Asphalt shingles are one of the most common types of roofing materials used widely in residential and commercial construction in Canada owing to their affordability and durability. Made from fiberglass or organic felt cloth that is coated with asphalt and mineral granules for protection from ultraviolet radiation and water, asphalt shingles offer an energy efficient and cost-effective roofing solution. Rising residential and commercial construction activities have been the key driver of asphalt shingles demand in Canada.
Canada Asphalt Shingles Market Size is estimated to be valued at US$ 1.23 Bn in 2024 and is expected to exhibit a CAGR of 2.4% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Canada Asphalt Shingles are IKO Industries, BP Canada, Husky Oil Operations Limited, Imperial Oil, Irving Oil, Suncor Energy, Shell Canada, Prairie Sky Roofing, Building Products of Canada Corp, CertainTeed, Owens Corning, GAF, Malarkey Roofing Products, Atlas Roofing Corporation, TAMKO Building Products, Henry Company, Polyglass U.S.A., Inc., Duro-Last Roofing, Inc., Excel Roofing Service Inc., Roof Mart Ontario, and others. Rising construction of residential houses along with re-roofing and new construction of commercial buildings has been a major growth driver for asphalt shingles in Canada. Several innovations such as thicker and more durable varieties, architectural styles, algae-resistant formulations, and self-sealing stripes have accelerated adoption of asphalt shingles.
Advancements in asphalt shingle technology such as the development of thicker ultra-dimensional or architectural shingles that provide more thickness and self-sealing properties against wind damage and severe weather conditions have boosted market demand. Further, asphalt manufacturers have developed latest formulations offering increased algae-resistance, higherImpact-resistance and energy efficiency.
Market Trends
Increasing adoption of eco-friendly asphalt roofing materials: Growing environmental consciousness has increased demand for eco-friendly asphalt roofing products made from recycled content. Major players have developed new product lines containing high recycled content to cater to this demand.
Rising popularity ofCustomized and designer appearance shingles: Consumer preference for aesthetically appealing rooftops has fueled the adoption of designer shingles available in multiple colors, textures and styles. These premium architecturalshingles enhance the curb appeal of homes and businesses.
Market Opportunities
Promoting value-added benefits of asphalt shingles such as energy efficiency and storm protection through marketing initiatives: Increased promotion of enhanced energy efficiency and extreme weather durability of asphalt shingles can boost their adoption over alternatives.
Development of innovative product varieties such as thicker shingles with 50-year warranties, lifetime warranties, and algae-resistant formulations: Introduction of such advanced product lines catering to demanding performance requirements will open new growth avenues.
Impact of COVID-19 on Canada Asphalt Shingles Market
The COVID-19 pandemic has significantly impacted the growth of Canada asphalt shingles market. During the initial lockdown phases in 2020, both residential and commercial construction activities were halted which severely disrupted the demand and supply chain of asphalt shingles. Manufacturers faced issues related to raw material procurement and workforce shortage which hampered production. However, with gradual lifting of lockdowns and resumption of construction projects, demand has picked up pace since late 2020. Although 2021 witnessed recovery in demand, rising prices of raw materials such as bitumen owing to global supply chain disruptions posed challenges to manufacturers. Moving forward, the market is expected to grow steadily during the forecast period owing to rising residential repair and remodeling activities along with some recovery in new construction sector. However inflationary pressures on input costs could continue to impact profit margins of players in the near future. The market participants need to focus on efficient supply chain management and logistics to ensure uninterrupted supplies. Adopting innovative production techniques can help optimize costs. Further investments in R&D for developing eco-friendly variants can aid sustainable growth post pandemic.
Canada Asphalt Shingles Market: Geographical concentration of value
In terms of value, the Canada asphalt shingles market is highly concentrated in Ontario province. It accounts for over 40% of the country's total market value owing to high concentration of residential and commercial infrastructure in provinces like Toronto, Ottawa and other urban regions. Following Ontario is Quebec which represents around 25% share due to sizable construction activities in major cities of Montreal, Quebec City etc. Western provinces namely British Columbia and Alberta collectively make up for 20% share led by ongoing housing and infrastructure projects in urban centers of Vancouver, Calgary etc. The Atlantic provinces have a combined value share of 10-15% with Newfoundland and Labrador being a key contributor.
Canada Asphalt Shingles Market: Fastest Growing Regional Market
The Prairie provinces in Canada representing Manitoba, Saskatchewan are witnessing relatively faster growth in demand for asphalt shingles compared to other regions. This growth can be attributed to rising residential construction projects especially in capital cities of Winnipeg and Regina. The housing demand in these regions has picked up significantly over the past few years led by growing population, employment opportunities and urbanization. Further, incentives by provincial governments towards first time homebuyers and investments in affordable housing infrastructure are positively impacting the building materials market including asphalt shingles. With steady economic growth projected, the repair and re-roofing requirements are also anticipated to rise steadily in the Prairie provinces. This will likely translate into double digit CAGR for the asphalt shingles market during the forecast period.
What Are The Key Data Covered In This Canada Asphalt Shingles Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Canada Asphalt Shingles Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Canada Asphalt Shingles Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Canada Asphalt Shingles Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Canada Asphalt Shingles Market vendors
FAQ’S
Q.1 What are the main factors influencing the Canada Asphalt Shingles market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Canada Asphalt Shingles Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Canada Asphalt Shingles market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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