The Canada Asphalt Shingles Market Is Estimated To Witness High Growth Owing To Opportunity In Lower Maintenance Costs

 Asphalt shingles are a type of shingle used in roofing applications. Asphalt shingles are manufactured with an asphalt construction and are designed to protect roofs from rain, snow and other external elements. Asphalt shingles have a lifespan of 15-30 years depending on climatic conditions and are less prone to damage from hail, wind and other weather elements compared to other roofing materials such as clay or concrete tiles.

The global Canada asphalt shingles market is estimated to be valued at US$ 1.23 Bn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Opportunity:

Lower maintenance costs associated with asphalt shingles compared to other roofing materials is estimated to drive the growth of the Canada asphalt shingles market. Asphalt shingles require minimal maintenance, with occasional cleaning or repair being sufficient to maintain the roof over its lifespan of 15-30 years. Other materials such as clay or concrete tiles require higher periodic maintenance to prevent damage from environmental factors. The low maintenance needs reduce the operational costs associated with asphalt shingle roofs over their lifetime. This is anticipated to increase their popularity over other roofing alternatives in the residential and commercial construction industries in Canada.

Porter's Analysis

Threat of new entrants: Low due to high capital requirements for manufacturing and distribution networks.

Bargaining power of buyers: High since asphalt shingles market has many established players offering similar products.

Bargaining power of suppliers: Moderate as raw materials required are commodities available from multiple suppliers.

Threat of new substitutes: Moderate threat from other roofing materials like tiles but asphalt continues to be preferred for its affordability.

Competitive rivalry: High due to presence of large players competing on pricing and product differentiation.

Canada asphalt shingles Market Segmentation:

• By Product Type
• Asphalt Shingles
• Modified Asphalt Shingles
• Organic Asphalt Shingles
• Fiberglass Asphalt Shingles
• Natural Slate Asphalt Shingles
• Synthetic Slate Asphalt Shingles
• Others
• By Application
• Residential
• Non-residential
• Commercial
• Industrial
• Infrastructural
• Others
• By End-user
• Households
• Commercial Buildings
• Government Buildings
• Industrial Facilities
• Educational Institutions
• Religious Structures
• Others

SWOT Analysis:

Strengths: Established brands, widespread distribution, cost-effectiveness.

Weaknesses: Vulnerable to raw material price fluctuations, stiff competition.

Opportunities: Growing residential construction industry, innovations in product design.

Threats: Substitution threat from other materials, environmental regulations.

Key  Takeaways :

The  Canada Asphalt Shingles Market Size is expected to witness high growth due to increasing residential construction activities across the country. The global Canada asphalt shingles market is estimated to be valued at US$ 1.23 Bn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030.

Regional Analysis: The Western region led by British Columbia currently accounts for over 30% market share due to high residential construction. Ontario is the second largest market driven by housing demands in cities like Toronto and demand for retrofitting and re-roofing activities. The Prairies region is expected to witness high growth during the forecast period due to urbanization.

Key players operating in the Canada asphalt shingles market are IKO, CertainTeed, Owens Corning, TAMKO Building Products, and Malarkey Roofing Products. IKO is the largest player with manufacturing plants located across Canada. The players focus on expanding their presence through acquisition of local players and strengthening distribution networks.

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