performance, and structural needs. Over the past few years, roof designs have been transforming into an architectural trademark. These transformations offered reasonably priced, structurally sound, and aesthetically attractive designs, along with being environment friendly. In this highly competitive roofing market, asphalt shingles have been of the mast demanded choices of consumers. Although asphalt shingles doesn’t last for too long and not too durable also, as the more premium roofing materials including clay tiles, slate, metal and cedar shake, asphalt shingles enable sufficient aesthetic appeal and adequate protection at mere fraction of price of other roofing systems. This has led several house owners to adopt asphalt shingles for roofing. With expected rise in the residential building construction spending, demand for asphalt shingles is likely to gain an uptick in the near future.
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Key benefits of the report:
Key Market Segments
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Key Market Players
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