Selbyville, Delaware, July 8, 2021 (GLOBE NEWSWIRE) —
Global Market Insights Inc. recently added a new report on the Canadian asphalt shingles market, which: estimate the market valuation will exceed US$1.85 billion by 2027. Changing consumer tendencies towards environmentally sustainable architecture, increase in residential renovation and reroofing activities in residential buildings to improve strength, and aesthetics will drive Canadian asphalt shingles market growth.
Rising nuclear families and an increasing demand for small and affordable homes will drive the demand for innovative other asphalt shingles from the residential application segment. This segment was valued at USD 150 million in 2020. The asphalt shingles market is expected to see significant growth in all roofing materials due to their durable and affordable properties. In recent years there has been an increase in the number of single-parent families whose heads are largely headed by women. The rising workforce of women in the country has also led to an increase in the number of homes owned by women. This will further boost demand for swarf from the Canadian housing market.
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The Alberta asphalt shingle market is expected to grow significantly by the end of 2027 at more than USD 180 million as a result of increasing urbanization and globalization driving commercial and residential construction. Furthermore, the strong recovery in residential construction, supported by modest growth in renovation work, is expected to drive market growth for asphalt shingles in Alberta. Consumers’ increasing propensity for better aesthetics, ability to withstand extreme temperatures and economic feasibility will increase the market share of asphalt shingles.
The province has experienced high population growth in recent years, which has further resulted in a high demand for housing. For example, the Alberta housing sector is expected to see increasing demand for housing projects. In addition, higher levels of migration in Alberta are expected to fuel the need for new housing. These factors have a positive influence on the growth of Canada asphalt shingles market in Alberta.
Some Key Findings of the Canadian Asphalt Shingles Market Report are:-
- Rising population and literacy levels will increase the prevalence of modern offices, retail and residential, boosting market share for high-quality laminated shingles. Demand for high-quality laminated roof shingles of the office, retail and residential type segment was valued at USD 6.70 million in 2020.
- Canada’s federal government partners with leading universities and colleges to attract more international students who contribute to the growth of the dimensional shingles market from the institutional application segment. This segment is expected to gain momentum by the end of 2027 at a CAGR of 3.5%.
- Increasing renovation trends in Canadian provinces due to changing climatic conditions, shifting perceptions of sustainability and ecological construction practices will drive the commercial reroofing market of 3-Tab shingles. This segment is expected to grow by more than USD 15 million by the end of 2027.
- The increase in construction activities in Canada, such as art galleries, exhibitions and museums, will boost the market for cost-effective roof solutions. This should fuel market demand from other asphalt shingles segments at the GAGR of 2.5%.
- Increasing government initiative to transform waste and eco-friendly infrastructure and reusable waste from the landfills such as asphalt shingles to reduce environmental footprint should boost market demand from Manitoba Province. The market is expected to grow by more than USD 45 million by the end of 2027.
- Some of the market players operating in the market include Owens Corning, Atlas Roofing Corporation, IKO Industries, Tarco, Malarkey Roofing Products, Tamko Building Products, GAF Materials, PABCO Building Products LLC, CertainTeed Corporation, Henry Company, Siplast Inc, Polyglass USA, Construction Products of Canada Corp, NBP International.
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Partial Chapters of the Report’s Table of Contents (TOC):
Chapter 3 Canada Asphalt Shingles Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on the global economy
3.3 Industry ecosystem analysis
3.3.1 Supplier matrix
3.3.2 Distribution Channel Analysis
3.3.2.1 Cooperation/partnership
3.3.2.2 Distributors
3.3.3 Impact of COVID-19 on the industry value chain
3.4 Innovation & Sustainability
3.5 Regulatory landscape
3.5.1 Canada
3.5.1.1 Canadian asphalt gravel
3.5.1.1.1 CSA A123.1/A123.5
3.5.1.2 Canadian Roofing Contractors Association
3.6 Raw material analysis
3.6.1 Asphalt
3.6.2 Organic felt
3.6.3 Fiberglass Felt
3.6.4 Mineral Stabilizers
3.6.5 Roofing granules
3.6.6 Asphalt kit
3.6.7 Backing fabric
3.7 Technology landscape
3.8 Cost structure analysis
3.9 Price analysis
3.10 Impact forces in industry
3.10.1 Growth factors
3.10.1.1 Growing demand from the housing sector
3.10.1.1.1 Quebec witnessed growing residential sales during the COVID-19 pandemic
3.10.1.1.2 The Housing Supply Action Plan to Improve the Availability of Housing in Ontario
3.10.1.1.3 Thriving real estate market in British Columbia driven by supply/demand imbalance
3.10.1.2 Increasing investment in commercial construction to boost demand for asphalt shingles
3.10.1.3 Increasing focus on improving the energy efficiency of homes
3.10.2 Industry pitfalls and challenges
3.10.2.1 Plastic roofing is gaining popularity in the commercial roofing segment
3.10.2.2 Regulatory Scenario
3.11 Growth potential analysis, 2020
3.11.1 Emerging business model
3.11.1.1 New product launch New
3.11.1.2 Acquisition/Partnership
3.12 Porter’s analysis
3.12.1 Supplier bargaining power
3.12.2 Buyer’s bargaining power
3.12.3 Threat of newcomers
3.12.4 Threat of substitutes
3.13 Competitive landscape, 2020
3.13.1 Company Market Share Analysis, 2020
3.13.2 Strategy dashboard
3.14 PESTEL analysis
3.15 COVID-19 impact on the demand for asphalt shingles, per application by
3.15.1 Residential
3.15.2 Commercial
About global market insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and advisory services provider; offering syndicated and custom research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with deep insights and actionable market data designed and presented specifically to support strategic decision-making. Designed through a proprietary research methodology, these comprehensive reports are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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