Demand for Asphalt Shingles to Grow 5.6 Percent Annually Through 2021
CLEVELAND — Demand for asphalt shingles in value terms is anticipated to grow 5.6 percent per year to $8.5 billion in 2021. Gains will be driven by the expected increase in area demand as housing starts rise and homeowners undertake roof replacement projects. Further growth will be spurred by increasing use of high-performance products in place of traditional laminated asphalt shingles. These shingles — such as those designed to withstand extremely high winds or that closely resemble such products as wood or slate roofing — are sold at higher price points than standard laminated shingles. These and other trends are presented in Asphalt Shingles Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Demand for laminated asphalt shingles is projected to rise 2.5 percent annually to 127.1 million squares in 2021, valued at $8.2 billion. Growth will be spurred by continuing consumer interest in these products because of their favorable aesthetic and performance properties. Home builders will install these shingles on residences to make them more marketable, while homeowners replacing older, worn roofing will opt for laminated shingles.
In terms of product type, standard laminated asphalt shingles accounted for the larger share of demand in 2016 and will continue to do so through 2021, as these products offer consumers superior durability and enhanced aesthetics compared to three-tab shingles. However, high-performance laminated shingles will see the more rapid growth, fueled by strong interest among homeowners and roofing contractors in products that can better withstand severe weather or upgrade the exterior look of a property.
More information about the study is available at https://www.freedoniagroup.com/industry-study/asphalt-shingles-in-the-us-by-product-market-and-subregion-3518.htm.